If you’re a small business owner, you will probably find it worth your while to learn advanced Excel® skills, since doing so will pay for itself in the time and cost savings that result from more streamlined processes. It will also help you analyze your profits and identify patterns of unnecessary losses. Excel spreadsheets can be used to perform nearly every category of business operations. By taking the time to learn advanced Excel skills, you’ll be able to create spreadsheets for the following vital business functions, to name a few:
Organizing Projects and Creating Delivery Schedules: What better way to keep a project organized then to map it out beforehand on an Excel spreadsheet? Project spreadsheets are so simple to design that you probably don’t even need to learn advanced Excel to create a very effective one. However, to make the most of spreadsheet capabilities that can be applied to every aspect of your company, most small business owners agree it’s worth the investment to learn advanced Excel. Using a spreadsheet, you can break the project down into both long and short-term goals, and assign deadlines to each of those goals. Once the project is launched, the spreadsheet serves as a checklist. Everyone involved in the project can mark off what they’ve done, and even leave notes for the people who take on the next stage of production. Among the goals you’ll set for your project spreadsheet will be the date you plan to deliver the project to your client. You can even share the spreadsheet with your client, to keep him or her abreast of progress, as well as to get his or her input.
Keeping Track of Your Receipts: Use a spreadsheet to keep track of all your sales and purchases. Be sure to include the date and the dollar amount of each sale or purchase. The more sales and purchases you make, the more detailed your receipt filing system should be. The spreadsheet will serve as a record to back up these transactions for legal purchases. It will also allow you to make a comparative analysis of profit and loss.
Setting Up and Posting Ledgers: Excel spreadsheets are ideal for setting up and posting ledgers that provide a summary of revenue and expenditure. Just begin with a blank spreadsheet and post amounts from your receipts at a set time of the day or week. The frequency and volume of your sales will determine how often you should transfer receipts to your ledger. If you doubt that you possess the computer proficiency to set up ledgers, you might want to use a tutorial to learn advanced Excel skills.
Some other small business uses for spreadsheets include:
- Financial Projection
- Business Valuation
- Stock Valuation
- Risk Assessment
- Employee Scheduling
- Internal and External Assessment
