Why Do We Use Excel?

Just like the truth, Excel is out there. It’s everywhere. It seems like every finance professional is comfortable using it and every computer comes with it loaded. Sometimes, it feels almost supernatural! Have you ever stopped to wonder why?

Its versatility allows users to tackle everything from simple data entry to advanced data analysis, making it an indispensable part of any workflow. Additionally, Excel’s ability to integrate with other software and automate repetitive tasks provides users with the tools they need to work more efficiently and effectively.

On September 30, 1985, Microsoft released Excel into the world. First built for Macintosh, Microsoft added a Windows version in November of 1987, and the world of finance and accounting has never been the same.

Countless other spreadsheet software has since landed on the market, from Google Sheets to Apple’s iWork Numbers to Gnumeric for Linux. And yet, none so far have proven quite as enduring or prolific as Excel. Developed now to work on both desktop and mobile, Excel remains the undisputed king of the spreadsheet world, boasting over 750 million users worldwide.

In this edition of The Excel Files, our series on this ubiquitous software, we’re diving deep to answer one simple question: why does everyone use Excel?

What is Microsoft Excel?

Microsoft Excel is a versatile and powerful spreadsheet software developed by Microsoft, and it’s widely regarded as a go-to tool for managing, analyzing, and presenting data in both personal and professional settings. It is part of the Microsoft Office suite and is known for its extensive range of features that cater to users of all levels, from beginners to advanced data analysts. Excel provides users with tools for performing complex calculations, creating charts and graphs, and building data models. Whether you’re a business professional, student, or researcher, Excel offers a range of features that make data management and analysis accessible and efficient.

How Do I Get Started Using Microsoft Excel?

Getting started with Microsoft Excel is straightforward, whether you’re a beginner just learning the ropes or someone with some prior experience with spreadsheets. The program is designed with an intuitive interface that makes it easy to navigate through its various features, enabling you to quickly begin working with data. Here’s a simple guide to help you begin:

1. Install Excel: If you haven’t already, install Microsoft Excel through a Microsoft 365 subscription or as a standalone product.

2. Open Excel: Launch the program, and you’ll be greeted by a welcome screen with options to create a new workbook, open existing files, or explore templates.

3. Explore the Interface: Familiarize yourself with Excel’s interface, including the ribbon (where you’ll find tools and commands), the worksheet grid, and the formula bar.

4. Create a New Workbook: Start by opening a blank workbook or using a template that suits your needs.

5. Enter Data: Click on a cell and start typing to enter data. You can input numbers, text, dates, and more.

6. Learn Basic Functions: Experiment with basic Excel functions like SUM, AVERAGE, and COUNT to start performing calculations on your data.

7. Save Your Work: Remember to save your workbook regularly by clicking on ‘File’ and then ‘Save As’ to choose a location on your computer or cloud storage.

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What Can I Do With Microsoft Excel?

Microsoft Excel offers an extensive array of functionalities, making it an indispensable tool for various tasks across different industries and applications. From simple data entry to advanced data analysis, Excel can handle a wide range of tasks that enhance productivity and decision-making. Here are some of the key things you can do with Excel:

• Data Organization: Excel allows you to organize large amounts of data in an easily manageable format, using rows and columns.

• Data Analysis: Perform complex calculations, statistical analysis, and what-if scenarios using Excel’s powerful functions and tools.

• Visualizations: Create charts, graphs, and pivot tables to visualize data trends and insights.

• Data Modeling: Build financial models, forecasts, and other predictive models using Excel’s advanced features.

• Automation: Automate repetitive tasks using macros and Visual Basic for Applications (VBA).

• Collaboration: Share workbooks with others and collaborate in real-time using Excel’s cloud integration.

What are Some Benefits of Using Excel?

There are numerous benefits to using Microsoft Excel, making it a favored tool for professionals and individuals alike who need to manage and analyze data efficiently. Excel’s versatility and extensive features provide a strong foundation for everything from simple tasks to complex data projects. Here are some of the key benefits:

• Versatility: Excel can be used for a wide variety of tasks, from simple data entry to complex financial modeling.

• Accessibility: With an intuitive interface and extensive documentation, Excel is accessible to both beginners and advanced users.

• Integration: Excel integrates seamlessly with other Microsoft Office applications, making it easy to import and export data across platforms.

• Automation: Automate tasks with macros and VBA to save time and reduce manual errors.

• Data Analysis: Excel’s powerful tools allow for in-depth analysis, helping you make data-driven decisions.

• Customization: Tailor Excel to meet your specific needs with customizable templates, formulas, and add-ins.

What Kinds of Tasks Does Microsoft Excel Allow Me to Perform?

Microsoft Excel enables users to perform a broad spectrum of tasks, making it an indispensable tool for both personal and professional use. Whether you’re managing daily tasks or tackling complex projects, Excel’s capabilities can significantly enhance your productivity. Here are some of the key tasks you can perform with Excel:

• Data Entry and Management: Input, store, and organize data efficiently in spreadsheets.

• Calculations: Use mathematical functions to perform basic arithmetic, statistical analysis, and complex financial calculations.

• Reporting: Generate detailed reports with charts, graphs, and summaries that are easy to interpret.

• Budgeting and Forecasting: Create budgets, financial forecasts, and cash flow statements to manage personal or business finances.

• Data Visualization: Design charts, graphs, and dashboards to present data visually and identify trends.

