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12 Excel Charts
Excel

12 Excel Charts You Probably Don’t Know

Visualization tools are crucial for transforming raw data into insightful, actionable information in data analysis.

Excel, one of the most widely used data analysis tools, offers a plethora of chart types that cater to different analytical needs.

However, as Excel offers many functionalities to visualize your data, there are some charts that you didn’t know existed or still haven’t tried out.

Today, I will analyze 12 Excel charts that you probably don’t know, each with its unique capabilities, how to create them in Excel and practical use cases for finance.

The 12 Excel Charts You Need to Start Using

Here is everything you need to know about the charts:

#1: Heat Map

Description: Shows patterns, variances, and densities of data.
How to do it in Excel: Use conditional formatting or third-party Excel add-ins.
Use Cases: Analyzing risk distribution, financial performance across regions, or investment opportunities.

#2: Sunburst Chart

Description: Displays hierarchical data as a multi-level pie chart.
How to do it in Excel: Insert tab > Hierarchy chart > Sunburst.
Use Cases: Visualizing sales source or expense categories

#3: Box and Whisker Plot

Description: Highlights the central tendency, dispersion, and skewness of data.
How to do it in Excel: Insert tab > Charts > Box & Whisker.
Use Cases: Salary distribution across departments, Price distribution across products, Sales distribution across regions.

#4: Pareto Chart

Description: Identifies the most significant factors in a dataset.
How to do it in Excel: Insert tab > Histogram > Pareto Chart.
Use Cases: Identifying major causes of financial discrepancies, prioritizing cost reduction efforts, or analyzing revenue sources.

#5: Histogram

Description: Shows how many times each value appears in the dataset.
How to do it in Excel: Insert tab > Charts > Histogram.
Use Cases: Distribution of asset returns, income level distribution, or expense categorization.

#6: Treemap Chart

Description: Visualizes parts of a whole by size and color.
How to do it in Excel: Insert tab > Hierarchy chart > Treemap.
Use Cases: Allocating resources, analyzing portfolio composition, or visualizing revenue streams.

#7: Sparkline Chart

Description: Provides a quick overview of data trends without detailed axis information.
How to do it in Excel: Insert tab > Sparklines.
Use Cases: Tracking financial metrics over time or monitoring project progress.

#8: Radar Chart

Description: Compares multiple quantitative variables.
How to do it in Excel: Insert tab > Charts > Radar.
Use Cases: Performance analysis across different financial metrics, comparison of subsidiaries performance, or analysis of competitor profiles.

#9: Funnel Chart

Description: Represents stages in a process.
How to do it in Excel: Insert tab > Charts > Funnel.
Use Cases: Sales process analysis, conversion rates, or identifying potential leaks in processes.

#10: Scatter Plot

Description: Illustrates the relationship between two numerical variables.
How to do it in Excel: Insert tab > Charts > Scatter.
Use Cases: Identifying correlations between financial variables or risk-return analysis

#11: Speedometer chart

Description: Visualizes performance or progress on a dial
How to do it in Excel: Insert tab > Charts > Radar
Use Cases: Monitor KPIs, assess project progress, track budget in corporate finance

#12: Fill-up Chart

Description: Visualizes completion progress with fillable segments
How to do it in Excel: Insert tab > Pie chart > Donut chart
Use Cases: Visualize project, goal, or survey progress

12 Excel Charts

Final Words

Mastering the use of various Excel charts can significantly enhance your data analysis capabilities. Whether you’re assessing financial performance, identifying key drivers of revenue, or tracking progress against goals, the right chart can make complex data more accessible and understandable.

FAQ

Q: What is a heat map, and how can it be useful in financial analysis?

A: A heat map is a data visualization tool that displays patterns, variances, and densities within a dataset using color gradients. In financial analysis, it is useful for identifying areas of high and low performance, such as risk distribution, financial performance across regions, or investment opportunities. By using conditional formatting or third-party Excel add-ins, you can create heat maps that provide quick insights into complex data sets.

Q: How do I create a Sunburst Chart in Excel, and what are its applications?

A: To create a Sunburst Chart in Excel, navigate to the Insert tab, click on Hierarchy Chart, and select Sunburst. This chart type is excellent for displaying hierarchical data as a multi-level pie chart, making it ideal for visualizing data like sales sources or expense categories. It helps in understanding the composition and relationships within your data at different levels.

Q: What is a Box and Whisker Plot, and when should I use it?

A: Box and Whisker Plot, or Box Plot, is used to display the central tendency, dispersion, and skewness of data. In Excel, you can create it by going to the Insert tab, selecting Charts, and then choosing Box & Whisker. This plot is particularly useful for comparing distributions, such as salary distributions across departments, price distributions across products, or sales distributions across regions.

Q: How can a Pareto Chart help prioritize financial analysis efforts?

A: A Pareto Chart identifies the most significant factors in a dataset by displaying values in descending order of frequency. To create one in Excel, go to the Insert tab, select Histogram, and then choose Pareto Chart. This chart is valuable for highlighting major causes of financial discrepancies, prioritizing cost reduction efforts, or analyzing revenue sources, helping you focus on the areas that will have the greatest impact.

