10 Excel-lent Ideas that will make you more Productive

10 Excel-lent Ideas to Make you More Productive
White Paper
by Wyn Hopkins

Welcome
Thank you for reading this invaluable white paper.
It summarises the many years of experience we’ve had in working with leading
companies who continue to search for improvement in the relevance and quality of
information they use to make decisions.
Although most relevant to the areas of finance, strategy and
marketing, the principles outlined apply to almost any
business department where information is collated, reorganised and presented to aid the decision making process.
In the pages that follow, you’ll find details of three common
areas that we’ve encountered significant upside potential
from increasing staff understanding of Excel’s capabilities.

“To know that we know what
we know, and that we do not
know what we do not know,
that is true knowledge.”
- Nicholas Copernicus

We encourage you to share this white paper with
your colleagues and pass it on to anyone you know who may benefit
from understanding how their everyday tasks can be made easier.
By avoiding the problems we’ve noted below, the quality and reliability of decision
critical information will improve, and processes will be so much easier.
Make your decisions with confidence!

About the Author:
Wyn Hopkins is a Senior Manager at Access Analytic.
Wyn gained his Chartered Accountant qualification at
PricewaterhouseCoopers in the UK in 2000.
Wyn is a certified Excel Expert, skilled in financial
analysis, strategic financial modelling, management
reporting and forecasting
He has extensive Business Analyst experience in FTSE
100 financial services companies (HBOS and Barclays in
the UK) as well as a range of industries in Perth and
Sydney.

© ACCESS ANALYTIC SOLUTIONS PTY LTD

PAGE 2 OF 11

W:OPERATIONSEXCELWHITE PAPERS - AAAA DO YOU KNOW WHAT YOU DON'T KNOW.DOCX

So here’s the Analogy …
You’ve driven to work the same way for years, then one day you offer a lift to a new
employee who suggests a different route to take. You save 20 minutes of sitting in
traffic, and you even get to use your cruise control. You tell your colleagues about this
great new shortcut and soon everyone’s saving time and feeling less stressed.
It’s like that with Excel, and it’s like that in most small businesses and large
organisations alike. Knowing what Excel is capable of is a great start.
Having worked closely with the finance, marketing and
strategy departments of major UK banks, I’ve experienced it
first-hand.

“The beginning of knowledge is
the discovery of something we
do not understand.”
- Frank Herbert (Novelist)

For me, Excel in business has 3 main uses:
1. Data manipulation: Converting raw data into a useful
format
2. Presentation of historic trends: Classic management reporting
3. “What if” analysis: Financial modelling and forecasting

In reality, there’s a vast range of uses from databases and templates to invoicing, stock
control and timesheet systems.
From my experience, it’s by focussing on these three main areas that business
information providers can significantly improve their efficiency. Time and effort can
be saved, and accuracy and quality of information improved. Ultimately, more time
can be spent acting on information than preparing and querying it.


PAGE 3 OF 11


The 3 Areas of Opportunity
AREA 1: DATA MANIPULATION
This is the bane of most finance staffs’ days and one
of the biggest areas of potential error.
It seems a surprisingly rare occurrence that an
accounting or CRM package provides all the reports
you need or incorporates easily understandable tools
that allow you to develop the exact reports you need.
Essentially data is dumped into Excel and then
manually picked through to get “clean” numbers
which are then used to drive some action (e.g.
performing reconciliations) or formatted to provide
clearer information.
The link between source and final “clean” output is
lost along the way and the method of manipulation is
often “black magic voodoo”, known only to one or
two staff members. In other words there’s a high risk
or error and inaccuracy.

Does this sound familiar?
 Data is exported to a file
 File is opened in Excel
 Unwanted data, punctuation,
zeroes etc are manually
removed
 Dates are converted from text
to numbers
 Data is sorted
 Sections of data copied,
removed or combined with
other sources
 Data formatted for a report or
re-keyed into a presentation

If managers are making decisions assuming the reports are accurate … let’s just say
that very bad things can (and do) happen!
There are many ways to make significant advances in this process:
Idea 1: Improved efficiency can be achieved by
knowing the shortcuts to manipulate data
Did you know that Excel reports can
quickly while still maintaining data integrity.
be automatically e-mailed, printed
Idea 2: Automated procedures can be created to
and backed up? They can even be
minimise or completely remove manual
scheduled to update at specified
intervention, helping to minimise the risk of
times.
errors.
Idea 3: Linking directly to the source data using Excel’s database querying functions
and/or pivot tables can provide an audit trail and dramatically reduce the
level of manual intervention.
“To err is human, but to
really foul things up
requires a computer.”

