Some useful Excel accounting features are shared below. As one of the Microsoft programs developed specifically to manage data and various financial data applications, the Excel accounting features are extremely user-friendly.
IF and Text functions for accountants
The IF and TEXT functions are important to ensure accurate financial models. The two functions are also used to check errors.
Functions that are useful for calculations based on specific criteria include the ARRAY as well as Database functions. One of the functions that are most useful in this instance is the SUMPRODUCT function which enables the extraction of various values from a data table.
In many instances you will have to present your calculations to board members, colleagues or clients. Although strictly seen the graphic functions are not part of Excel accounting features, they useful presentation methods available enable the user to present data in various chart forms. The chart titles can be linked to cell content which will ensure automatic updating.
Various functions are available for more advanced uses such as interest calculations. The features present enable the user to derive the amount paid on interest when calculating a loan repayment without the need for complex formulas. The innovative spreadsheet program also allows for protection of data and values through access and editing restriction. With hyperlinks, headers and footers you will also be able to ensure easy navigation through the model.
The above are just a few of the Excel accounting features, which make the program suitable for businesses and accountants.