Q: What are the advantages of using a Scatter Plot in financial analysis?

A: A Scatter Plot illustrates the relationship between two numerical variables, making it an effective tool for identifying correlations. In Excel, you can create a Scatter Plot by navigating to the Insert tab, selecting Charts, and then choosing Scatter. This chart type is particularly useful in financial analysis for identifying correlations between financial variables, performing risk-return analysis, and exploring relationships between different financial metrics.

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AI vs Excel
AI, Excel

AI vs Excel

Is AI going to replace Excel?

This is the question I get in all my courses and keynotes about AI for Finance.

Today, I am going to explain to you the differences between them and which cases you should combine them for the best results.

Differences of AI vs Excel

First, AI and Excel are two different types of technologies.

AI is really good at processing large data and simulates human intelligence

While Excel is excellent (pun intended) at doing spreadsheet activities

In our world, we don’t need a mega brain for all activities. To do 2+2=4, you don’t need a calculator; you use your brain or your fingers.

This is the same for AI and Excel. For many activities, Excel is better, more reliable, easier to audit, faster, and more energy efficient.

But the best is when you combine both!

Here is when to use AI, when to use Excel, and when to combine both!

AI vs Excel

When to Use AI

• Natural Language Processing
NLP can automatically extract relevant information from large volumes of text

• Big Data Processing
Handling and analyzing large datasets beyond Excel’s capacity

• Complex Decision Making
AI can process vast amounts of data to support complex decisions

• Pattern Recognition
Identifying trends and anomalies in data more efficiently

• Predictive Analytics
Use machine learning models to predict outcomes

• Optical Character Recognition
OCR automates invoices & documents processing

When to Use Excel

• Data Manipulation
Ideal for data entry, sorting, and simple calculations

• Reporting
Creating straightforward reports and charts

• Formulas and Functions
Extensive library of native formulas for data analysis

• Macro and VBA
Automation within the scope of spreadsheets

• Budgeting and Forecasting
Setting up and adjusting budgets with direct input for SMEs

• User Control
Direct manipulation and immediate error correction.

When You Should Combine Both

• Automation
Get AI to code automation via VBA or Python and use Excel either as data input or data output

• Scenario Analysis
Create reports in Excel using insights generated from AI analysis

• Enhanced Reporting
Create reports in Excel using insights generated from AI analysis thanks to

• Budgeting with Predictive Insights
Use AI to predict future trends and Excel to manage and adjust budget allocations accordingly

Bonus

Get my top 100 AI Finance tools list here.

Final Words

In conclusion, while AI and Excel are powerful tools in their own right, they are not mutually exclusive. Each has its strengths and is best suited for specific tasks. Excel shines in straightforward data manipulation, reporting, and user control, while AI excels in processing large datasets, complex decision-making, and predictive analytics. Combining AI and Excel can automate processes, enhance reporting, and provide predictive insights, ultimately leading to more efficient and accurate financial management.

FAQ

Q: Is AI going to replace Excel?

A: No, AI is not going to replace Excel. AI and Excel serve different purposes and excel (pun intended) in different areas. AI is designed for processing large datasets, making complex decisions, and recognizing patterns, while Excel is perfect for data manipulation, reporting, and using formulas and functions.

Q: When should I use AI instead of Excel?

A: AI is ideal for tasks such as Natural Language Processing (NLP), handling big data, making complex decisions, recognizing patterns, predictive analytics, and Optical Character Recognition (OCR).

Q: When should I use Excel instead of AI?

A: Excel is best for data manipulation, creating straightforward reports and charts, utilizing formulas and functions, automating tasks with Macro and VBA, budgeting and forecasting for SMEs, and for user control with direct manipulation and immediate error correction.

Q: Can AI and Excel be used together?

A: Yes, combining AI and Excel can yield the best results. You can use AI for coding automation via VBA or Python and use Excel for data input or output. AI can also enhance reporting and scenario analysis in Excel by providing insights from AI analysis. Additionally, AI can predict future trends, while Excel can manage and adjust budget allocations accordingly.

Q: How do I integrate AI with Excel into my financial tasks?

A: To start integrating AI with Excel, identify repetitive tasks that could benefit from automation. Use AI tools to create automation scripts via VBA or Python. Explore AI solutions for predictive analytics and pattern recognition to enhance your reporting and decision-making in Excel. Start small and gradually expand the use of AI as you become more comfortable with the integration process.

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An introduction to Excel Tips for Finance Professionals on a white and orange background with an illustration.
Excel, Tips

Learn 5 Excel Tips for Finance Professionals Today

Do you want to increase your productivity and learn Excel tips for finance professionals? Using Excel is part of the routine for you if you’re like the majority of financial professionals. It is a tool that has been in use for a long time because of how well it can modify, preserve, and show data.

Despite the widespread usage of this application, not all financial professionals are using Excel to its full potential. Also, Excel can dramatically boost your productivity when you utilize a few simple strategies. Here are five Excel tips for finance professionals you should know as a financial expert using this potent tool out of the many beneficial Excel capabilities.

Top 5 Excel Tips for Finance Professionals

Here is a detailed explanation of each of the tips.

#1: Excel Tip for Finance Professionals

How to make a Combo Chart in Excel?

