Microsoft Excel’s ability to import data from a variety of sources and process it within a single medium without wasting time on matters such as processing is a significant advantage. It enables the researchers to minimize the time spent unproductively and devote their attention to the analysis of the available data. Moreover, it enables the quick and straightforward incorporation of any new information that emerges throughout the study. Additionally, that data will be processed using the tools initially used to create and format it. Overall, the import tool has a variety of advantages, depending on the specific type of information used.
The ability to import information from a text file could be useful for more straightforward applications that produce output without any standardized formatting, enabling the user to extract the information without rewriting the code in complicated ways. Access databases can be used to obtain specific data selections from a large sample, using the manager’s powerful tools. Web pages can provide publicly available information, such as the statistics of publicly traded firms, that are updated to reflect current reality accurately. Lastly, Word documents can be useful as digital forms for people to fill out, which the user can then import into Excel and process.
To find a useful Excel template, the author went to the Small Business Administration’s website. There, they found a link to a balance sheet that was hosted on a different website and chose to use it for this post (“Manage your finances,” n.d.). A balance sheet is an essential part of managing a business, as it helps the stakeholders understand how the company is performing. However, it can be challenging to create one for a person without experience in accounting, as they may miss critical factors. As such, templates such as this one can be essential for the success of the business in many aspects, such as tax payments and overall performance changes.
References
Manage your finances. (n.d.). U.S. Small Business Administration. Web.