Finance and accounts are the two most essential functions of any organisation. Also, these departments come with a lot of different job opportunities due to the growing popularity and demand for finance management. We are moving towards a world where technology is being integrated with all functions and departments of an organisation. The same is the case with finance and accounting. Technology is being increasingly used in these two departments. Also, this integration is making work and operations smoother than ever.
What is Finance?
Finance is a multifaceted term but it largely involves the management of money and other financial securities. It also includes activities like funding, investing, budgeting, forecasting, etc. Finance is a function of all kinds of organisations. Investment banks and private equity firms are specialised institutions solely working in the field of finance. They provide risk advisory and security management services to other companies.
What is Accounting?
Accounting takes care if the recording aspect of these financial transactions. It is a process by which all the business transactions are recorded using an integrated system. Accounting is a complex process. Different companies follow different accounting methods and frameworks. Recording transactions is a very important part of any business and the accounting function takes care of it. Finance and accounting course will give an insight into these two functions and a knowledge of how things work.
Excel skills required for Finance and Accounting
Excel is one of the most popular tools used in all kinds of companies. The finance and Accounts department has made the best use of this software as it provides an easy and comprehensive platform which makes it simple to manage the day to day transactions. Some of the most important skills that a finance and accounting professional should know are listed below. These skills are taught when you enrol for a finance and accounting course.
- Functions and Formulas: Excel has this unique inbuilt feature where you can apply mathematical and statistical formulas to compute different results. These formulas are in numerous. Therefore, you should have a basic understanding of how these are to be used for the values and results you need. These formulas provide great utility and save a lot of time.
- Charts: Companies use different charts and visualization tools for data analysis. Therefore, it is important to have a fair idea of how these data visualization tools work. These help in the graphical and pictorial representation of different data sets and are the most commonly used tools.
- Pivot Tables: These tables are becoming increasingly popular as different data sets can be represented using one single multi-utility table. Pivot tables provide useful insights to accounts and finance professionals. Therefore, it is important to know how to use these tables. It is equally important to know how to make these tables to make your life simple at work.
- Conditional formatting: This feature of excel has transformed how finance and accounting professionals operate. With conditional formatting, the cells can be customized if they meet a pre-defined criterion. Your cells might have a red colour in case of a loss and green in case of profits. It all depends on predefined conditions.
- Data to Table option: You can easily transform different data sets into meaningful tables depending on the data points you want in your table. You can easily insert a table in your excel sheet by pressing Ctrl+T.
Excel is in demand in all kinds of companies. Therefore, you need to learn these skills and use these techniques to stay job-ready. Also, you can learn the skills mentioned above to use the software effectively.