#1: Excel tip: example of a Combo Chart

OFFICE 2019

  1. Select your chart
  2. Then, go to Design in the Excel Ribbon
  3. Select Change Chart Type
  4. After that, Choose Combo
  5. Lastly, click secondary Axis

Example of a Comb Chart in Office 2010

OFFICE 2010

  1. Select one of the series in your chart
  2. Subsequently, right-click “Format Data Series”
  3. After that, select Secondary Axis
  4. Then, right-click again on the series and choose “Change series Chart type”
  5. Choose another chart type

Secondary axis Excel

#2: Excel Tip

Learn how to link a Textbox to a specific cell in two easy steps.

1. Insert the Text Box

  • Click the Text Box button under the Insert tab.
  • Insert a textbox in your worksheet.

#2: Excel tip - Text Box

2. Type Formula

  • Select the text box.
  • Then, go to the formula bar.
  • Type in the “=” symbol.
  • Finally, click on the cell you want to link.

#2: Excel tip - typing Formula

#3: Excel Tip for Finance Professionals

Reporting Figures in thousands and millions.

NEED

  • You have to report figures in thousands or in millions.
  • You are dividing your numbers by 1,000 or 1,000,000 to show your numbers in thousands or in millions.

HOW TO DO IT

  1. Select your cell with the number you want to show in thousands
  2. Afteward, Right-click and select “Format Cells”
  3. The “Format cells” dialog opens
  4. Go to the “Number” view
  5. Then, in the Category, select “Custom”
  6. After that, type or select the following format: #,##0
  7. Afterward, if you want to show thousands, add a comma at the end of the syntax: #,##0,
  8. Furthermore, if you want to show millions, add two commas at the end of the syntax: #,##0,,

EXAMPLE
#3 Excel tip example
Here are some bonus tips:
 #1:

  • If you want to show a k after the figures for thousands, use: #,##0,”k”
  • If you want to show a k after the figures for thousands, use: #,##0,,”m”

#2:

  • If you want to show decimals, use the following format: #,##0.0, (for thousands).

#3:

  • Use this technique to convert your numbers format in your Pivot tables value to have automated reports.
  1. In the Pivot Table, select one of the cells with the value you want to format
  2. Then, right-click and select “Value Field Settings”
  3. Furthermore, click Number Format at the bottom of the dialog box.
  4. In the Format Cells dialog box, in the Category list, click the number format that you want to use

#4: Excel Tip

Learn how to solve Circular References.

NEED
Do you get Warnings from Excel about Circular References but never pay attention to them?

#4: Circular References

HOW TO DO IT
Just go to Excel Ribbon

  1. Click “Formulas”
  2. Click “Error Checking”
  3. Click “Circular references”

#4: Excel tip - how to do it

Then Excel shows you the list of cells with circular references if you have some.

#5: Excel Tip

Learn how to repeat Row Labels.

NEED
You have a table with row labels not repeated.
Problem: you can not use this table to make a pivot table.

#5: Excel tip table
HOW TO DO IT

  1. Select the columns with the empty row labels.
  2. Then, press the F5 function key
  3. Click Special…
  4. Afterward, select Blanks and click OK (all blank cells in the data will be selected)
  5. Press the = sign once and the UP arrow key once (you will see a formula appearing in a cell).
  6. Finally, press CTRL+ENTER to finish
  7. All the blank cells will now be filled in with the values. Note that they are all formulas and must be converted to values.
  8. Copy the entire range and paste it as a value

EXAMPLE

#5: Excel tip example
TOP 10 EXCEL SPECIALISTS TO FOLLOW

LEILA GHARANI
Leila created tutorial videos on the whole Microsoft Suite. I really like the ones on Excel and Powerpoint. Therefore, check her Youtube channel.

KAT NORTON
She is known as Miss Excel on Instagram and Tiktok. Moreover, Kat has a modern way of teaching Excel tricks and uses Instagram or Tiktok to communicate. Go check it.

PAUL BARNHURST
Paul is sharing his knowledge of FP&A, Excel, and Finance tools. In addition, he has great practical tips for finance professionals.

MATT BRATTIN
Matt is behind all the Excel free guides from TMB Analytics you can find on LinkedIn. Above all, he also publishes videos and has his own set of online courses.

CHRISTIAN WATTIG
Christian is one of the best experts on FP&A and gives practical tips on how to better use Excel when you are a finance professional.

KAREN ROEM
Karen is a trainer for Microsoft Office Suite and has a newsletter where she regularly shares productive tips (more than 700 tips listed to date!).

CHRIS REILLY
He is a financial modeling expert and even created a course on the topic! Furthermore, Chris an M&A and FP&A expert.

MIKE GIRVIN
Mike has his own Youtube channel, “Excel is Fun.” You will find their extended tutorials on Excel. Also, check his new 800 pages book!

DON TOMOFF
Don is regularly sharing tips on LinkedIn on Excel, PowerQuery, and other tools (he has already posted more than 700!).

JOHN MACDOUGALL
John has his own website called “How To Excel,” with many free Excel tips. Additionally, he sends a newsletter where you can receive his new tips.

