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Excel is versatile spreadsheet software used in organizations worldwide. One of its essential functions is organizing data into presentable charts. Graphical presentations play a crucial role as they enhance the information being presented. Financial analysis, presented to stakeholders, helps in decision-making and planning for the future and attracts potential customers.
Here are 5 tips to make financial charts in Excel.
Choose the correct chart.
Before you present the data, the first step is to decide on the best chart to represent it. Many charts can be created in Excel, such as line, scatter, doughnut, column, bar, area, surface, etc. The chart that you select must clearly show the data. While performing financial analysis, you will need to create different charts to present various types of information.
Sort the data
Before creating a chart in Excel, it is suggested that the data be sorted in ascending or descending order. Sorting makes it convenient to understand graphs by just looking at them. You can sort the data by creating a table or going to the data tab.
Remove the noise
Noise refers to disturbances that make it difficult for viewers to understand the picture. A graph should always be free from such discrepancies. One must ensure that he removes the gridlines, unnecessary legend and axis, background colours, and error bars from the graph. Apart from this, make sure that your graph has an appropriate heading, a title for the axis, and all the required information. A fully descriptive graph is a perfect graph.
Add in effects
The financial charts in an organization are a path to many decisions; therefore, the data depicted in financial charts must be clear and bold. To highlight the important information in the charts, you can add effects such as 3D bars, the usage of different colors, the creation of data tables, etc.
Choose your colors wisely.
The graphs' color scheme should match the organization's theme and the report's purpose. The colors should neither be too vibrant nor too dull. Selecting an appropriate set of colors is a prerequisite for creating an ideal graph.
Financial charts are an indispensable component of organizational reports. They are of supreme interest to the organization's stakeholders. Readers can skim through the charts and get a fair idea of the organization. Thus, considering their significance, financial charts must be made with due diligence and after thorough research.
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