Thursday, July 14th, 2016 / by ExcelHelp
For finance companies, customizing a Microsoft spreadsheet is the best solution to manage data and for better reporting analysis. It provides an easier and efficient process for calculating financial data that will ultimately influence important business decisions. Customizing your Excel sheets specifically for your business will also eliminate manual processes, reduce time, and most importantly errors as most of the functions will be automated.
How Finance Companies Benefit
Financing companies benefit a great deal from custom Excel solutions because their main objective is to not only manage the numbers, but also report them and project future outcomes. Each company has different financial analyses that are required given the differences in the products and services they offer. Yet, all of them will find a considerable amount of value in an Excel application that’s tailored just for their company’s operations.
How Finance Companies Work
The financing industry is so much more than computing numbers and reporting them. When you’re dealing in finance, you need to be able to explain the status of certain figures, how it came to be that way, whether those current numbers are promising or discouraging, and most importantly, what can be done to make it better—no matter how massive the figure is. With the right kind of Excel customization, you can quickly figure out answers to complex problems for various stakeholders in the company.
Using Excel for Other Purposes
It’s not uncommon to receive other financial requests that aren’t necessarily in your scope of responsibilities, but working in the financial sector, many decisions are based on the company’s financial health. So, you need to always be prepared to report certain numbers that aren’t within your monthly or quarterly reports. For instance, if your company is looking to expand, they might want to know how much they can afford to invest in an expansion while still making a profit.
You may also be expected to provide financial scenarios that offer them a choice of how they can expand. In contrast, you might be asked to calculate how many employees have to be laid off, fired, or go on furlough in order to keep the company afloat. With a customized Excel spreadsheet, you’ll have the flexibility to provide solutions for all kinds of requests to get pertinent financial data in the right hands of the people who make decisions for the company.
Jobs that Benefit from Customized Excel Functions
In the Financial Planning and Analysis (FP&A) department, there’s sensitive data that only the department needs to be concerned with and could confuse users who just need to input data. Whether you’re an FP&A Manager, Financial Analyst, or Controller, a customized Excel solution will not only design a specialized look and feel of an application, but also control how one interacts with it by means of locking cells that end users cannot change while inputting data.
Cut down on your time considerably by automating certain functions that you find yourself doing repeatedly. Automating Excel functions allows items that require repetitive, monthly tasks to be completed with the click of a button. When calculating debits and credits, and reporting numbers, this proves to be most common, especially if you’re working in the FP&A department.
Note: Visual Basic for Applications (VBA) code can be written for very specific tasks that aren’t directly added in an Excel’s application. Learn more about VBA Programming in Microsoft Excel here.
ExcelHelp.com: Optimizing Your Financing Processes
Finance companies will not be able to function as an efficient business without a customized Excel application. ExcelHelp.com, a skilled team of programming and training professionals will offer you the best suited solution for your daily processes, whether you prefer to have it done personally or remotely. Contact our office in New York for a free consultation or call 1-800-682-0882 today.
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