The Bottom Line – Accelerate Your Finance Career with These Excel Tips for Finance Professionals

Finally, with these Excel tips for finance professionals, you’re on the right path to dominating Excel in your workplace. Still curious to know more? Additionally, if you want to learn more Excel tips and trick, you can take my course for finance professionals and become an expert.

Also, if you want to receive more finance tips like this, feel free to sign up for my newsletter. If you subscribe, every two weeks, you will receive an email from where I share best practices, career advice, templates, and insights for finance professionals.

 

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Introduction to three easy Excel tips on an orange background with an illustration.
Excel

Three Easy Tips to Learn Excel

Excel is a powerful tool for organizing and analyzing data, but it can also be intimidating for those who are not familiar with its many features and functions. Whether you are a beginner looking to get started with Excel or an experienced user looking to improve your skills, there are many Excel tips and tricks that can help you maximize the program’s potential.

Excel Tips

These three Excel tips are easy to learn and can be used by everybody.

#1: Formatting

Excel formatting refers to the visual appearance of data in an Excel spreadsheet. This can include things like font type and size, cell color and background, borders, and alignment. Formatting can help make data more visually appealing and easier to read, as well as highlight important information and improve the overall look of the spreadsheet.

I am using the “Ctrl + Shift + %” every time I calculate percentages in Excel, and I want to apply the percentage format instead of the standard format.

#2: Link A Textbox

Link a textbox to a specific cell in 2 easy steps:

  1. Insert the text box:
    Click the Text Box button under the Insert tab (Excel Ribbon)
    Insert a textbox in your worksheet.
  2. Type in your formula:
    Select the text box.
    Then, go to the formula bar.
    Type in the “=” symbol.
    Click on the cell you want to link.

#3: Pin Your Most Used Files

Pin your most used files on the Excel window or in the “File > Open > Recent” view of Excel. Also, just google “Pin Excel File” if you need a quick tutorial.

Conclusion – Learning Excel Tips is Crucial

In conclusion, mastering Excel is an essential skill for anyone working with data and numbers. Whether you are a beginner or an experienced user, there are many Excel tips and tricks that can help you make the most of this powerful program.

In other words, with the right knowledge and practice, you can become an Excel expert and unlock the program’s full potential.

If you want to receive more finance and Excel tips like this, feel free to sign up for my newsletter. If you subscribe, every two weeks, you will receive an email from where I share best practices, career advice, templates, and insights for Finance Professionals.

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Introduction on how to analyze Variances efficiently in Excel on a white and blue background with an illustration.
Excel

How to Analyze Variances Efficiently in Excel?

Do you know how important it is to analyze variances efficiently? Your management team should be able to use the insights from your report to guide their analysis and decision-making. It should be simple to make, quick to read, and visually present the facts.

Do you need too much time to analyze variances efficiently? Before, when I analyzed variances, I often filtered by high values and low values. Or I sorted the variances from high to low and then low to high. Here is my tip on how to analyze variances efficiently.

Tip  to Analyze Variances

Problem:
You need to filter or sort twice to identify the most significant variances. However, I have found a better alternative, and that is conditional formatting.

What Is Conditional Formatting?

Data that satisfies one or even more conditions can have specific formatting applied using Excel Conditional Formatting. By altering the fill color, font color, and border style of the cells, you may highlight and distinguish your data in many ways, just as with regular cell formatting. However, the main distinction is that it is more adaptable and dynamic; as soon as data changes, conditional forms are instantly changed to reflect new information.

Here is how you can find conditional formatting in Excel to analyze variances efficiently.

An illustration of how to analyze variances efficiently with conditional formatting in Excel.

How to use it?

  1. Apply the conditional formatting function
  2. Choose the color scale option
  3. This will automatically highlight your highest values in green and lowest value in red

Here you go; you have your outliers! Now starts the most interesting part where you can add the most value. And where it‘s hard to delegate to a robot. The investigation!

Conclusion

The majority of businesses develop plans and budget’s to set goals for future performance in areas like sales, manufacturing, operations, labor, etc. These plans and the budget’s first estimations are frequently projected cost and revenue forecasts. The objective is to stick to these budgets, but like with any objective, it’s not always possible.

As a result, to monitor actual performance in relation to these objectives, managers employ variance analysis. Finally, budgeting serves no purpose if this analysis is not done. Therefore, it is important to analyze variances efficiently.

If you want to receive more finance tips like this, feel free to sign up for my newsletter. If you subscribe, every two weeks, you will receive an email from where I share best practices, career advice, templates, and insights for Finance Professionals.

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Introduction to advice for saving time in Excel on an orange background.
Excel

Advice for Saving Time Using Excel

How adding one comma can save you a few minutes per day? A few years ago, I discovered a simple but efficient tip in Excel. After that, I have been using it every day and saving time using Excel!

This tip is for you if:

  • You have to report figures in thousands or in millions.
  • You are dividing your numbers by 1,000 or 1,000,000 to show your numbers in thousands or in millions.

As a result, with this simple method, you can get rid of the formulas you are using right now for this purpose.

