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What is Excel used for in business?

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Quick Answer

Businesses use Excel spreadsheets to display financial information and other data relevant to the running of the business. Microsoft Excel helps businesses organize data from multiple sources including in-store-transactions, online sales and social media.

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What is Excel used for in business?
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Full Answer

Microsoft Excel features calculation, pivot table and graphing tools, as well as a macro programming language called Visual Basics for Applications. An Excel document is made of a workbook and worksheet. Worksheets are stored inside of a workbook and contain grids where data can be stored and calculated.

According to Simpo Technologies, the most common use of Excel documents is to manage data records. Businesses can use formulas in the worksheet and display various data points using pie charts and graphs. Excel also gives businesses the ability to identify key trends that can be used to develop future strategies. Pivot tables are used to sort and summarize data in a spreadsheet so that businesses can easily analyze the collected data. Microsoft Excel is also used to create corporation budgets and keep track of expenditures. A company can track product sales using Excel on a daily, weekly, monthly or quarterly basis. Once a meaningful amount of sales data is tracked in Excel, businesses can forecast sales for the next year using regression analysis.

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