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spreadsheet Modelling

Why do you need an Excel spreadsheet modelling tool?

Ensuring the accuracy of your spreadsheet model and the correctness of its results requires meticulous attention to detail in data input and calculations, safeguarding against any inadvertent errors creeping in.

To make your life easier when modelling in Excel, it is essential to use a tool like OAK that can verify your work for you, saving you time and giving you complete confidence in your models.

Here’s how our Excel modelling tool can ensure best practice

How Excel Spreadsheet Modelling Can Help Different Users

Businesses

Businesses have lots of data to play with. 

Using a spreadsheet modelling tool for Excel like OAK, you can receive as summary of the entire workbook, and an overview of the logic behind the structure, layout and formulas, reducing the risk of error before finalising your model.

Financial Analysts

Financial analysts have the most use cases for financial modelling spreadsheets as they must dig deep into the historical data, research it, analyze it, and forecast future finances.

Using OAK during the spreadsheet-building process can help you control the formula risk score on your calculations, while maintaining consistency across the model structure and specific worksheet properties.

Accountants

Accountants often dabble on the endless rows and columns of excel sheets to compile, analyze and verify the financial data of an organization.

OAK can positively impact how you do things as an accountant, alleviating a huge chunk of monotonous tasks from your work schedule. These include comparing two versions of the same spreadsheet and identifying the material differences.

How To Develop Models with OAK

When you are working on Excel spreadsheet modelling, the amount of information you deal with is considerable. OAK is a tremendously helpful tool at multiple stages of the procedure, including:

Summarizing a Workbook

In the business world, a spreadsheet is rarely used only by the person who created it.

Having the option to generate a summary of a complex workbook is often convenient, whether you are creating spreadsheets or using them. It gives end users a broad picture of the model’s logic.

You can also determine how many distinct or different formulas are there.

 

Manipulating Names

Instead of relying on confusing mathematical notations when referring to cells In Excel, with OAK, you have the ability to give those cells names meaning and utilize those names in calculations, like =Revenue-Costs easily.

If you enjoy utilizing names, OAK offers a variety of services that might be useful to you.

  • Using the select OAK | Names | Redefine and OAK | Names | Recreate commands, you can modify the names you assign and OAK will update the name in all formulas utilising that name.
  • The OAK | Names | Remove #REF! command allows you to rapidly delete any broken names in a given cell.
  • The OAK | Names | Delete command allows the deletion of a set of range names using a range of cells with the names to be deleted.
  • By using the OAK | Names | Localize command, you may modify the scope of a number of names added by Excel’s Create Names command from local to global, and vice-versa (associated with a workbook).

Comparing Workbooks/Worksheets

One of the most frequent issues that users creating a complex model in Excel run into is that they eventually forget what was altered in earlier iterations of the same document.

It gets harder, if not impossible, to tell how a complex Excel workbook as a whole has been changed when each worksheet gets bigger and more sophisticated.

You can identify the differences between two worksheets or two workbooks using the Compare Workbooks/Worksheets feature.

Excel Spreadsheet Modelling FAQ

What makes a good spreadsheet model?

Excel modelling tools are programmatically designed using formulas and mathematics to serve a specific purpose. These tools automate certain repetitive tasks, which are highly error-free and often consume a lot of time manually. Learn what a spreadsheet model needs to be considered ‘good’ below:

  • Spreadsheet models should be simple and consistent in design, and easy to navigate.
  • Any spreadsheet model should be error-free, meaning any margin of error should be foreseen when doing spreadsheet modelling.
  • Flexibility should be a cornerstone. Spreadsheet modelling should account for any variations in data input, such as negative numbers.
  • All spreadsheet models should be reusable as there is no point in doing spreadsheet modelling for single use.
  • Spreadsheet model should be clear and concise on its purpose and use.

Best practices for spreadsheet modelling in Excel

Scope
First, you need to define the scope of the problem. Then, what you want to solve with the spreadsheet model and the contents of the input/output data should be clear.

Specify
Once you define the scope of the problem, you should now specify what formulae or logic you will use when modelling the spreadsheet.

Design And Build
This is the main part where the Excel spreadsheet modelling takes place. You can now design a clear and concise module using the specified logic to solve the problem defined earlier.

Test
Testing the spreadsheet once the modelling is done is important to weed out any margin of errors. Make sure you test the model in many ways to find any inconsistencies or mistakes.