Steps for Saving Time Using Excel

Here are the steps you need to follow for saving time using Excel:

  1. Select your cell with the number you want to show in thousands
  2. Right-click and select “Format Cells”
  3. The “Format cells” dialog opens
  4. Go to the “Number” view
  5. In the Category, select “Custom”
  6. Type or select the following format: #,##0
  7. If you want to show thousands, add a comma at the end of the syntax: #,##0,
  8. If you want to show millions, add two commas at the end of the syntax: #,##0,<

Bonus 1:

  • If you want to show a k after the figures for thousands, use : #,##0,”k”
  • If you want to show an m after the figures for thousands, use : #,##0,,”m”

Extra 2:

  • If you want to show decimals, use the following format: #,##0.0, (for thousands).

Bonus 3:

Use this technique to convert your numbers format in your Pivot tables value to have automated reports.

  • In the Pivot Table, select one of the cells with the value you want to format
  • Right-click and select “Value Field Settings”
  • Click Number Format at the bottom of the dialog box
  • In the Format Cells dialog box, in the Category list, click the number format that you want to use

Note: Check with your regional character what is the thousands separator (if it’s a dot, then use a dot instead of a comma after the end of the syntax).

The Bottom Line – Use This Tip to Become More Efficient

Above all, if you’re like the majority of Excel users, you most likely aren’t using all of the program’s time-saving features to their maximum potential. However, that’s alright. While not everyone can be an Excel genius, virtually everyone can improve. Therefore, I hope this will help you optimize your reporting process to free time for better analysis!
Furthermore, what is your number one saving-time tip in Excel?

Therefore, if you want to receive more finance tips like this, feel free to sign up for my newsletter. If you subscribe, every two weeks, you will receive an email from where I share best practices, career advice, templates, and insights for Finance Professionals.

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Introduction on how to make a Waterfall chart on a white and blue background with an illustration.
Excel

How Can You Make A Waterfall Chart in Finance?

A Waterfall Chart is a type of data visualization that demonstrates how successive positive and negative values may add up to change an original value. You can use this graph to display category or sequential data. It employs a sequence of bars to display gains and losses, making it evident how an initial value was affected by circumstances and altered to become the final result.

A bridge chart, a Mario chart, and flying bricks charts are other names for it. This is because it resembles bricks dangling in the air like the character from the well-known video game. Nevertheless, the chart is occasionally referred to as a waterfall chart even though water does not flow upwards.

How Does A Waterfall Chart Work?

Your bar charts must all have the same baseline of zero, which is one of the very few unbreakable laws of data visualization. In a waterfall chart, this is still true, but it only holds true for the first bar, which displays the starting value, and the last bar, which displays the ending value. (Or the “before” and “after” values, if you want.)

The running total determines the baselines of the component bars that are interspersed between these totals, which are all distinct. The end of the preceding bar serves as the baseline for the bars in the center of a waterfall chart. Therefore, the look is that of a stairway linking two (or more) pillars that are climbing and descending.

How to Use A Waterfall Chart for Your Storytelling in Finance?

The most commonly used waterfall charts are for financial measures, including revenues, expenses, and profits. They are two different groups:

  • Categorical: emphasizing the steps in a procedure, such as adding revenues and deducting costs to arrive at profits
  • Change over time: displaying a single measure that increases and decreases over time, such as monthly profit and loss and the resultant yearly total

A normal column chart treats each month or category separately from the next, with each bar beginning at a baseline of zero. When the chart’s goal is to enable visual comparison of each bar’s height, this is ideal.

In comparison, it is more difficult to compare the sizes of the bars in a waterfall chart, but it is quite easy to observe how the cumulative total increases.

When Should You Not Use A Waterfall Chart?

If you have negative values, you should definitely avoid using a waterfall chart. This is a significant drawback of this graph. We cannot utilize the built-in waterfall chart if the total is negative.

How Can You Build A Waterfall Chart in Excel

Here are the simple steps to build a waterfall chart in Excel.

  1. Create a data table
  2. Add equations
  3. Create a stacked bar chart
  4. Hide the “Base” numbers
  5. Customize the chart

How Can You Build A Waterfall Chart in Google Sheets

  1.  Select your data
  2. Go to Insert, then click Chart or look at the near end of the main toolbar and click on the chart icon
  3. Google Sheets will automatically create a graph based on your data. If the chart is not on the waterfall chart type, go to the Chart Editor, which pops out at the right side of your google sheet, and select Setup. Under chart type, click the drop-down menu, then scroll down and look for the waterfall chart located under the subsection Other.
  4. You now have a waterfall chart.

Where Do Waterfall Charts Come into Play?

Real-Life Use Cases of Waterfall Charts in Finance

In the finance industry, waterfall charts are frequently used to illustrate how a net value is determined by decomposing the sum of positive and negative contributions.

To further grasp the situation, let’s use a straightforward example. An inventory audit of men’s t-shirts in a retail store would be the most straightforward example. Determine how many marketable t-shirts you have on hand to begin the next month. Usually, there will be a few units on hand to begin the month.

Some of the units will break while the t-shirt is on display and being worn by different individuals. Finally, we determine the number of units we can sell by considering whether some of these damaged units may be repaired and added to the stock.

The beginning value of “Units in stock” therefore undergoes a succession of ups and downs, one up and one down to be exact, to reach the end value of “Salable Units” in this waterfall chart (also known as the bridge chart). Waterfall Reporting is another name for this.

