Cory Hrncirik on Using Excel for Modern Finance

cory hrncirik microsoft modern exceltrentmann streetjournal

Looking to use Excel for modern financial operations? Cory Hrncirik, Microsoft’s Modern Finance project lead, has the answer. In this Q&A with Nina Trentmann of the Wall Street Journal, he shares his insights on flattening the company headcount with AI and data lakes.

Unlock the power of Excel and learn how it can serve as a crucial tool in modern finance today.

Q&A with Cory Hrncirik, Microsoft’s Modern Finance project lead, on flattening the company’s finance head count with AI and data lakes, using Excel, and more (Nina Trentmann/Wall Street Journal)

Cory Hrncirik of Microsoft’s Modern Finance Project talks about using Excel to help organisations better manage their financial processes.

It begins with an introduction to Cory and the project, then covers his thoughts on what finance professionals should look for in an Excel-based solution for modern finance. Next, he touches on the features of a modern finance solution, how easy it is to implement, and how it can provide greater data accuracy and visibility with fewer errors.

Cory also looks at the case studies demonstrated so far on how Excel can aid teams in more efficiently tracking their finances. Finally, he encourages finance professionals to consider using Excel for their process needs as part of a broader strategy for modernising financial processes.

Using AI and Data Lakes to Flatten the Company’s Finance Head Count

Excel has been the finance industry workhorse for decades, but with the advent of Artificial Intelligence (AI), and the proliferation of vast data lakes, it has become possible to use Excel to automate upstream processes and reduce headcount of finance professionals. When properly used, AI-driven Excel solutions are cutting edge and can cut costs significantly.

Cory Hrncirik is a finance executive with a long history in creating efficient solutions leveraging Excel and other Microsoft Office products. He has dedicated significant resources to training teams within organisations to properly leverage these tools and produce solutions that automate complex tasks and free up time for value-added activities.

By applying principles from AI technologies such as machine learning algorithms and predictive analytics, organisations can analyse financial data in detail and build models from it. Analysts use these models in Excel to visualise data on numerous metrics over multiple periods. This allows them to identify problems rapidly which helps them predict issues affecting the organisation’s performance or identify opportunities for growth that can be acted upon quickly versus waiting till audit time or periodic reports reveal findings that may no longer be relevant.

By using existing software investments such as Excel coupled with AI technologies, companies drastically reduce headcount while increasing speed of response as well as accuracy of decisions made, thereby improving their competitive advantage going forward.

Leveraging Excel to Manage Modern Finance

Excel has remained the standard working tool of the finance professional since its initial unveiling more than 25 years ago. However, while there have been many versions, add-ons and extensions to Excel over the years, it hasn’t kept pace with current industry trends in finance. Despite this, it is possible to leverage Excel for modern financial analysis and reporting.

cory hrncirik modern exceltrentmann wall streetjournal

In a recent webinar, financial analyst and author Cory Hrncirik walks viewers through how he uses Excel for modern finance focusing on four core areas: Budgeting & Forecasting, Analysis & Reporting, Risk Management and Technology Upgrades. Cory breaks each of these topics down into practical guidelines for the finance professional including how to create a better budgeting process; use Excel for analysis; identify risk management opportunities; and introduce new technologies such as Power BI into your daily workflow.

Cory also dives into how to leverage automation techniques within Excel as well as data import techniques such as PivotTables to save time on repetitive tasks while also providing insight on some lesser-known techniques such as Power Query which allow greater access beyond simple cell manipulation. Furthermore, by leveraging these methods with macro-driven programming languages like Visual Basic or Python, you can enhance your analytical capabilities even further. The opportunities are virtually limitless!

Benefits of Utilising Excel for Modern Finance

The use of spreadsheets is a time-tested way to organise and structure data. Excel offers a powerful, yet familiar way for modern financial professionals to maintain visibility into their finances. From portfolio management to financial control and analysis, Excel provides the tools necessary for effective decision making in real-time.

cory hrncirik finance exceltrentmann wall streetjournal

Using Excel for modern finance offers several distinct benefits. First, it enables users to maintain accuracy by avoiding manual data entry errors and consistently automating data updates with cell formulas. Additionally, its expansive range of formulas offer immense customization when building models for forecasting or analysing existing data—like operational expenses or cash flow statements. Furthermore, its intuitive user interface makes it an ideal application even for non-financial professionals looking to gain insight into their finances in an easy-to- learn platform.

