INTHEBLACK May 2022 - Magazine - Page 68
WORK SMART
// E XC E L YO U R S E L F
STORY NEALE BLACKWOOD CPA
RECOMMENDED
EXCEL
KNOWLEDGE
TO MARK 20 YEARS OF WRITING ARTICLES ON EXCEL, I WANT
TO LOOK AHEAD AND DISCUSS THE EXCEL SKILLS I WOULD
RECOMMEND FOR CURRENT AND FUTURE ACCOUNTANTS.
Neale Blackwood CPA runs A4 Accounting,
providing Excel training, webinars and consulting
services. Questions can be sent to a4@iinet.net.au
20
YE ARS
OF E XCEL
YOUR SELF
T
he topics I cover in this month’s column
are, in my opinion, essential knowledge
for most accountants. Excel is not
going away, even though there are regular
predictions of its demise. Broadening your
knowledge of Excel’s capabilities doesn’t
necessarily mean mastering them.
Here’s an old story that dates back to
the mid-2000s. Before Microsoft started the
updates that became Excel 2007, it ran a
comprehensive survey of Excel users and asked
them what they wanted Excel to be able to do.
The survey found that 80 per cent of what
people wanted was already in Excel. People
didn’t know where it was, or what it was
called. That was why the Ribbon Interface
was created in Excel 2007. It placed lots of
features in front of users, instead of hiding
them away in menus. Pointing to an icon
brings up a brief description.
My point is that learning what Excel can do
broadens your horizons. Someone else may
provide the solution, but as least you have
the knowledge to ask the right question. If
you are still using Excel like you were 10 or 15
years ago, then you have a lot of opportunity
to become much more productive.
Power BI is the dashboard and reporting
solution of the future. Power BI does not have,
and is unlikely to ever have, Excel’s flexibility.
Power BI and Excel work seamlessly together.
They are not mutually exclusive. I have
included Power BI in my list of recommended
Excel skills to master, but note it is a separate
application to Excel.
POWER QUERY
This is the number one Excel skill that
accountants should have. Power Query has
been built in since Excel 2016. The same
Power Query engine in Excel is in Power BI.
Power Query can capture and automate the
data cleansing and importation process. I have
written many articles with companion videos
explaining its many features and advantages.
68 ITB May 2022