Is It Easy to Use It?

There are very simple and easy to understand. Because Westerners read from left to right, waterfall charts make use of this fact to logically display start and end dates. The first bar also serves as an excellent visual entry point by providing the observer with a comparison anchor right away.

Conclusion – Building in Excel

Waterfall charts are a great tool for showing how data has changed when used properly. This graph, whether categorized or dated, makes it obvious how an ending point was arrived at. They are a slick and efficient method of frequently using information transmission, particularly by financial institutions.

However, it is tricky to build them in Excel. Therefore, I have prepared a free and easy, ready-to-use Excel template for you. This template includes instructions, an illustrative example, and a blank table ready to use. Save time and use this template for your next Waterfall!

You can download the free template here: Waterfall Chart Template, and if you need more detailed instructions, here is a great video tutorial.

Finally, did you like this template? If you do, share it around, and don’t forget to subscribe to my newsletter to receive more templates from me.

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Introduction to 50 time-saving Excel shortcuts for finance professionals on an orange background with an illustration.
Excel, Tips

50 Time-Saving Excel Shortcuts for Finance Professionals

Numerous keyboard shortcuts that Excel provides can help you operate more quickly and productively. More importantly, significant operations may be carried out with just two or three keystrokes rather than using the mouse to enter the toolbar. Isn’t that quicker and easier? Excel shortcuts significantly speed up work and cut down on the workload.

Therefore, Microsoft compiled 50 time-saving Excel Shortcuts (for Windows), which I will discuss today.

Time-Saving Excel Shortcuts

Here are the four types of time-saving Excel shortcuts.

Table in green and white colors of the 50-time saving Excel shortcuts.

Frequently Used Excel Shortcuts

Table of the Frequently Used Shortcuts

  • Close a spreadsheet – Ctrl + W
  • Undo – Ctrl + Z
  • Open a spreadsheet – Ctrl + O
  • Cut – Ctrl + X
  • Save a spreadsheet – Ctrl + S
  • Delete column – Alt + H, D, then C
  • Copy – Ctrl + C
  • Go to Formula tab – Alt + M
  • Go to the Home tab – Alt + H
  • Paste – Ctrl + V

Navigate in Cells

Table of Excel Shortcuts "Navigate in Cells"

  • Move one cell to the right in a worksheet. Also, in a protected worksheet, move between unlocked cells – Tab
  • Move to the last cell on a worksheet, to the lowest used row of the rightmost used column – Ctrl + End
  • Move to the beginning of a worksheet – Ctrl + Home
  • Move to the next sheet in a workbook – Ctrl + Page Down
  • Move to the previous sheet in a workbook – Ctrl + Page Up
  • Move to the edge of the current data region in a worksheet – Ctrl + Arrow Key
  • Extend the selection of cells to the last used cell on the worksheet (lower-right corner) – Ctrl + Shift + End
  • Move one screen up in a worksheet – Page Up
  • Move one screen down in a worksheet – Page Down
  • Move one screen to the right in a worksheet – Alt + Page Down
  • Move one screen to the left in a worksheet – Alt + Page Up
  • Move to the previous cell in a worksheet or the previous option in a dialog box – Shift + Tab

Format in Cells

Excel Shortcuts about "Format in Cells"

  • Format a cell by opening the Format Cells dialog box – Ctrl + 1
  • Add or edit a cell comment – Shift + F2
  • Display the Create Table dialog box – Ctrl + L or Ctrl + T
  • Enter the current time – Ctrl + Shift + Colon (:)
  • Switch between displaying cell values or formulas in the worksheet – Ctrl + Grave accent (`)
  • Use the Fill Down command to copy the contents and format of the topmost cell of a selected range into the cells below – Ctrl + D
  • Apply the Percentage format with no decimal spaces – Ctrl + Shift + Percent (%)
  • Apply the Date Format with the day, month, and year – Ctrl + Shift + Number sign (#)
  • Apply the Number format with two decimal spaces, thousands separator, and minus sign (-) for negative values – Ctrl + Shift + Exclamation point (!)
  • Check spelling in the active worksheet or selected range – F7
  • Edit the active cell and put the insertion point at the end of its contents – F2
  • Open the Insert dialog box to insert blank cells – Ctrl + Shift + Plus (+)
  • Open the Delete dialog box to delete selected cells – Ctrl + Minus (-)
  • Enter the current date – Ctrl + Semi-colon (;)
  • Open the Paste Special dialog box – Ctrl + Alt + V
  • Use the Fill Right command to copy the contents and format of the leftmost cell of a selected range into the cells to the right – Ctrl + R
  • Apply the Scientific number format with two decimal spaces – Ctrl + Shift + Caret (^)
  • Apply the Time Format with the hour and minute, and AM or PM – Ctrl + Shift + At Sign (@)
  • Create or edit a hyperlink – Ctrl + K
  • Display the Quick Analysis options for selected cells that contain data – Ctrl + Q

Make Selections and Perform Actions

  • Select the entire worksheet – Ctrl + A or Ctrl + Shift + Spacebar
  • Start a new line in the same cell – Alt + Enter
  • Select an entire column in a worksheet – Ctrl + Spacebar
  • Repeat the last command or action – Ctrl + Y
  • Extend the selection of cells by one cell – Shift + Arrow Key
  • Fill the selected cell range with the current entry – Ctrl + Enter
  • Select an entire row in a worksheet – Shift + Spacebar
  • Undo the last action – Ctrl + Z

Table of the 50 Excel time saving shortcuts

The Bottom Line – Excel Shortcuts Are A Huge Boost for Productivity

Using Excel shortcuts, or shortcut keys is a sometimes neglected way to increase efficiency while working with an Excel model. Furthermore, there are various keyboard shortcuts for Excel that may be utilized to boost productivity. First, start by using these 50 shortcuts, and you’ll see the difference right away.

