Excel Best Practices for Accountants

Excel is one of the most popular programs used by accountants and financial professionals to keep track of financial data. Often times it is used for key information like a general ledger, aging report, cash flow projections and more. Although using Excel to keep track of data may seem pretty straight forward, this data is often sensitive information for the business. If lost, the business may suffer from wasted time recreating and consolidating the data and poor decision making in the meantime. If put in the wrong hands, sensitive information could be leaked with bad consequences. In order to keep track of accounting and financial business data without the risk, here are some Excel best practices for accountants.
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5 More Useful Excel Shortcuts for Accountants

We understand that spending hours of your day inputting data into an Excel spreadsheet is not the most ideal way to spend your time as an accountant. That’s why we put together our last blog post on 5 Useful Excel Shortcuts for Accountants. In this blog post, we’re going to take a look at 5 more useful Excel shortcuts that every accountant should know.

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5 Useful Excel Shortcuts for Accountants

Spending more time than necessary in an Excel spreadsheet is the bane of an accountant’s existence. Often times when working on a spreadsheet we spend more time playing around with formatting and attempting to get the cells to do what we want than we actually spend manually inputting data. If you’re in the accounts receivable department, there are probably a thousand different tasks that would be more productive, such as making phone calls, than playing around in a spreadsheet. Below we have highlighted 5 Excel shortcuts to make formatting and navigation easier.

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What is an Accounts Receivable Aging Report?

The only way to be able to manage and see exactly who owes you money and when in the collections department is by using an accounts receivable aging report. It is one way to keep everything organized and keep your team on track. Those that are latest in your aging report, get the first call. Many collections departments use the accounts receivable aging report as their go to reference for all their customers and open invoices.
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5 Excel Short Cuts for the Accounts Receivable Specialist

Most accounts receivable specialists use Excel on a daily basis. You’re constantly inputting data and using it to keep track of cash flow. That being said, Excel is not always easy to work with. One wrong move and the information you have been working relentlessly to get may end up incorrect. Luckily, there are a lot of short cuts and tricks to use to make Excel easier – and faster – to use.
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How to Create an Accounts Receivable Ledger in Excel

Excel can sometimes be one of the most confusing applications to use. One small mistake can result in the dreaded “#VALUE!” popping up, and then wasted time trying to figure out what mistake you could have possibly made. Instead of spending all that time trying to create your own accounts receivable ledger in Excel, we’ve created it for you. Follow the directions and formulas below to quickly create your own accounts receivable ledger in Excel.
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How to Open a CSV File in Excel

In accounting, and especially since the advent of accounting software, comma-separated value files, or CSV, are a daily struggle. Although these types of files are necessary when importing and exporting information from our accounting software, they can often be very frustrating. The most common problem among downloading CSV files is that many times information goes missing or formatting is changed. The most common solution to this is usually manually reentering the information or fixing it. Manual solutions are never a good fix, which is why we are going to give an alternative solution on how to open CSV files in Excel the right way.
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How To Create an Aging Report in Excel Continued

Since we all are in agreement that Excel can get pretty confusing when we start throwing out “IF, THEN” statements, “AND” statements and every other formula that exists, we’ve put together step-by-step instructions for you to make an aging report. For the first six steps and how to set up the Excel sheet, look back at our first post in the series.
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How To Create an Aging Report in Excel

No one said using Excel is easy. In fact, it can sometimes make you feel like you’re sitting back in high school Algebra with those long string of parenthesis and if-then statements. Instead of trying to pull these statements out of thin air, we’ve put together how to create an aging report in Excel for you. We’ve included all the statements needed to find out who is the most overdue and how much money you’re owed.
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