10 Most Used Excel Formulas In Small Businesses
Microsoft Excel has become one of the most popular and widely-used business tools of the modern age. Today, basic knowledge of the program is a core skill for almost any employee in the white-collar world as it’s used across roles in businesses of all shapes and sizes.
In fact, over 54% of all businesses rely on the spreadsheet system to manage their invoicing, accounting, and data.
Part of what makes Excel so popular is its intuitive, easy-to-use tools. Even small businesses with minimal programming experience can navigate the layout and create comprehensive spreadsheets to aid administrational efforts.
But Excel can do so much more than just create lists and track data. If you know how to use formulas, a myriad of timesaving, highly accurate shortcuts enter your business wheelhouse.
Today, we’ll look at 10 of the most used Excel formulas to help you manage your small business more efficiently.
- =SUM
This is one of the first Excel formulas that any small business owner should know. By entering the =SUM formula, you can find the total amount of any selected numbers on your spreadsheet.
The =SUM formula is one of those everyday tools that can help you tally up sales, calculate payroll and salaries, and track stock levels. To make things even more efficient, you can add the cell names to the end of this formula to include cells from different parts of a spreadsheet: =SUM(A3:N7), or even =SUM(A3:N7)/5 to divide the total sum by 5. The possibilities are endless!
- =MIN and =MAX
If your small business spreadsheets are often filled with numbers, you might need a way to quickly determine the highest and lowest numbers in your data set. The =MIN and =MAX formulas allow you to do just that.
- Conditional Formatting
Sometimes, the need arises to create or identify a pattern on your spreadsheet. When Excel’s existing formulas don’t provide the options you want, Conditional Formatting passes the creative power back into your hands. With this formula, you decide what conditions result in certain highlights and trends.
The main reason people use Conditional Formatting is to highlight certain cells with a color of their choice. For example, you could make every cell block with a number lower than 100 automatically turn red—or green if the cell number is greater than 100.
This is great for larger spreadsheets where you need to understand trends at a glance, or if you’re a visual person who simply prefers color-coded spreadsheets.
- =VLOOKUP
Also known as Vertical Lookup, =VLOOKUP is another popular Excel formula that allows you to find data within a range or table by row. When you need to find the value of a cell block, =VLOOKUP should be your go-to formula.
Simply enter the formula into your cell block, and add the first and last cell numbers of the data set you want to clarify in parentheses, such as =VLOOKUP(F6:J8). This will factor in all the cell blocks between those two cells and give you insight into larger data sets.
- =PROPER
Not everyone is good with spelling and proper grammar, but that’s okay when you know how to use the =PROPER formula. To fix inaccurate capitalization, spelling mistakes, and other categorical errors, simply input =PROPER followed by the first and last cell names to instantaneously correct them.
For example, by inputting =PROPER(A2:P9), you can turn every cell block between those two numbers from improper into their corresponding proper versions. A must-know for every SME!
- AutoFill
Autofill is a formula used to fill in large sections of sequential data. The sequence can be based on either textual or numerical digits, such as calendar dates or an alphabetical list of names. However, you can also create a custom sequence tailored to your exact needs.
You can access the AutoFill formula by inputting it by left-clicking your mouse and selecting the Autofill option. From there, you can make your preferred decisions around sequence and order.
- FlashFill
An extension of AutoFill, FlashFill, is used to input high volumes of data instantly. This is great for saving time when filling in large quantities of data on an Excel general ledger template or other master sheets. The formula ensures that all the cell blocks are filled in accurately.
To activate the FlashFill formula, simply enter Ctrl+E and input your source data. This formula can play an instrumental role in inputting and editing complex data sequences in a fast, efficient, and, of course, accurate way. An essential for any small business.
- =EVEN and =ODD
If the data you input includes a lot of decimals, you may find yourself needing a formula that rounds them up and quantifies them in a swift way. That’s where the =EVEN and =ODD formulas come in.
The =EVEN formula’s purpose is to round up to the nearest even numerical value, while the =ODD formula rounds them off to the nearest off numerical value. Pretty self-explanatory, but very useful when doing accounting for your business.
- =TRIM
Have you ever copied and pasted data into a spreadsheet and been unpleasantly surprised by how messy it looks? The =TRIM formula was designed to fix that problem.
=TRIM neatens up, trims, and correctly inputs pasted data so that everything appears seamless and organized, no matter where you’ve copied from. It’s an essential tool if you are often copying between multiple programs or platforms. As usual, Input the formula followed by your first and last cell blocks.
- =IF
With this handy formula, your spreadsheet will tell you when a specific condition is met. For example, if you want to know which cell values in column A are larger than 5, you can use the =IF formula to produce a yes or no answer in response.
Excel Isn’t Going Anywhere
With billions of worldwide users and a consistent track record to boot, Microsoft Excel has proven itself as an indispensable tool for SME businesses. With its simple layout and wide range of formulas—475, to be exact—Excel helps businesses manage and analyze important data sets with ease.
Judging from its long-standing history as a preferred business analysis tool, Excel isn’t likely to disappear from view any time soon. So, embrace these formulas and start running your small business the way it should be run: with speed, efficiency, and unwavering accuracy.
Authored by Jill Goodwin, jillgoodwin.me
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