Furthermore, if you want to receive more finance tips like this, feel free to sign up for my newsletter. If you subscribe, every two weeks, you will receive an email from where I share best practices, career advice, templates, and insights for Finance Professionals.

Key Takeaways

  • Excel provides numerous keyboard shortcuts that can significantly enhance speed and productivity.
  • Excel shortcuts allow for quick execution of operations, reducing reliance on mouse interactions.
  • Microsoft has compiled 50 time-saving Excel shortcuts for Windows users.
  • These shortcuts are categorized into frequently used functions, cell navigation, cell formatting, selections, and actions.
  • Utilizing Excel shortcuts can greatly improve efficiency and productivity while working on Excel models.

FAQ

1. What is the significance of Excel shortcuts?

  • Excel shortcuts offer a quicker and more efficient way to perform tasks, reducing the reliance on manual mouse-based interactions and boosting overall productivity.

2. How many Excel shortcuts are covered in the list?

  • The list comprises 50 Excel shortcuts that encompass frequently used functions, cell navigation, formatting, selections, and various actions.

3. How are the Excel shortcuts categorized?

  • The Excel shortcuts are categorized into four types: frequently used functions, cell navigation, formatting in cells, and making selections and performing actions.

4. How can Excel shortcuts be beneficial for users?

  • Utilizing Excel shortcuts streamlines the work process, allowing users to perform tasks with just a few keystrokes. This can save time, reduce repetitive actions, and enhance overall efficiency.
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Introduction to the top 10 tips for Excel charts to make your life easier in finance on a blue and white background with an illustration.
Excel, Tips

10 Tips for Excel Charts to Make Your Life Easier in Finance

Excel Charts assist you in displaying your data in a variety of appealing styles, including columns, lines, bars, pies, and areas, among others. It’s always about how we display the data that determines how fantastic a result we can produce with it. Excel charts and various bar graphs are helpful in this regard. In order to show our data as effectively as possible, we may also alter our graphs in Excel.

You can customize your Excel charts at all times to make sure your data is presented as persuasively as possible. And when I refer to personalization, I am not referring to significant major changes. I am speaking about an excellent tutorial from Microsoft. You get ten tips to make charts in a faster and simpler way.

Top 10 Tips for Excel Charts

This tutorial trains you with the following tips:

  1. Quick Chart Creation: Learn to instantly bring your data to life using the ALT+F1 shortcut, saving precious time in your financial analysis.
  2. Selective Visualization: Master the art of selecting specific columns before chart creation, ensuring that only the most relevant data is showcased for your financial storytelling.
  3. Dynamic Expansions: Discover how to automatically expand your graphs as you add more columns or rows, keeping your financial charts always up-to-date without manual adjustments.
  4. Efficient Data Filtering: Gain insights on quickly filtering data directly from a chart, enabling you to focus on specific financial metrics or periods without altering your entire dataset.
  5. Leveraging PivotCharts: When your data isn’t summarized, PivotCharts become an invaluable tool for creating dynamic visual representations of complex financial data.
  6. Multi-level Labels: Enhance readability with multi-level labels, perfect for organizing detailed financial data into clear and understandable charts.
  7. Secondary Axis Utilization: Learn to create compelling combo charts using a secondary axis, which is ideal for comparing different types of financial data on the same chart.
  8. Dynamic Chart Titles: Connect your chart titles to spreadsheet cells, allowing for automatic updates and ensuring that your financial presentations are always accurate.
  9. Pie Chart Insights: Split off slices into a second pie chart for a detailed examination of specific segments, enhancing the clarity of financial distributions.
  10. Interactive Previews: Utilize the hover feature over Chart Elements for a real-time preview, making it easier to fine-tune your financial charts before finalizing them.