• Project Management: Track project timelines, resources, and costs with Excel’s scheduling and tracking tools.

• Data Analysis: Analyze datasets using pivot tables, conditional formatting, and advanced Excel functions.

How Secure is My Information in Microsoft Excel?

Microsoft Excel provides a robust set of security features designed to protect your data, making it a reliable choice for managing sensitive information. Whether you’re working with financial data, personal records, or proprietary business information, Excel offers multiple layers of security to safeguard your work. Here are some of the key security features:

• Password Protection: You can set passwords to protect your Excel files from unauthorized access.

• Encryption: Excel offers encryption options to secure your workbook, ensuring that only authorized users can view or edit the content.

• File Permissions: Control who can view or edit your Excel workbooks by setting specific permissions for different users.

• Version Control: Excel’s version control features allow you to track changes, ensuring you can revert to previous versions if needed.

• Data Masking: Use features like cell protection and data masking to hide sensitive information in shared workbooks.

• Cloud Security: If you store your Excel files in the cloud using OneDrive or SharePoint, Microsoft’s robust cloud security measures protect your data.

Can I Use Macros or Visual Basic With Microsoft Excel?

Yes, Microsoft Excel fully supports the use of macros and Visual Basic for Applications (VBA), enabling users to automate tasks and customize their Excel experience. This functionality is particularly valuable for those who need to perform repetitive tasks or develop custom solutions within Excel. Here’s how you can leverage these tools:

• Macros: Excel macros are sequences of commands that you can record and play back to automate repetitive tasks. For instance, you can create a macro to format cells, run a sequence of calculations, or generate reports with a single click.

• Visual Basic for Applications (VBA): VBA is a programming language integrated into Excel that allows you to write custom code to control Excel’s functionality. With VBA, you can create complex automation scripts, develop custom functions, and build user interfaces within your Excel workbooks.

• Security Considerations: When using macros and VBA, it’s essential to be cautious about running code from unknown sources, as they can pose security risks. Excel provides options to enable or disable macros and to run only digitally signed macros to help mitigate these risks.

Using macros and VBA in Excel can significantly enhance your productivity by automating time-consuming tasks and customizing Excel to better suit your needs.

There Must Be a Reason Excel is Popular

Seven hundred fifty million users can’t be wrong: There must be a reason why the majority of companies continue to primarily use Excel over any other spreadsheet option. It is the number one platform when it comes to analyzing data, finding information, preparing charts, and presenting them to decision-makers. Excel is also used for doing forecasting models. Excel performs well for all levels of user—from the basic calculator to the 100% technically adept—and allows each user to feel accomplished. Because Excel puts power in the hands of its users, it has cemented user attraction to the program and ensured that it will not easily be replaced in the foreseeable future.

Excel is familiar, readily available, and more powerful than ever. Some experts even go so far as to label Excel as the one application that the business world cannot live without.

That’s a pretty big statement.

And we just so happen to agree.

So Why Do We Love Excel?

At insightsoftware, we definitely love Excel. We love it enough to help make it even better for you and your team. We wanted to make Excel a program you love too, not one you just tolerate to get your job done.

What if Excel could be fun? What if it could automatically and securely run your scenario modeling summary reports with the latest data and drastically reduce the time it takes to assemble them each day, week and month? We saw these questions as opportunity to further solidify Excel as your number-one reporting platform, to keep you working in the program that you’re most familiar with, even when reporting on data from a variety of disparate sources.

While Excel in its own right is excellent at organizing and formulating data for reports, it often still requires significant human intervention, manual data mining, data dumping, and manipulation—up to and including re-keying data—each time you create a report. This can only increase the opportunity for error. Not to mention that the time it takes to complete the reporting process is often a CFO’s biggest nightmare.

That’s where Spreadsheet Server and Atlas come in. These flagship offerings were created with the express intent of making Excel an even easier and more intuitive place to work. Both programs integrate seamlessly with Excel to provide your reporting a true self service offering, pulling in live data from ERPs and other data sources into your reports and enabling you to update parameters and results with a single mouse click. The best part is that Spreadsheet Server and Atlas both leverage the Excel knowledge that you’re already using every day.

We simply took power and made it more powerful.

That’s where Spreadsheet Server and Atlas come in. These flagship offerings were created with the express intent of making Excel an even easier and more intuitive place to work. Both programs integrate seamlessly with Excel to provide your reporting a true self service offering, pulling in live data from ERPs and other data sources into your reports and enabling you to update parameters and results with a single mouse click. The best part is that Spreadsheet Server and Atlas both leverage the Excel knowledge that you’re already using every day.

We simply took power and made it more powerful.

Is Excel Ever Going Away?

It might be a silly question to ask, since Excel is cited as a number-one business tool, but when the only constant is change, one might wonder if Excel could indeed ever go away.

The answer? Likely not!

With advances to the program itself as well as continually evolving plug-ins and tools, your Excel experience can only grow deeper roots. Platforms such as Spreadsheet Server and Atlas install in minutes and capitalize on everything you can already do in Excel and make it easier, faster, and more importantly: automated. Rapidly build reports that you can update on a monthly, quarterly, annually, or even daily basis with just a few clicks. We allow you to start—and stay—in Excel for your entire reporting experience, from build to delivery.

Ready to take your Excel experience to the next level? We’re waiting to get you there. Let us show you how!