Here at Excel Spreadsheets Help we're always looking for new and exciting uses of Microsoft Excel spreadsheets. We
recently had the opportunity to talk with Sunil, author of the Extra Money
blog, about how he uses Excel in regard to his personal finances, entrepreneurship, and internet marketing. I'd like to thank Sunil for taking the time to answer a few of our questions.
ESH: Could
you please tell us a little bit about yourself – who are you and what do you
do?
Sunil: I
am the author of the Extra Money Blog (www.extramoneyblog), a blog that
discusses expedited wealth building through entrepreneurship, solid personal
finance and internet marketing. I strongly feel true financial abundance can
only be achieved when solid personal finance principles and discipline is/are
combined with entrepreneurship. Saving will only get you so far, but
creating additional income streams will get you anywhere you’d like as fast as
you'd like.
I wear
several hats. I own over 20 profitable niche sites, 20+ ebooks on various
platforms online and currently in the process of establishing a local SEO firm.
I am in the process of developing several iPhone applications as well. Outside
the online platform, I am involved in real estate investments as well as small
business investments (brick and mortar).
ESH: When
did you first begin using Excel and how often do you use it?
I've been
using excel since University. I used it extensively early in my professional
career working in mergers and acquisitions (heavy number crunching and
analysis). Today I use it for various purposes, including recording,
tracking and analyzing income from various online endeavors. Heck, sometimes I
use it for note taking as silly as it sounds. I am addicted to spreadsheets :)
ESH: I know
exactly what you mean! Could you please describe your income or expense
tracking spreadsheet and processes?
Sunil: I
designed the spreadsheet I use today and started using it myself. Today I have
trained a VA to compile it for me monthly/quarterly. The sheet/workbook
has several tabs, each representing a "business". All tabs roll
into the main tab (through formulas / links). The main tab also has
general expenses which are apportioned to each business (based on
formulas). I plan on discussing this in depth on my blog. I may also share
this spreadsheet for those interested in a relatively hands off business model.
ESH: Wow,
great. You’ll have to let us know when you make your spreadsheet available for
download. How important to your businesses is it to track all sources of income
and expenses?
Sunil: It's
important. Without tracking you don't know how you are truly doing. Tracking
also enables the calculation of ROI, which influence future decisions involving
projects to pursue. Finally, regulatory compliance and laws mandate clean and
clear tracking (think income taxes, statutory reporting, etc.)
ESH: Do you
prefer using Google doc's spreadsheets or Excel files? What are advantages of
using one or the other?
Sunil: Both.
Excel is good when I am toying around on my own. Google docs is great for share
use and project management purposes. It's also available anywhere you have
internet access. Docs can be clunky at first if you are used to Excel, but it's
a great tool. Excel on the other hand is a lot more powerful than many believe
or know. You don't know what you don't know at the end of the day.
ESH: Have
you ever created or encountered any unique uses for an Excel spreadsheet?
Sunil: Yes,
I have embedded macros into them and developed small programs. I have used excel
to value mutli million and billion dollar companies utilizing several evaluation
models. These involve complex formulas. This is as "unique" as
I have gotten. I have seen some very robust / intense workbooks that are
linked to massive data warehouses. The workbooks download the information/data
from the warehouses, and automatically slice and dice the data based on user
preference (sometimes macros are involved - the click of a button allows the
workbook to fly with it)