“I love Excel. It's helped me save so much time over the years, and when I began thinking about Excel more like an employee that I can delegate stuff to, it helped me save an incredible amount of time.” – Jeff Lenning

The finer details of this episode:
• Strategies for leveraging Excel to improve efficiency
• Continuous learning and development in Excel
• Common pitfalls and challenges in Excel usage
• Mindset shift from "if" to "how" in using Excel
• Role of AI in enhancing Excel skills
• Structure and offerings of Excel University
• Key Excel functions and features for accountants
• Real-world applications and case studies using Excel
• Importance of presentation skills in Excel reporting

Episode resources:
● Summit Virtual CFO by Anders website: https://www.summitcpa.net/
● If you have questions or would like to be a guest on the show, email us at mcpasuccessshow@anderscpa.com
● Check out the Virtual CFO Playbook Course: https://vcfoplaybook.summitcpa.net/
● Connect with Jeff here: https://www.linkedin.com/in/jefflenning/
● Check out Excel University here: https://www.excel-university.com/tips

Timestamps:
Introduction to the Episode (00:00:00)
Overview of the podcast's mission to provide insights on innovative tools and strategies in accounting.

Guest Introduction (00:00:22)
Tom introduces Jeff, a Microsoft MVP and founder of Excel University, highlighting his career background.

Why Excel University? (00:01:18)
Jeff explains his passion for Excel and how it transformed his workflow efficiency.

Continuous Improvement in Excel (00:02:27)
Discussion on the iterative process of optimizing Excel workbooks for efficiency and accuracy.

The "Last Year" Trap (00:04:06)
Jeff addresses how accountants often stick to familiar methods without seeking improvements.

Mindset Shift in Excel Usage (00:05:53)
Jeff shares his approach of asking "how" instead of "if" when automating tasks in Excel.

Learning with AI Tools (00:07:00)
Jeff discusses the benefits of using AI to enhance Excel skills and troubleshoot formulas.

Excel University Experience (00:09:02)
Overview of the structured learning approach at Excel University, focusing on sequential knowledge building.

Continuing Education Credits (00:11:44)
Information on CPE credits offered through Excel University’s programs.

Focus on Presentation Skills (00:12:11)
Discussion on improving both functionality and presentation of Excel reports for better client communication.

Charting in Excel (00:14:16)
Tom and Jeff discuss the challenges of formatting charts in Excel for effective presentations.

Key Excel Functions for Accountants (00:15:25)
Jeff highlights essential Excel functions that every accountant should master.

Power Query's Benefits (00:16:59)
Jeff explains how Power Query automates data processing, saving time and improving efficiency.

Real-Time Data Refresh (00:18:07)
Benefits of using Excel for live updates during client meetings, enhancing responsiveness.

The Impact of Spreadsheets (00:19:01)
Discussion on the historical significance of spreadsheets in making personal computers indispensable.

Microsoft's Ongoing Investment in Excel (00:19:51)
Discussion on Microsoft's continuous updates and new features in Excel.

Learning Excel Functions (00:20:17)
Importance of learning new Excel functions beyond the basics through courses and online resources.

YouTube Channel Promotion (00:20:38)
Jeff shares his YouTube channel for quick Excel tips and updates.

Searching for Excel Functions (00:21:06)
Common issue of not knowing advanced functions like Power Query and XLOOKUP.

Benefits of XLOOKUP (00:22:00)
Explanation of XLOOKUP as a more resilient alternative to VLOOKUP.

Excel University Audience (00:22:28)
Overview of diverse student demographics, including CPAs and accounting professors.

Student Confidence Boost (00:23:49)
Feedback on how Excel training increases students' confidence in interviews.

Underestimating Excel's Importance (00:24:33)
Discussion on college students' misconceptions about Excel's relevance in their careers.

Using Excel for Client Projects (00:25:35)
Example of using Excel to model client scenarios and decision-making.

Introverts and Problem Solving (00:25:48)
Jeff shares his enjoyment of solving problems with Excel as an introvert.

Google Sheets vs. Excel (00:26:27)
Comparison of Google Sheets and Excel for collaborative work.

Sharing Documents in Google Sheets (00:27:39)
Discussion on the ease of sharing documents in Google Sheets compared to Excel.

Gateway Computers Experience (00:28:25)
Jeff reminisces about working at Gateway Computers and its rapid growth.

Gateway's Growth Challenges (00:29:28)
Stories of Gateway's ongoing expansion and the challenges faced.

Excel Training at Gateway (00:31:08)
Jeff's initial experience teaching Excel at Gateway's training centers.

Role of Excel in Career Progression (00:32:53)
Discussion on how various roles contributed to Jeff's Excel expertise.

Daily Excel Usage (00:34:38)
Jeff explains his daily engagement with Excel and content development.

Office Hours Collaboration (00:35:34)
The supportive environment of office hours where students share and learn from each other.

Learning from Peer Demonstrations (00:36:08)
Reflections on how sharing simple Excel techniques can lead to broader learning.

Pivot Tables' Impact (00:37:09)
Discussion on the transformative power of pivot tables in Excel.

Pivot Tables and Formatting (00:38:07)
Discussion on the importance of pivot tables and their time-saving formatting features.

Power Query Feature (00:38:32)
Jeff highlights Power Query as the most impressive Excel feature in the last two decades.

Using Tables for Efficiency (00:38:44)
Tables help eliminate errors and automatically adjust ranges in Excel functions.

Indirect Function Discovery (00:39:12)
Tom shares how the INDIRECT function simplified his work with changing templates from multiple countries.

Time-Saving with INDIRECT (00:39:52)
Tom explains how the INDIRECT function dramatically reduced turnaround time for presenting data.

Learning from Excel University (00:40:46)
Tom expresses motivation to improve Excel skills and acknowledges the value of Excel University.

Time Efficiency Gains (00:41:11)
Jeff mentions the significant time efficiency benefits experienced by his students.