By leveraging the power of Excel, modern finance professionals can further their understanding and gain critical business insights quickly and effectively. With the right spreadsheet solution, organisations can make well-informed decisions backed by accurate data that drives meaningful growth opportunities.

Challenges of Using Excel for Modern Finance

Excel has become an integral part of modern finance but has challenges. Most financial operations require a lot of data that can overwhelm a spreadsheet, and even experienced users may find it difficult to stay on top of the vast amount of information applied to the task. Even with more powerful tools available, often the information needed is not accessible and Excel is used out of necessity due to convenience or low cost.

Another challenge of using Excel for modern finance involves data integration. Many financial operations include input from external sources, such as outside vendors or government agencies. This requires connecting disparate sources into a single platform for analysis and reporting. Doing this manually in Excel can introduce inaccuracies and lead to tedious data entry.

Finally, consolidating multiple worksheets into one view is complex in Excel, especially if the source sheets contain hundreds or thousands of rows each with multiple subtotals and calculations based on the various input cells. Having to check these figures increases manual effort significantly, and increases chances for errors and mistakes along the way while reducing overall accuracy & efficiency.

Cory Hrncirik’s Advice on Using Excel for Modern Finance

Cory Hrncirik is an experienced financial analyst and consultant focusing on utilising Excel to improve the efficiency of financial workflows. In this article, we will outline Cory Hrncirik’s advice on using Excel for modern finance.

cory hrncirik finance ai exceltrentmann streetjournal

Excel has been used for years to analyse data, but people need to know the potential pitfalls of using the software for large projects. Cory recommends that keeping the project simple is key when it comes to Excel use. He suggests breaking down complex problems into more manageable tasks, and recommendations having strong core formulas that are easy to follow. This will help ensure accuracy and reduce the time spent troubleshooting errors.

Organisation is also important when it comes to Excel use in finance. Data should be laid out in an easy-to-follow manner, as this will make troubleshooting easier as well as enable reviewers and auditors unfamiliar with the system to navigate quickly through sheets with confidence. Cory recommends buying a notebook or carrying file folders to keep all documents organised at all times; this helps him avoid creating multiple versions of files which leads to duplication and blurriness about where actual responsibility lies for changes made within the document.

Cory emphasises regularly exercising and testing out features when first starting to avoid large mistakes during crunch time. Lastly, he advises novice users not to be afraid of getting stuck in Excel if a feature does not initially provide desired results; investing a bit of extra time up front can save many headaches later down the road as certain functions may require added effort once tasked within real-world applications.

Outlook on the Future of Modern Finance

Modern finance evolves as technology advances rapidly and companies adapt to a highly competitive and ever-changing market. The recent shift to virtual finance and the use of big data analysis have presented many new opportunities for financiers such as Cory Hrncirik.

In a recent interview, Hrncirik emphasised the importance of using Microsoft Excel to stay updated with modern finance practices. He said he believes that “Excel is essential for any modern financial application” to keep track of finances, maximise returns on investments, and streamline processes through automation. He also advocated for taking advantage of the powerful analytics capabilities that come with Excel by using Visual Basic, which automates manual calculations or data entry processes.

Hrncirik’s opinion is shared by many other professionals in the industry, who similarly recognize the value of Excel in staying ahead in this ever-evolving field. With businesses handling an unprecedented amount of data daily, it’s more important than ever for financiers to understand how to utilise it effectively – hence why he views mastering Excel as an integral part of modern finance. Moreover, Hrncirik believes that big data analysis is vital for producing information-driven decisions – which can be greatly improved by learning Excel to quickly and accurately process large amounts of data.

tags = Cory Hrncirik, Microsoft’s Modern Finance project lead, AI and data lakes, Excel, qa hrncirik finance ai exceltrentmann streetjournal, new tools help automate tasks

Leave a Reply

Your email address will not be published. Required fields are marked *