What Is The Importance Of Spreadsheet Application As A Banker?

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Rosie Normanton answered
Spreadsheet applications are extremely important for bankers, because these financial services staff members must deal with the realities of assets, liabilities, dollars, and cents on a daily basis. Without spreadsheet software that categorizes and organizes important financial information, decision-making and long-range business planning will suffer. For most bankers, a layered, complex accounting software package, such as Microsoft Excel, will generally fit the bill.

  • Excel information

Excel helps users to create spreadsheets that have built-in formulas; these formulas make it easier to configure information automatically. For example, an Excel user can add a formula for calculating percentage into one column of a financial spreadsheet; the column might show how many percent of total sales is derived from a certain financial service, such as mortgage loans. By inputting information accurately and regularly, financial services staff and analysts can discover which banking services are really paying off for their financial institution.

  • Key benefits

Aside from knowing which services are making money for a bank, spreadsheets can also help bankers to serve their clients more efficiently. For example, calculating potential interest on a loan over various time frames is a snap with spreadsheet software applications that do such calculations automatically. When explaining the details of loan agreements, having financial information at the ready can be a powerful selling tool. Letting people know exactly how much it will cost to borrow money or access another bank financial service is important, and spreadsheet applications allow bankers to make instant adjustments and play with variables.

Learning how to use spreadsheet software will take a little time, but it offers so many practical advantages to people in the financial industry. While banks may run their own LAN databases with software loaded in, it's always a good idea to also understand how to use popular spreadsheet programs, such as Excel, or the accounting software programs known as Quickbooks.

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