“I love Excel. It's helped me save so much time over the years, and when I began thinking about Excel more like an employee that I can delegate stuff to, it helped me save an incredible amount of time.” – Jeff LenningThe finer details of this episode:• Strategies for leveraging Excel to improve efficiency• Continuous learning and development in Excel• Common pitfalls and challenges in Excel usage• Mindset shift from "if" to "how" in using Excel• Role of AI in enhancing Excel skills• Structure and offerings of Excel University• Key Excel functions and features for accountants• Real-world applications and case studies using Excel• Importance of presentation skills in Excel reportingEpisode resources:● Summit Virtual CFO by Anders website: https://www.summitcpa.net/● If you have questions or would like to be a guest on the show, email us at mcpasuccessshow@anderscpa.com● Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/● Connect with Jeff here: https://www.linkedin.com/in/jefflenning/● Check out Excel University here: https://www.excel-university.com/tipsTimestamps:Introduction to the Episode (00:00:00)Overview of the podcast's mission to provide insights on innovative tools and strategies in accounting.Guest Introduction (00:00:22)Tom introduces Jeff, a Microsoft MVP and founder of Excel University, highlighting his career background.Why Excel University? (00:01:18)Jeff explains his passion for Excel and how it transformed his workflow efficiency.Continuous Improvement in Excel (00:02:27)Discussion on the iterative process of optimizing Excel workbooks for efficiency and accuracy.The "Last Year" Trap (00:04:06)Jeff addresses how accountants often stick to familiar methods without seeking improvements.Mindset Shift in Excel Usage (00:05:53)Jeff shares his approach of asking "how" instead of "if" when automating tasks in Excel.Learning with AI Tools (00:07:00)Jeff discusses the benefits of using AI to enhance Excel skills and troubleshoot formulas.Excel University Experience (00:09:02)Overview of the structured learning approach at Excel University, focusing on sequential knowledge building.Continuing Education Credits (00:11:44)Information on CPE credits offered through Excel University’s programs.Focus on Presentation Skills (00:12:11)Discussion on improving both functionality and presentation of Excel reports for better client communication.Charting in Excel (00:14:16)Tom and Jeff discuss the challenges of formatting charts in Excel for effective presentations.Key Excel Functions for Accountants (00:15:25)Jeff highlights essential Excel functions that every accountant should master.Power Query's Benefits (00:16:59)Jeff explains how Power Query automates data processing, saving time and improving efficiency.Real-Time Data Refresh (00:18:07)Benefits of using Excel for live updates during client meetings, enhancing responsiveness.The Impact of Spreadsheets (00:19:01)Discussion on the historical significance of spreadsheets in making personal computers indispensable.Microsoft's Ongoing Investment in Excel (00:19:51)Discussion on Microsoft's continuous updates and new features in Excel.Learning Excel Functions (00:20:17)Importance of learning new Excel functions beyond the basics through courses and online resources.YouTube Channel Promotion (00:20:38)Jeff shares his YouTube channel for quick Excel tips and updates.Searching for Excel Functions (00:21:06)Common issue of not knowing advanced functions like Power Query and XLOOKUP.Benefits of XLOOKUP (00:22:00)Explanation of XLOOKUP as a more resilient alternative to VLOOKUP.Excel University Audience (00:22:28)Overview of diverse student demographics, including CPAs and accounting professors.Student Confidence Boost (00:23:49)Feedback on how Excel training increases students' confidence in interviews.Underestimating Excel's Importance (00:24:33)Discussion on college students' misconceptions about Excel's relevance in their careers.Using Excel for Client Projects (00:25:35)Example of using Excel to model client scenarios and decision-making.Introverts and Problem Solving (00:25:48)Jeff shares his enjoyment of solving problems with Excel as an introvert.Google Sheets vs. Excel (00:26:27)Comparison of Google Sheets and Excel for collaborative work.Sharing Documents in Google Sheets (00:27:39)Discussion on the ease of sharing documents in Google Sheets compared to Excel.Gateway Computers Experience (00:28:25)Jeff reminisces about working at Gateway Computers and its rapid growth.Gateway's Growth Challenges (00:29:28)Stories of Gateway's ongoing expansion and the challenges faced.Excel Training at Gateway (00:31:08)Jeff's initial experience teaching Excel at Gateway's training centers.Role of Excel in Career Progression (00:32:53)Discussion on how various roles contributed to Jeff's Excel expertise.Daily Excel Usage (00:34:38)Jeff explains his daily engagement with Excel and content development.Office...
