Don’t get us wrong—data is a beautiful thing. But when you have lots of it, displayed in a format that is far from ideal, it presents challenges for those who are trying to view and manipulate that data. So how do you turn large datasets into useful, easy-to-read formats? Here are two commonly used functions that will help you clean up your (data) act.

Function 1: Combine Cells Using the “&” Key

Most databases split out data for accuracy’s sake—but this doesn’t always translate to the most user-friendly format. For example, instead of having data that shows a person’s full name, a database might display first and last name in separate columns. Similarly, an address may be separated by city, state and zip code. In Excel, you can combine cells containing different data elements into one cell by using the “&” sign in your function, allowing you to freely compose your text into the desired format.

How to Do It:

The following steps show how to combine first and last names into full names in a single column, as shown in the illustration.

• Put your cursor in the blank cell where you would like the full name to appear.
• Highlight one cell that contains a first name.
• Type in an “&” sign; then highlight a cell with the corresponding last name.
• To add that necessary space between first and last name, use the function =A2&” “&B2.The quotation marks around the space tell Excel to put in the correct spacing.

 Example:

Function 2: Split Text to Columns

Now, what if you would like to do the opposite? In other words, you have a bunch of names in one column that need to be separated into two different cells, split out by a person’s first and last name.

How to Do It:

• Highlight the column that you want to split up.
• Go to the Data tab and select “Text to Columns.” A module will appear with additional information, and now you need to select either “Delimited” or “Fixed Width.”
• “Fixed Width” means you want to select the exact location on all the columns that you want the split to occur.
• “Delimited” means you want to break up the column based on characters such as commas, spaces, or tabs. This is what we’ll use in our illustration below.
• Select “Delimited” to separate the full name into first name and last name.
• Choose your delimiter. This could be a tab, semi-colon, comma, space, or something else (i.e., the “@” sign used in an email address). In our example, let’s choose the space.
• After choosing your delimiter, Excel will show you a preview of what your new columns will look like. When you’re happy with the preview, press “Next.” This page will allow you to select Advanced Formats if you choose to do so.
• When you’re done, click “Finish.”

Example:

Like Excel shortcuts like this one? Take a look at some more Tips from the Trenches, including the following popular Excel posts:

• Speed Up Your VLOOKUP Formulas With Automation
• Best Shortcut Ever! Create a Pivot Table in 3 Seconds
• Try This Smoother Alternative to “Hiding” Data in Excel

For a holistic view of your business, it is critical to integrate cross-functional business data. However, Finance and Business Intelligence professionals often find themselves in situations where they have to work with static crosstab reports that are not easy to manipulate. Furthermore, it can be challenging to use static reports to connect data with other functional datasets, such as Marketing, Manufacturing or Sales data.

In this latest Tip from the Finance Trenches, we’ll walk you through a simple fix to that problem. This tip helps you convert static reports into a flat file, which can then be integrated with other datasets in Microsoft Excel or Microsoft Access databases.

The following example shows a sample report – this will be our starting point for reference.

Now, follow these steps to convert this cross-tab report to a flat file so you can integrate it with additional cross-functional data sets.

Step 1: Insert a new column (in our example, after the “Customer” column) and aggregate all non-numerical column values in one column with comma separator (“,”), as shown below. Then drag that formula to the last row of the report.

Step 2: Highlight the new column and all the numerical data fields and create a pivot table.

Step 3: Right-click on Pivot Table Option> Display> Classic Pivot Table; and right-click on “Values” to move the values to rows.

Step 4: Copy All and Paste Values into a new Excel sheet.

Step 5: Locate and fill in the empty cells. Choose Find & Select > Go to Special > Select “Blanks.” This will select all the blank cells. In the Formula Bar, type in cell reference above blank cell and hit CTRL+Enter. All blank cells will be filled with respective values.

Step 6: Insert columns after aggregated name values column. Select the Data tab and choose the “Text to Columns” button from the top menu. The “Convert Text to Columns Wizard” will appear. Check “comma” as your delimiter.

And you’re done! Your Crosstab Report has been converted into a Dynamic List format and you can connect the dataset with other datasets via PowerPivot or MS Access for further cross-functional analysis.

Want more Excel tips and shortcuts like this one? Check out more Tips from the Trenches, all with easy illustrated step-by-step instructions. Our most popular tips include:

• Speed Up Your VLOOKUP Formulas with Automation
• How to Consolidate and Convert Dates to a Standard List of Pivot Table
• Try this Smoother Alternative to “Hiding” Data in Excel

8020 Consulting provides expertise across a broad range of complex financial topics, from Fortune 50 companies to middle market and venture-backed firms. Contact us if have a financial issue you would like to discuss.

As finance professionals well know, the VLOOKUP formula is among the most commonly used function in Microsoft Excel. This relatively simple-but-powerful formula helps you create analysis, summaries, models, and other key reporting elements in your worksheets.

However, while the VLOOKUP function is fairly easy to use, Excel users spend a considerable amount of time on small tasks like making sure their formulas are pointing to the right data, in the right column.

So here’s the good news: you can save yourself all that time by simply automating your VLOOKUP formula. Here we’ll lay out some simple illustrated examples to bring you up to speed. 

Example 1

Referencing Example 1, let’s say we would like to pull March revenue for customer #1002. We would use the VLOOKUP formula as shown in cell D12 with col-index-num equal to 4.

