Discussion Post: Features of Excel that makes the software such an important and popular tool for business professionals are
Work Scheduling: This feature is essential in the performance of operations with the excel software. They are automatically updated in case of changes in the tasks schedule. They are color-coded, which makes it easy for the user to identify any update made.
The other feature that makes excel relevant for accounting tasks is the presence of financial elements. These features include: Don't use plagiarised sources.Get your custom essay just from $11/page
Basic Financial Accounting
Tracking Product Sales: This is a program that makes it easy for business people to easily follow and track the sale of commodities in a venture. This, therefore, helps entrepreneurs to efficiently make plans which are capable of enhancing sales within the market. Through complete product track maintenance, business people get an idea of the achievement as well as necessary improvement for the attainment of the target goals by the venture through analysis of low and highs trends in sales. The use of regression analysis can help the accounting officer to establish a tread line and predict future values of the business.
Return on Investment [ROI]: The excel program allows the businesses to track their ROI accurately, which offers the owner a clear indicator of the amount of cash that has been invested in the venture and the profit gained from the capital.
Customer Data: The excel spreadsheet is used for the storage of data. It helps the business to store relevant data of the market in the record, such as customers as well as product pricing, and sales information in an organized way. This acts as a database for business operations. The tool is advantageous in that unless updated, the information in the cells remain altered as long as no one changes it.
Responses
Dani Magnabosco
It is true as you state that excel has more than an application in the running of a business venture. The program contains features that are necessary for accounting techniques, which can be used to evaluate business progress. Moreover, excel can be utilized as a database for business operations. It helps to keep a record of what is happening in the business. This makes it possible to analyze the venture and no its future and what improvements are essential for the success and attainment of the set goals. It is rich in formulas that ease mathematical evaluation of the business sales and returns on the investment. This makes it possible for the entrepreneur to measure the progress within a given period of investment. The course is essential to keep the business record of operations and profit margin made for analysis of the future potentiality of the venture. It is thus an essential tool of the business assessment.
Bradon Beaty
Excel as an accounting tool is essential in running business operations. As indicated in your post, excel aids in tracking down information of the items in sale in a given business, which makes sales activities organized. Follow up of transactions is an essential activity in a venture as it helps determine the return earned on investments. Further, it makes the business people realize the necessary steps required to improve the state of the business to gain market share and a hence large amount of profit. Data storage is easy and flexible to interact within excel. It has features rich with formulas applicable in accounting tasks relevant in any business operation analysis and progress evaluation. With advanced technology, excel has been integrated into online software that makes business more enhanced and smoothly run through fast accessibility of the program anytime and anywhere. This has led to advanced and improved business operations.