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Excel is one of the most essential and helpful software, and you can do the following things with its prominent features:

1. Prepare Magnificent ChartsThe pie charts, clustered columns, and graphs make it much easier to analyze and interpret information in little time. In addition, Excel is a versatile tool for making business reports and effective marketing material.

2. Conditional Formatting with Visual SupportThe Conditional Formatting feature in Excel helps make patterns and trends in your data more apparent. It enables users to highlight cells based on specified conditions and show color scales, data bars, icons, etc. Conditional formatting adds visual emphasis to different aspects of a data range.

3. Trend IdentificationStatistics significantly impact a business’s strategy development by identifying and projecting trends. The user can assign charts, graphs, clustered columns, and other visual representations with average lines. The average line helps the user understand the data pool’s key trend. It can easily interpret the key points behind the format.

The trend or average lines can extend further using projection. These projections in the visual representation help to foresee future trends. The forecast can help build new strategies to take the business to a new development level.

4. A Single Solution for all Types of DataThe cloud feature of Excel has taken its uses to a different level. It offers access to Office 365 Business and its premium version from multiple devices, which makes business better. The coordination of documents and sheets with this program makes remote working possible.

Advanced Excel Formula and FunctionsUnderstand the working of the top 25 Useful Advanced Excel Formula and Functions:

1. VLOOKUPVlookup Syntax:

For example, you have a table consisting of a list of employee IDs, names, and the departments of company employees. The formula to find the Department of Persons having Employee ID 1003 is,

=VLOOKUP(E6,A6:C10,3,0)

Result = Operations

2. Sum FunctionThe SUM function in Excel provides the sum or addition of values of a selected cell range. The values can be numbers, ranges, arrays, and cell references. The values can be numbers, ranges, arrays, and cell references. The SUM function can add up to 255 values.

SUM Function Syntax:

For example, if you want to find the sum of Gross sales on electronic equipment made by certain countries, the formula is =SUM(E6:E11)

Result= 172976

3. MAX FunctionThe MAX function in Excel provides the largest or maximum numeric value in the cell range. It ignores empty cells, text values, and the logical values TRUE and FALSE.

MAX Function Syntax:

For example, if we want to find the highest marks from a list of student’s scores, the formula is =MAX(B6:B11)

Result= 86

4. MIN FunctionThe MIN function in Excel provides the minimum or lowest numeric value in the cell range. It ignores empty cells, text values, and the logical values TRUE and FALSE.

For example, if we want to find the lowest marks from a list of student’s marks, the formula is =MIN(B6:B11)

Result= 20

5. IF FunctionThe IF() function is a logical function in Excel that evaluates a specific condition and provides a particular value if the condition is True and another value if it’s False.

Result = Pass

Drag the formula into the other cells to get the result for the remaining cells.

6. SUMIF FunctionSUMIF in Excel function provides the sum of values of a specific cell range based on the given criteria.

For example, if you want to add Gross sales made by Canada on specific electronic equipment, the formula is =SUMIF(B6:B11, G6, E6:E11)

Result = 62586

7. COUNT FunctionThe COUNT in Excel is a function that counts the number of cells that consists of numeric values in a selected range and ignores all the other entries in the range.

COUNT function Syntax:

For example, if you have a list of countries with numerical codes and we want to find the total number of numerical codes from the given list, the formula is =COUNT(A6:A20)

Result = 4

8. COUNTIF FunctionThe COUNTIF function in Excel counts cells in a given range that meet a single criterion. We can use COUNTIF to count cells that contain numbers, texts, and dates.

For example, if we want to count the number of apples from a given list of fruits, the formula is =COUNTIF(A6:A12, “Apples”)

Result= 3

9. AND FunctionThe AND function in Excel is a logical function that tests multiple criteria and returns either TRUE or FALSE.

Result = TRUE

10. OR functionThe function OR in Excel is structured as =OR(Condition1, Condition2,…) and performs logical tests by checking if any of the given conditions are true. If at least one of the conditions is true, the function returns TRUE; otherwise, it returns FALSE.

