{"id":8220,"date":"2018-07-09T15:35:52","date_gmt":"2018-07-09T15:35:52","guid":{"rendered":"https:\/\/www.investintech.com\/resources\/blog\/?p=8220"},"modified":"2020-02-10T10:18:43","modified_gmt":"2020-02-10T10:18:43","slug":"how-to-use-excel-for-your-startup","status":"publish","type":"post","link":"https:\/\/www.investintech.com\/resources\/blog\/archives\/8220-how-to-use-excel-for-your-startup.html","title":{"rendered":"How To Use Excel For Your Startup"},"content":{"rendered":"

\"Spreadsheet-Analysis\"<\/p>\n

The Internet has given everyone the opportunity to start a business. Android apps, blogging, freelancing, virtual assistants, online tools–the possibilities for building up a brand and business are endless. <\/span><\/p>\n

But if you already have a full time job, you\u2019ll no doubt be bootstrapping your startup on the side. This means that you\u2019ll need to research the best <\/span>startup tools<\/span><\/a> for price and functionality. Either that or you might opt to keep things simple with tools you already have or know about, like Microsoft Excel. <\/span><\/p>\n

Yes, Excel is a spreadsheet program, but it\u2019s also serves as a multifunctional tool. You can use it for a number of business-related tasks like tracking and planning or simple analysis and reporting. And the best part is that, in some cases, you don\u2019t even have to start from scratch. MS Excel has a number of templates to get you started. <\/span><\/p>\n

We\u2019ve put together some tips on how you can hack your way around on the backend with Excel and move your budding startup forward. Here\u2019s how.<\/span><\/p>\n

<\/p>\n

1. Start Managing Projects and Setting Goals\u00a0\u00a0<\/b><\/h2>\n

Keeping your projects on track is just one of the many things you\u2019ll need to do as you build your startup. With Excel, you can easily format a spreadsheet with the basic tables and charts you need to stay on top of goals and projects. <\/span><\/p>\n

There are some, however, who\u2019ll argue that Excel isn\u2019t agile enough for real time updates needed for project management. Not true.<\/span><\/p>\n

\"Project<\/p>\n

You can take your spreadsheet online for real-time collaboration. All you would have to do is decide which <\/span>project management Excel templates<\/span><\/a> works for you and fill in the rest. As long as the document is stored in say OneDrive, you can <\/span>collaborate via Office 365<\/span><\/a> with team members. You can then simply check in or update the sheet with team members accordingly. \u00a0<\/span><\/p>\n

2. Keep Track Of Your Finances, Cash Flow, And Perform Cost Analysis <\/b><\/h2>\n

When your business starts seeing some action, you\u2019ll need a basic tool for \u00a0finances. If you\u2019re pulling only a few sales or clients a month, it\u2019s safe to assume that you don\u2019t need the heavy duty finance applications just yet. This is where Excel\u2019s ledger-like formatting, functions, and formulas can step in. <\/span><\/p>\n

Aside from simply dropping in numbers from a table, you can use the common finance notations like the Dollar Sign and Number Format, and for cost analysis, a few basic functions that will come in handy: <\/span><\/p>\n