– Farmers’ Almanac


PAGE 4 OF 11


AREA 2: DATA ANALYSI S
All too often, report production and amendments are
labour-intensive and just finalising / formatting a report
for public consumption takes a huge effort. Then, the
process starts again the following week / month / year.
Some of the main issues regularly facing business
reporting include:
 The format of regular reports are often only
updated and amended as an after-thought….if
time permits!


The report is often based on one person’s view of
the “important” metrics (i.e. producer led rather
than user driven)



Graphical representation is under-utilised



Exceptional: Where exceptions
are currently manually
highlighted and commented on
(and maybe even overlooked)
there is the potential to
automate this. Even flexible
commentary that changes
depending on the result can be
introduced.

The KPI’s provided are not driving decisions

There is a better way:
Idea 4: Simply learning shortcuts for formatting can save
a mountain of time.
Idea 5: Styles and formats of reports and graphs can be
stored for use in any file, and set up so that
changes are easily affected.
Idea 6: Flexible reports can be produced allowing the
user to pick from a menu of metrics to get the
exact report they need.
Idea 7: Templates can be created to handle multiple
reporting scenarios.
If the common functions in Excel cannot deliver what’s needed then Visual Basic for
Applications (VBA), Excel’s macro programming language, can then be used to break
through most limitations and deliver exactly what’s required.
Ultimately, more time can be spent on analysis.

Just spending a few minutes setting up your icons saves hours later.
Creating your own can save even more.

PAGE 5 OF 11


AREA 3: “WHAT IF” ANALYSI S
Call it financial modelling, forecasting or business analysis,
it all boils down to:
1. What happens to B if we change A, or
2. How do we achieve B by influencing A, or
3. What happens to B if we’re wrong about A

B) = Output

A) = Input

“B” often represents cash flow, profit, or some other
measure of performance.

Revised
Assumptions

“A” can be one or more key drivers of the business (e.g. sales, expenditure,
headcount, insurance penetration).
Most businesses often face these kinds of limitations in their decision making:







Decisions are made on gut feel rather than
It’s through well structured
quantified facts.
“What if” analysis that we
Alternatives are modelled but the method used is
truly identify and focus on
too simple / too complex and engenders little trust.
the most important drivers
of the business.
No sensitivity analysis is provided on key
assumptions hence there is no feel for the range of
potential results.
Models are not audited, documented or understood by new users.
Models are largely unstructured, so making changes is an uncertain, timeconsuming, and often error-inducing process.

How to Address these Issues:
Idea 8: Well-structured models will boost confidence in
the analysis they contribute towards.
Idea 9: Clearly laid-out assumptions are crucial to
interpreting the outputs. In addition, while clear
and full documentation is helpful to assist with
model auditing, it is invaluable in the transfer of
knowledge from one user to the next.

The independent review and
audit of spreadsheets should
be considered to reduce
errors and increase
confidence in their output.

Idea 10: Commonly used Excel functions can be combined in a well-structured
manner to provide very powerful and widely understood forecasting tools
with data validation, multiple scenarios and sensitivity analysis built-in.


PAGE 6 OF 11


Help is available
Managers expect that their staff know how to use Excel,
but could they use it more effectively?
The road to success involves the users:
1. being aware of what can be done
2. learning how to do it
3. requesting expert assistance when needed
Just knowing that there’s a shortcut can be the start to
improved performance and the development of truly
useful business analysis tools.
To achieve their objectives, progressive companies either
develop internal resources through external and internal
training, or use a suitably experienced consultant.

“How is education
supposed to make me feel
smarter?
Besides, every time I learn
something new, it pushes
some old stuff out of my
brain.
Remember when I took
that home winemaking
course, and I forgot how to
drive?”
- H J Simpson

How an External Consultant can Assist


Specialist Knowledge: The Consultant brings
specialist knowledge gained through many years’
experience across multiple businesses. This adds value to your projects,
brings new ideas, and makes the project more successful.



Focus: Because the Consultant doesn’t have any other roles within your
company, he/she can cut across divisional borders, focus solely on the project,
and ensure that it is completed to the requirements.



