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## The Role of Excel Spreadsheet in Accounting

Ever-changing technology has brought new ways of completing any type of task quickly. It helps us to generate data and keep files clearly. The field of accounting is not an exceptional case. It has improved greatly with the help of advanced methodology. In this article, we are going to discuss the role of Excel spreadsheets in accounting.

Spreadsheets usually save you a lot of time if you use them to track expenses, cash flow, project taxes or inventory. It will be useful in analyzing lease or purchase and capital requirements. Formulas in Excel help you a lot in maintaining trouble-free reports of all transaction details.

1. People from different departments should handle the same document file. A sales executive should enter the sales he has made and send them to his manager. The manager will forward to the bookkeeper. We have several options for document sharing and comparison using Microsoft Excel.

2. It has got construction templates which will be useful for us. It makes our files dynamic and smart.

3. There is an option to convert the template as a smart document with the help of Excel. Let’s say the annual employee expense report is based on your company’s Excel template. When you convert it into a smart document, you’ll be able to connect it to a database that automatically fills in some necessary information. Once you have done this, you can send the next step to the relevant person in charge.

4. Using Smart Documents you can send email messages through MS Outlook without starting Outlook and leaving the worksheet.

5. Document Workspace is a wonderful option provided by Excel 2003. This is mainly useful for collaborating on documents with other people on your staff. It is the process of co-authoring, editing and reviewing documents.

6. There are many shortcuts available in Microsoft Excel. Some of them are listed below:

Excel Shortcuts:

AutoFilter: It helps to handle large spreadsheets easily. You can activate the filter option to view or edit a specific set of data. It will not bring about any change in the system. It hides unwanted data and shows the data you filter. Once you remove or deactivate the filter, this option will be disabled and you will be able to see all the data.

Consolidating data: In Excel, we have the option of importing worksheets or data from another file. It is a quick process and you will not miss any data as you tend to lose data while copying and pasting.

Detecting anomalies: You cannot obviously go through the data line to detect anomalies. But in Excel, it automatically detects incompatibilities with small advanced settings.

Also Excel 2007 offers amazing invoice templates. We can edit the template according to your specifications and you can send a brief invoice to your customers.

Above all, you can format Excel using formulas according to your needs. This will reduce a considerable amount of time and help you get flawless data. Hence, Excel plays an important role in the accounting field.

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