Top 7 Uses For Excel In A Home Accounting Business
An at-home accounting business can be a profitable and fun venture for anyone with an accounting degree
. The logical downside is the tracking and manipulating of thousands of numbers for dozens of clients over several different accounting purposes. Let's look at how Excel can help with each of those purposes:General Business Purposes
Excel has several general business applications: customer tracking, inventory and ordering, appointment scheduling, and of course your own bookkeeping and accounting needs.
Tax Preparation
Excel can easily be turned into tax prep software with the addition of a few simple templates. Just triple-check to make sure the template you're acquiring is up-to-date for the year that you're preparing for!
Payroll
Payroll is fairly simple when it comes to the actual numbers, but Excel is a good tool for the ability to send out automated Email alerts when someone is nearing overtime or not working enough hours.
Inventory
Keeping inventory for someone else is a strange job, but it's one that home accountants can't afford to turn down when they're offered. Once again, Excel's Email alert ability is key here, as it can alert the business owner automatically when he needs to order more of something. Also, Excel's ability to take data from the past and project needs forward allows you to anticipate growth trends and never get caught off-guard.
Bookkeeping
Bookkeeping is a pretty mundane task, but it's the one that Excel was originally made for. With Excel's ability to annotate cells (to explain odd numbers), sort data -- especially with the new
Accounts Payable and Receivable
Accounting is a good deal more complex than bookkeeping, but it nonetheless is a great task to use Excel to handle. Excel's ability to graph out large piles of complex numbers into easy-to-understand charts is perfect for home accountancy.
Auditing
Auditing can be a subtle art, but Excel can assist by providing you with the tools you need to randomly select which records to check for accuracy as well as providing you with an alert whenever a given item goes outside of it's norms.
There is almost no part of the accounting process that is not enhanced by the addition of Microsoft Excel. If you're looking into a home-based accounting business and you don't already know the ins and outs of Excel, consider training -- it can save you many hours of hard work.
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