How Can Excel Charts Improve Your Work

In finance, where data drives decisions, Excel charts stand out as not merely tools for data visualization but as essential instruments for analysis, communication, and strategy. Understanding how to leverage Excel charts effectively can significantly enhance your work by:

  • Enhancing Data Comprehension: Complex financial data becomes more digestible when presented visually. Excel charts help break down intricate datasets into understandable formats, making it easier to identify trends, patterns, and outliers.
  • Facilitating Better Decision-Making: By visualizing financial data, you can make informed decisions swiftly. Charts allow for a quick comparison of different data points, enabling financial analysts and decision-makers to identify potential investment opportunities or financial risks at a glance.
  • Improving Communication: Financial reports filled with numbers and text can be daunting. Excel charts offer a way to convey the same information more effectively, making it easier for stakeholders to grasp key messages and insights without getting lost in the details.
  • Saving Time: With the capability to quickly generate and customize charts, Excel allows for efficient data presentation. This means less time creating reports and more time on analysis and strategy.
  • Increasing Accuracy: Visual representations help in spotting errors in data that might not be evident in a tabular format. By plotting financial data on a chart, inconsistencies or anomalies become more apparent, leading to more accurate financial analysis.
  • Customizing for Impact: Excel’s wide range of chart types and customization options means you can tailor your data presentation to your specific audience. Whether it’s a line chart to demonstrate financial trends over time or a pie chart to show budget allocations, Excel charts can be customized to achieve the desired impact.

Conclusion

You may start making better-looking charts in Excel more quickly and efficiently by using the charting tips and methods. However, these tips and techniques are just a portion of the material I provide in my customized course for finance professionals, where I teach them how to produce understandable visual representations of financial data and valuable finance knowledge.

You can get the tutorial Excel file by clicking here and start training yourself to improve making charts in Excel and if you want to improve your productivity in Excel, grab my free top 100 Excel tips.

FAQ

1. What are the key benefits of using Excel charts in financial analysis?

  • Excel charts offer several key benefits in financial analysis, including enhancing data comprehension by breaking down complex datasets into visual formats, facilitating quicker decision-making through visual comparison of different data points, improving communication with stakeholders by presenting data in a more digestible manner, saving time on report creation, increasing the accuracy of financial analysis by making inconsistencies more apparent, and allowing customization to tailor presentations to specific audiences.

2. How can I quickly create a chart in Excel for my financial data?

  • You can quickly create a chart by selecting your data and pressing the ALT+F1 shortcut. This instantly generates a chart, bringing your data to life and saving precious time in your financial analysis. This shortcut is particularly useful for rapid visualization of financial trends and metrics.

3. Can Excel charts automatically update when I add more data?

  • Yes, Excel charts can automatically update as you add more columns or rows to your dataset. This feature, known as dynamic expansions, ensures that your financial charts remain up-to-date without the need for manual adjustments. It’s particularly useful for financial analysts who continuously update their data with new financial periods or metrics.

4. How can I use Excel charts to improve communication in my financial reports?

  • Excel charts improve communication by converting complex financial data into visually appealing and understandable formats. This makes it easier for stakeholders to grasp key messages and insights without delving into dense numerical data. By using charts, you can highlight trends, patterns, and anomalies in your financial data, making your reports more effective and engaging.

5. What is a PivotChart, and when should I use it in finance?

  • A PivotChart is an advanced Excel tool that allows you to create dynamic visual representations of complex datasets. It’s especially valuable when your data isn’t summarized and you need to analyze it from different perspectives. In finance, PivotCharts are useful for summarizing large amounts of financial data, such as sales figures, financial performance indicators, or investment returns, enabling you to drill down into specifics and uncover insights that would be difficult to spot in traditional charts.
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Excel, Tips

Learn New Excel Tips and Tricks for Finance

You need to use Excel in your everyday job if you want to manage massive amounts of data. However, there are still a lot of helpful Excel tips and tricks that are definitely missed.

Even if you think that you have mastered Excel, I recommend you to visit the website of John MacDougal, “How to Excel,” where you will certainly learn something which will help your productivity (and will give you the possibility to impress your colleagues’ thanks to your new Excel skills).

Therefore, here is one of the best posts where he presents a compilation of the best Excel tips and tricks ranging from beginner to pro that will save you time and make you more productive.

Excel Tips and Tricks

Here is just one new trick that I learned today.

If you right-click and drag a range instead of the usual left-click, then you’ll able to do more than just cut and paste. In addition, a whole menu of advanced options is available.

  • Move Here – This will cut and paste the selection to the new location.
  • Copy Here – This will copy and paste the selection to the new location.
  • Copy Here as Values Only – This will copy and paste only the values to the new location.
  • Copy Here as Formats Only – This will copy and paste only the formatting to the new location.
  • Link Here – This will create a simple cell reference formula for the old location in the new location.
  • Create Hyperlink Here – This will create a hyperlinked cell reference to the old location in the new location.
  • Shift Down and Copy – This will copy and paste the selection to the new location and shift down any previous data in the new location.
  • Shift Right and Copy – This will copy and paste the selection to the new location and shift right any previous data in the new location.
  • Shift Down and Move – This will cut and paste the selection to the new location and shift down any previous data in the new location.
  • Shift Right and Move – This will cut and paste the selection to the new location and shift right any previous data in the new location
  • Cancel – This will cancel the action

The Bottom Line – Mastering Excel Is Necessary

In conclusion, mastering Excel tips and tricks can greatly improve your productivity and efficiency when working with spreadsheets. Therefore, by learning how to use functions and formulas, create graphs and charts, and utilize keyboard shortcuts, you can save time and effort when working with data in Excel.

If you want to receive more finance tips like this, feel free to sign up for my newsletter. As a result, if you subscribe, every two weeks, you will receive an email from which I share best practices, career advice, templates, and insights for Finance Professionals.

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