For example, if we want to test if a given color is White or Black, the formula will be

=OR(A6=”White”,A6=”Black”)

Result = TRUE

11. RIGHT FunctionThe RIGHT function in Excel provides the number of characters from the right of a given text string.

For example, we want to extract the name of students from a given list of Roll No. & Names, the formula is

=RIGHT(A6,4)

Result = Sam

12. LEFT FunctionThe LEFT function in Excel provides the number of characters from the left of a given text string.

For example, we want to extract the Roll no. of students from a given list of Roll No. & Names, the formula is

=LEFT(A6,3)

Result = 100

13. CONCATENATION FunctionCONCATENATE in Excel is an essential function that allows users to combine data from different cells and display the result in a single cell.

For instance, consider you have an Excel file with a long list of first and last names of clients written in different columns, and you want to display their full names in one column.

=CONCATENATE(A6,” “,B6)

Result = Brad Pitt

14. ROUND FunctionThe ROUND function in Excel rounds up a numeric value to a given number of digits.

For example, to round the number 4.7835 to a given number of digits, the formula is =ROUND(A6, B6)

Result = 4.8

15. PROPER FunctionThe PROPER function in Excel capitalizes or changes the letters to uppercase in a given text string. The function does not affect numbers, spaces, and punctuation marks.

For example, if we want to change the appearance of a given text, the formula is

=PROPER(A6)

Result = Cherry

16. NOW Function 17. Change the caseWe can change the text’s case using Excel’s UPPER() and LOWER() functions.

SYNTAX

For example, if you have a list of employee names with their department and want to change the letter case of their department, the formula is

In the case of lowercase, the formula is =LOWER(B6)

In the case of uppercase, the formula is =UPPER(B6)

Result =

Lowercase = accounts

Uppercase = ACCOUNTS

18. TRIMThe TRIM function in Excel removes any unwanted(extra) spaces between texts or at the beginning and end of a text.

For example, the formula =TRIM(A6), removes any extra space from the given text

The result is Mr. James Charles

19. Choose()The CHOOSE function in Excel provides a value from a list using a given index number or position.

For example, if we want to give a rating to a hotel using the given score, the formula is =CHOOSE(B6, “Poor”, “OK”, “Good”,” Excellent”)

Result = OK

20. REPT()The REPT function in Excel repeats characters a specified number of times.

For example, if we want the character A to appear twice, the formula is =REPT(A6, B6)

Result = AA

21. TYPE()The TYPE function in Excel provides a numeric value representing the data type. The numeric value for different data is: text = 2, number = 1, logical value = 4, error = 16, and array = 64.

22. RANDBETWEEN()For example, if you want to generate a random number between 2 and 12, the formula is =RANDBETWEEN(A6, B6)

Result = 9

Note: The RANDBETWEEN function recalculates the values each time you open or updates a worksheet.

23. Unit conversion by CONVERT()For example, the CONVERT can convert miles to meters, kilograms to pounds, square feet to the acre, hours to a minute, and more.

24. PV functionFor example, if we want to calculate the loan amount from a given Interest rate, monthly payment, loan term, and compounding period, the formula is =PV(B5/B8, B7, B6).

Result = $ 5211.07

25. WEEKNUM FunctionThe WEEKNUM function in Excel evaluates a given date and provides a week number that corresponds to the week of the year. It starts counting on the week containing January 1.

For example, if you want to calculate the week number for the date March 4, 2023, the formula is =WEEKNUM(A6)

Result = 9

ConclusionMicrosoft Excel Advanced Formulas and Functions enable users to perform tasks as simple as adding numbers, calculating mortgage payments, creating financial models, and solving math and engineering problems.

Based on Excel’s trend results, marketing and product management must rely on foresight. As a result, the opportunities are limitless.

Frequently Asked Questions(FAQs)Answer: The Top 10 Excel formulas are:

#1 =VLOOKUP(lookup_value, table_array, colu_index_num, [range_lookup])

#2 =SUM(Number1, [Number2],…)

#3 =IF(logical_test, [value_if_true], [value_if_false])

#4 =SUMIF(range, criteria, [sum_range])

#5 =OR(logical1, [logical2],…)

#6 =CONCATENATE(text1, [text2],…)

#7 =CONVERT(number, from_unit, to_unit)

#8 =PV(rate, nper, pmt, [fv], [type])

#9 =COUNTIF(range, criteria)

#10 =AND(logical1, [logical2],…)

Answer: The Advanced Excel skills that would be helpful for accountants are:

Vlookup to find data from an extensive database

Creating Pivot tables to prepare reports

Using Data Validation to create drop-down lists

Using Proper Cell Referencing

Logical Analysis using IF, AND, and OR functions

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