Every business needs to store their information related to the entire business together and at some point almost all the businesses required to do data analysis to perform better in the market as compare to their competitors. However, every business does not have ability to acquire advanced software to do analysis because of their limited budget. The solution to this problem is Microsoft Excel as most of the people have it on their computers and a large amount of the systematic work can be done with the help Excel.
Different uses of MS-Excel
Wage Calculator
Many small businesses use MS-Excel as a calculator to calculate the salary of their employees. Customize databases can be formed to follow employee payroll that will allow small organisations to easily calculate and keep track of employee hours, payroll and benefits (Portland, 2010).
Finding Profit Breakeven
It is very difficult to find breakeven manually because to you have to execute many calculations using different numbers. On the other hand, breakeven can calculate in few seconds with the help of Excel.MS-Excel has a tool called goal seek function which will perform this task in very less time ("What is Microsoft Excel used for?", n.d.).
Corporate Budgeting
The major use of Excel in business is to do their corporate budgeting. Despite of the Business Performance Management Systems (BPM) (which particularly perform budgeting) 70% to 80% of all organisations still use Excel as their prime budgeting tool ("What is Microsoft Excel used for?", n.d.).
Sales Trends
MS-Excel is a perfect tool for the small business to track sales trends at any time. It helps businesses become aware of changes in sales, so the business can proceed according to the situation and fix the problem. The data stored in Excel can be used to create graphs and presentations of sales for business associates and investors (Portland, 2010).
References
Portland, J. (2010, March 31). Use Excel Spreadsheets for small Business [Web log post]. Retrieved from http://www.resultsrevolution.com/2010/03/use-excel-spreadsheets-for-small-business/
What Is Microsoft Excel Used for? (n.d.). Retrieved from http://www.simpopdf.com/
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