By . Expenses Spreadsheet. At Friday, May 28th 2021, 21:11:37 PM.
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.
I like using spreadsheets for monetary goals because of the functions I can use. If you are working towards a savings goal, using a word processor or writing them out will require constant updating. With a spreadsheet, you can simple add in how much more youve saved, and if you had the right formulas set up, it will do it all for you. First, set up a different sheet for your long term goals and your short term goals. You can have long term goals and then break them up into short term goals as well as have separate goals. Make the sheet look appealing with bold headers and colors. If you dont know how to use excel or other spreadsheet programs, you really only need the basics. Search the net to find out how to get started with spreadsheets.
For example, designing a calculator to each structural element included in a footer foundation - Normally you would estimate your concrete, reinforcing bar, excavation, back-fill, and form work separately. When using a specialized concrete footing contractor for an example, the contractor will arrive at the clients project site at the appointment time, walk the site where the proposed project will be, and look over the construction drawings. A well-designed spreadsheet calculator will deliver a nice bill of materials when you input depth, thickness, width, length of footer, and type of reinforcing material. The calculator delivers a total material cost, labor cost, plus the detailed bill of materials including 10 to 20% standard overage included in each bid.