Essential Excel Knowledge for Accountants

Essential Excel Knowledge for Accountants

If you are looking to become an accountant these days, it is essential to develop your IT skills to the maximum level. It is very difficult to work at a professional level if you don’t have the right knowledge in using different accounting software as well as the basic tools such as Excel and Word. Here are some of the best tips for gaining essential Excel knowledge and information on finding the right resources to help your studies.

Why Use Excel?

It is essential to understand the way Excel works, since it is one of the most used options for storing numerical data. Many of the things you can do in the program are very simple and you can add so much information into a single Excel spreadsheet that it makes a very effective use.

Most professional accounting firms require that you have Excel knowledge or even training. Although it is possible to get a diploma in Excel use, you can also learn the basics on your own at home.

The Shortcuts

One of the best timesaving solutions is to use Excel shortcuts while you are working. These can make your working a lot more efficient since you won’t need to use mouse to click everything. The key shortcuts to use include:

  • CTRL & B = Bold

  • CTRL & C = Copy

  • CTRL & X = Cut

  • CTRL & V = Paste

  • CTRL & F = Find

The Formulas

Excel offers you the option to use plenty of different mathematical formulas. These are definitely worth looking into and they can instantly give your spreadsheet a lot more clarity.

You can find basic formulas to use either from the Microsoft Office website or from Chandoo.org. Furthermore, using these formulas can assist you with data input and manipulation. Learning these basic formulas can help you become more efficient as well as ensure your spreadsheet use is error free.

The Functions to Learn

When it comes to Excel and accounting, there are few different ways to use it to your advantage. The key areas of accounting that Excel can help you in are:

  • Budgeting and statements – you can create budgets, cash-flow statements and profit/loss statements with Excel. Try making one for yourself to gain more insight.

  • External data storage – you should also learn to store external data on Excel. Banking data and invoices can all be stored in an Excel file.

The good thing about learning basic Excel skills is the fact that you can easily use it together with accounting software. Therefore, once you learn to use Excel for accounting you can often get the files directly integrated with different software.

More Information

The internet is great for finding more information. You can find anything from downloadable Excel spreadsheets at Business Accounting Basics to general accounting information from Accounting Bites.

The key to mastering Excel in accounting is all about trying out different things. Don’t be afraid to mess around at the start and just seeing what different functions do. This gives you the confidence you need to take your accounting skills to the next level.