A guide to using Excel as financial accounting software

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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