QuickBooks is commonly used to track small business performance, but Excel can make this process even easier. Excel also enables accounting analytics for small business with Excel formulas like SUMIF and pivot tables.
- [Instructor] Accountants need to not only be able…to offer summary cost and profit information…but they also need to be able to track firm performance.…And in many cases, make recommendations…based on that performance.…And this is exactly where Excel shines.…We'll take a look at doing just that…in the 02 06 Begin Excel exercise folder.…I'm here on the Monthly Budget Summary tab…and what we see is that we've taken the information…about the firm and we've broken it down…into a few different categories.…
So we have the firm's income, estimated versus actual,…their personnel expenses, estimated versus actual,…their operating expenses, estimated versus actual…and then we have some ratios of interest.…Now Excel is great for doing a few things.…First of all, one of the key areas that accountants…are often asked to deal with are accounting variances.…Essentially, what do we actually spend on something…or generate from a particular product…versus what do we estimate we were going to do?…In essence, we've got exactly that…
- List the most common tasks and approaches faced by accountants in their daily lives.
- Determine whether transactions can be exported from Quickbooks to Excel or not.
- Outline the structure that the SUMIF function uses.
- Explain how to measure EBITDA.
- Identify at what level the General Ledger tracks expenses.
- Break down how to construct a business valuation using a cash flow analysis.