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Why do you need a spreadsheet modelling tool?

Making sure your spreadsheet model is accurate and producing the correct results means you need to ensure that data is input correctly and that no mistakes are 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 full confidence in your models.

Here’s how we help you to make sure you’re using the best modelling practices

How Spreadsheet Modelling Can Help Different Users

Businesses

Businesses have lots of data to play with. 

Using a spreadsheet modelling tool like OAK, you can get a 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 spreadsheet modelling as they must dig deep into the historical data, research it, analyze it, and forecast future finances.

Use OAK during the spreadsheet-building process to 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, often taking off a huge chunk of monotonous tasks from your work schedule, such as comparing two versions of the same spreadsheet and identifying the material differences

Spreadsheet Modelling FAQ

What makes a good spreadsheet model?

Spreadsheet models are tools that 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 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 be used when modeling the spreadsheet.

Design And Build
This is the main part where the spreadsheet modeling 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.