Why Microsoft Excel Is The Most Popular Software Among Accountants?

Today, a large number of auditors, bookkeepers, and accountants use Microsoft Excel to manage their accounting tasks. What is the reason behind this widespread usage of Excel? Why do so many people prefer using Excel as their primary accounting software? Accountants find it incredibly useful because it’s easy to learn and use.


It has numerous built-in formulas you can use right away to complete your work. You can also add new functionality by downloading third-party add-ins or creating your macros if you know how. It helps reduce time spent on manual data entry and speeds up the entire audit process. This article explains why accountants love using Microsoft Excel for their daily tasks, along with some tips and tricks for getting more out of this program.


  • Excel makes audit tasks easier


When auditing a client, one of the first things accountants will do is look at the profit and loss statements for a few years to get a general overview of the company’s financial performance. If you’re auditing a company that uses QuickBooks, you can use Excel’s Copy External Data feature to quickly copy data from the company’s accounting software and paste it into Excel for further analysis.


Microsoft excel 2016 is much faster than manually entering the data by hand. It also reduces the chance of making errors that could cause you to miss something important during your audit.


  • Finding data in Excel is easy


Most auditors have to go through thousands of transactions during an audit. Finding the data you need in a sea of numbers and letters can be extremely frustrating. You can use Excel’s built-in filtering and sorting options to find the data you need. These built-in features make it easy to select the data you want and ignore the rest.


You can filter the data by specific criteria, including dates, account numbers, and descriptions in Microsoft Excel 2013. If you want to sort the data in a particular order, you can use Excel’s built-in sorting feature. You can also create your filters and sorting rules with VBA.


  • Excel’s built-in analysis tools are great


Excel’s Analysis Toolpak lets you apply a variety of statistical functions to your data. Most accountants use these functions to get a better understanding of a company’s revenue, expenses, cash flows, and other financial metrics. You can also use these functions to compare multiple sets of data to see how they compare to each other.


For example, you can use Analysis Toolpak to compare an audited company’s revenue and expenses to the same data for the previous year. You can also use the tool to compare data from different companies. You can create your graphs and charts in Microsoft Office 2013 home & student.


  • Auditors can build their tools with VBA


Excel’s Visual Basic for Applications (VBA) is a programming language that lets you automate repetitive tasks, create custom applications, and extend the functionality of Excel. This lets you perform complicated tasks in seconds by writing a few lines of code.


You can also use VBA to create macros for tasks you perform regularly. VBA is challenging to learn, but these tools are incredibly powerful once you master them. Although you can use Excel’s built-in graphs and charts, you can also build your tools with VBA.


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