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Operating Expense Spreadsheet Template

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Published at Tuesday, June 01st 2021, 01:17:06 AM. Expenses Spreadsheet. By Lidia Chapman.

If you are a regular user of Excel you will know the amazing power of this piece of software. If its used to anywhere near its full potential it can allow you to amaze your friends and colleagues and more importantly allow you to save time and work smarter and faster. Many people spend a long time building spreadsheets with little forward thinking and therefore making it difficult to re-use a spreadsheet or work book or really difficult to even just update the same sheets without having to repeat a lot of the work already put into it. The first important rule that I always follow when creating a spreadsheet is to have the long term vision in mind. I do not mind investing time and energy into something I do once that can be reused over and over again.

From Excel to excellence for the month-end close reconciliation process. As a financial accounting professional, it is almost certain you will have been using Microsoft Excel spreadsheets during the month end close process. It is also extremely likely you will have experienced problems with them too! Over the last thirty-odd years, spreadsheets have become a mainstay in finance departments, used for all sorts of tasks, from reconciliation to reporting and everything in between. Despite their popularity with finance staff, they still pose a massive margin for error. The expected error rate when reconciling with spreadsheets is 0.8-1.8% and though this may seem small, for a company with a $1m turnover this represents a risk of $80,000-$180,000.

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Multiple Accounts Being Handled Financial software can be considered good if it can handle all the users credit card transactions, accounts, income and expenditures. The softwares reporting side must have the capacity to show the account used and must also intuitively generate the related reports, like complete income expenditure of every account and also, show the category of expenditures for which the payments were made. Reporting Softwares Adaptability Since people live diverse lives, it is essential that the software is customizable for this diversity to be reflected. Rigid software can cause issues in usability and can even be deemed futile if it will not suit the expenditure and lifestyle patterns of the user.

Multiple Accounts Being Handled Financial software can be considered good if it can handle all the users credit card transactions, accounts, income and expenditures. The softwares reporting side must have the capacity to show the account used and must also intuitively generate the related reports, like complete income expenditure of every account and also, show the category of expenditures for which the payments were made. Reporting Softwares Adaptability Since people live diverse lives, it is essential that the software is customizable for this diversity to be reflected. Rigid software can cause issues in usability and can even be deemed futile if it will not suit the expenditure and lifestyle patterns of the user.

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