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ASSIGNMENT 1 Managing the Financial Account in Business

Nowadays, business has become the most essential part of modern world. In our daily life, we involved in many kind of business whether we as a buyer or seller. Business is an economic activity that related with the distribution of goods and services for satisfying customer needs. As a seller, business is carried on with the intention of earning a profit. In UUM itself, many students involve in business such as online business, car services and there is also a student who rent shops in UUM to run their business. Some of products or goods that they are selling include electronic devices, clothes and health product. However, most of them have a problem in managing their financial account. It is difficult for them to calculate all the sales manually because it took a long time to complete. Furthermore, the financial data might have some error and they need to redo the calculation again thus it just waste of time. Therefore, it is hard for the seller to identify the accurate data and efficient way to manage their business. From that problem also, it will give a significant impact on their business for example the seller do not know the quantities of products that they should orders and when they should do their restock for the products or goods. Lastly, the seller might face the difficulties in making a decision for the business. In order to solve the problem, they have to find a best way to manage their business effectively. One of the best solutions that can be used is by using technology tools such as Microsoft Excel. This software will enable the user to facilitate the development of more effective financial strategies and increase the accuracy for forecasting and budgeting. The spreadsheet is very useful in business and their utility seems to be boundless. A structured approach in Excel will avoid wasting time with the trial and error spreadsheet template design. The ability to extract information to help the business understand its customer needs and markets is available in Excel. In the context of forecasting, it can help a business understand the planning environment and decision making because it has a built-in function that may be used to build forecasting models.

Besides that, Excel contains large variety of chart types that can improve reports and help the seller to have a clear view regarding their business. Presenting information graphically is a good method of summarising the data and conveying results of analysis in an accessible format. The seller also can use Pivot Table in Excel for extracting, summarising and presenting information from data list or database. As an example, if the seller wants to know about the sale of the business, they can simply key in the data in the spreadsheet according to monthly data or annual data. The calculation using Excel is easy because we just need to do for one period of time and the rest we can get the data by dragging down the cell for other period of time. The data can be present in the form of graph or chart to make a better understanding for the seller and they can know the development of their business. Thus, they can make a decision more accurately to improve the business. In conclusion, a good business must be handled efficiently and effectively. To do so, the seller should prepare the accurate financial data as a reference to make a right decision. Microsoft Excel is one of the software that can help the seller in UUM to be precise in their financial account. This is not only for the benefit to have success business but also to provide best quality of services to the customers.