Speed: Projects that are allocated to staff who already have many other
responsibilities will often take much longer than expected. Using a consultant
is a useful way to make sure the work gets done as quickly as possible.



Learning: Your staff can draw on the knowledge and understanding of the
consultant working on-site to significantly improve their skills.

“Knowledge is of two kinds. We
know a subject ourselves, or we
know where we can find
information on it.”
– Samuel Johnson (Author)


PAGE 7 OF 11


Access Analytic Overview
OVERVIEW
Access Analytic provides Business Analyst tools and services to companies that value
financial expertise and need to make decisions with confidence.
Our services include:
1. Financial Modelling – financial models to forecast projected results (e.g. for an
acquisition or merger, equity/loan capital raising, business planning, feasibility
studies, project economics etc.) under a variety of different variables and scenarios
to allow the right decision to be made with confidence. Access Analytic is the AsiaPacific reseller of Invest for Excel, Europe’s leading financial modelling software.
2. Management Reporting – we have extensive experience in providing management
reporting and business analysis, having produced a wide variety of budgets,
forecasts, board packs, management packs, what-if analysis, and data visualisation
models to help companies streamline and manage their businesses processes to
stay on top.
3. Auditing - we are one of the few firms outside of the Big 4 accounting firms with
an outstanding reputation for independent financial model auditing that provides
confidence and assurance in critical spreadsheets.
4. Training – specialist courses in: Financial Modelling, Advanced Budgeting and
Forecasting, Company Valuations, Oil & Gas Financial Modelling and Project
Evaluation, Petroleum Rent Resource Tax modelling, Advanced Excel for
Accountants & Finance Professionals, VBA for Accountants & Finance
Professionals, Invest for Excel, and Spreadsheet Professional. Our suite of training
options incorporates open or in-house courses, local or international locations,
and classroom or one-on-one styles.
We are based in Perth, Western Australia and the business was established in 2000.

Figure 1: Access Analytic Solutions Overview
Further details regarding Access Analytic Solutions have been included at Appendix A:
Access Analytic Details on page 11 below.


PAGE 8 OF 11


Access Analytic provides services to clients located in: Australasia, Asia, Africa and the
Middle East. A selection of our clients is shown below:

ACCESS ANALYTIC: 201 2 RISING STAR

Access Analytic was named as one of the WA Business News’ Rising Stars for 2012,
recognising the success and achievements of our company.


PAGE 9 OF 11


Key Contacts
Jeff Robson, Principal Business Analyst
Masters (Applied Finance), BCom (Accounting & Information Systems), CISA,
MAICD, FAIM, F Fin, Microsoft Excel Expert

Jeff is the founding director and principal analyst at Access Analytic
Solutions. He has over 15 years’ experience in chartered accounting,
business management and consulting.
Jeff holds a Masters in Applied Finance and is a Certified Information
Systems Auditor. He is highly regarded and recognised around the
world as an expert in the field of financial modelling.
His achievements have been recognised by his peers and he is a
Fellow of both the Financial Services Institute of Australasia and the Australian
Institute of Management.
Jeff has extensive experience in best practice financial modelling, management
reporting, business analysis, and spreadsheet auditing and is also an entertaining
international presenter and trainer on these subjects.
Wyn Hopkins, Senior Manager
B.Sc. (Hons) Accounting & Financial Management, CA, MS Excel Expert

Wyn gained his Chartered Accountant qualification at
PricewaterhouseCoopers in the UK in 2000.
He has extensive Business Analyst experience in FTSE 100 financial
services companies (HBOS and Barclays in the UK) as well as GESB in
Perth and telecommunications companies industry in Australia.
Wyn is skilled in financial analysis, strategic financial modelling,
management reporting and forecasting, and value-based
management techniques.


PAGE 10 OF 11


Appendix A: Access Analytic Details
Access Analytic Solutions Details
Full Name:

Access Analytic Solutions Pty Ltd

Address:

Suite 143, Level 1, 580 Hay Street
Perth, Western Australia 6000

Phone:

+61 8 6210 8500

Fax:

+61 8 6210 8501

Web:

www.accessanalytic.com.au

ACN:

091 625 697

ABN:

64 091 625 697

Contact:

Jeff Robson
E: jrobson@accessanalytic.com.au
M: +61 4 1258 1486


PAGE 11 OF 11


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