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Editor's note
For the finance and accounting departments, Microsoft Excel is a blank canvas on which they paint financial data to tell stories of business health, plan smart budgets and forecast financial trends. Sure, Excel is not as flashy or automated as the new cloud-based financial tools, and human entry error is always a risk. The enormous task of migrating users to another system can also stand in the way. For now, though, the longstanding tool inspires some serious loyalty.
Indeed, 63% of U.S. companies still use the software for budgeting and long-range planning, according to the 2016 edition of the "Benchmarking the Accounting and Finance Function" by Robert Half.
So the question is: What should you know about Excel for accounting and finance? This guide gives you critical information to answer that question.
Section 1 tackles must-know Excel tips and tricks such as setting a password to open or modify a workbook. Section 2 shares how to make the most of Excel functionality such as determining when Excel is right for business intelligence. Section 3 explores the idea of whether it's time to leave Excel behind. Lastly, a glossary of key terms associated with financial accounting software is included. To wrap things up, see how much you've learned by taking a brief quiz.
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1Managing financial data in Excel -- and beyond
When companies move away from Excel, they often seek tools that will save time by allowing for more automation and better data integrity. But in many cases, Excel continues to hold much of the company's financial data. Users need to make the most of Excel functionality while recognizing where it falls short.
Read on for advice on managing data with Excel, avoiding its pitfalls and, when necessary, making the move to specialized software.
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How useful are Excel automation tools?
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When is Excel right for BI tasks?
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Macro viruses re-emerge in Word, Excel files
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Six tips for making the move from Excel to BP&F software
Users and experts share tips on replacing spreadsheets with specialized software for budgeting, planning and forecasting. Read Now
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How to move from Excel to financial management software
Before switching from Excel spreadsheets to financial management software, companies need a plan that aligns with their finance processes -- and one that will scale as the business evolves. Read Now
2Excel's changing role in the enterprise
Despite its long history in the enterprise, using Excel alone for financial accounting is no longer a good idea. Is it time for companies to completely rid themselves of their Excel habits and move to new financial accounting software? Or are some companies still finding a place for their spreadsheets in their financial processes?
These case studies explore the question of whether to leave Excel behind.
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Corporate finance in Excel is feasible -- but is it desirable?
Spreadsheet governance software can make Excel more suitable for corporate finance, but companies continue to view spreadsheets as a necessary evil. Read Now
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A farm gear manufacturer chooses Budget Maestro over Excel
A longtime user says Budget Maestro is easier to use than Microsoft Excel for BP&F but needs better formatting for printed reports. Read Now
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For a hospice company, Excel retains its role
The company saved time, money and labor by replacing Oracle Hyperion with Adaptive Insights CPM software -- but it still uses Excel to prepare and distribute budgets. Read Now
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Users laud the benefits of tax provisioning software
Companies that scrap Excel for a tax provisioning system report faster closes, more consistency, automatic uploading and other benefits. Read Now
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Six tips for making the move from Excel to BP&F software
Users and experts share tips on replacing spreadsheets with specialized software for budgeting, planning and forecasting. Read Now
3Prove your Excel know-how
Thinking of using Excel for accounting purposes? You better know a few basic commands to get started.