Now imagine you would now like to pull May revenue for the same customer. You would have to manually change the col-index-num from 4 to 5. Changing this number every time for large spreadsheets and models is time-consuming, manual, and therefore prone to error. The power of using the MATCH function in tandem with VLOOKUP helps overcome this shortcoming, as we will demonstrate in Example 2.

Example 2

Example 2 shows a second VLOOKUP formula in cell D13; with col-index-num 4 substituted with MATCH($B$11,$A$3:$G$3,0). Here are the steps to create the MATCH function: 

Step 1. Type MATCH, followed by an open parenthesis. For example:

• VLOOKUP($A13,$A$3:$G$9,MATCH( 

Step 2. Select the lookup value, followed by a comma. In this case, the lookup value is B11, or Mar. You can choose to type the name in the formula instead of referring to a cell number; but make sure to have that value (“Mar”) in quotation marks if you do so. Otherwise, the syntax should be as follows:

• VLOOKUP($A13,$A$3:$G$9,MATCH($B$11, 

Step 3. Select the lookup array, or the row of the column heading. In Example 2, the lookup array is $A$3:$G$3. Make sure the range is similar to the VLOOKUP range. In our example, we select cells A:G in the VLOOKUP; thus the MATCH formula must have the same range of A:G. Finish the MATCH formula with a comma and a closed parenthesis, as follows:

• VLOOKUP($A13,$A$3:$G$9,MATCH($B$11,$A$3:$G$3,0) 

Step 4. Finally, complete the VLOOKUP formula by putting a comma, zero and closed parenthesis:

• VLOOKUP($A13,$A$3:$G$9,MATCH($B$11,$A$3:$G$3,0),0)

Now, if you change B11 to May, the VLOOKUP formula will automatically show May revenue for customer #1002. The MATCH function will always “help” the VLOOKUP formula find the reference column as long as it is in formula range.

In Summary

If you thought this Excel tip was useful, or would like to learn about the financial services that 8020 Consulting offers, don’t hesitate to contact us at any time. Our team can reengineer your complex spreadsheets, create new dynamic models, and streamline your analyses; giving you more time to focus on other high-impact initiatives for your business. 

Love Excel shortcuts? For more quick and easy Excel solutions from the trenches, be sure to check out the following:

• How to Consolidate and Convert Dates to a Standard List of Pivot Table
• Try this Smoother Alternative to “Hiding” Data in Excel
• How to Use Variables in MS Excel SUMIF Formulas

If you are a heavy user of MS Excel, and use pivot tables on a regular basis, you know that utilizing such features can take a long time. By my calculation, it takes about 13 seconds to set up a pivot table containing all necessary data. In this day and age of maximizing productivity and streamlining workflow, that may as well be an eternity.

To speed things up, I suggest using the following two keyboard shortcuts that will cut down this pivot table task by 76.9 percent (to just 3 seconds). The best part? Using these shortcuts doesn’t even require a mouse. So set your timer and let’s give it a try.

Step 1: Start with a basic set of data as follows:

Step 2: Use the shortcut CTRL+A to select all data on the tab for use in your pivot table.

Time required = 1 second. 

Step 3: Now that we have the data selected, use the shortcut ALT+N+V+T and press ENTER.

Time required = 2 seconds.

Then POOF! Just like that, your worksheet contains a pivot table right next to your data set and is ready to use, as shown below:

Now that you just added 10 seconds back into your day, all you have to do next is decide what you will do with your extra time.  Perhaps make three more pivot tables?

Love Excel shortcuts? For more quick and easy Excel solutions from the trenches, be sure to check out the following:

Would you like to leverage more advanced capabilities in Excel that can make an immediate impact on your organization? Keep in mind that 8020 Consulting is here to help.

The VLOOKUP is one of the most commonly used functions in MS Excel and serves many useful purposes. But the circumstances aren’t always ideal for this function. While VLOOKUP is useful to traverse a small table for quick lookups, it is often misused in large datasets. This can lead to inefficiencies that bog down complex financial models, especially those which contain multiple calculations that execute simultaneously every time you open a file. When the VLOOKUP function is combined with intricate calculations, this issue is even more pronounced and can lead to application crashes. 

Fortunately, in these instances, there’s a solution that serves as a great alternative. Using index/match, combined with named ranges, can improve model performance and execution time, and reduce the risk associated with misaligned data. 

Here’s What to Do Instead: Use Named Ranges

It’s easy – just follow these simple steps:

1. Select your data range
2. Type desired name in highlighted box shown below (alternatively, this can be created through the Name Manager [Ctrl+F3])

What Are The Benefits of Named Ranges?

Benefits of using Named Ranges extend beyond the general shortcomings of lookups. Using Named Ranges is the recommended method for financial models that contain assumptions pages or proforma models with multiple input levers.

Named Ranges are also great for pivot tables where the underlying data can expand or shrink. In regards to lookups, Named Ranges allow you to select a subset of the entire table for focused lookup. This saves resources by having less data to traverse and looking only in intended area.

Another major benefit of named ranges is this: if the underlying data shifts or new rows/columns were added, the Named Range will only need to be updated once – then all of the formulas that use that Named Range will automatically pick it up. This avoids risk of a formula not having the full range of updated data set and having to update each formula one at a time.

How to Use Index/Match Instead of VLOOKUPS

Note: HLOOKUPS and other lookup functions work similarly

Use index/match to traverse the X-Y plane. For example, the following sample syntax looks up May 2017 data for Cust009  à  Index(MayData, Match(D15,CustList,0))

Alternate view showing the source of the named ranges.

Here’s the bottom line: Using Named Ranges and Index/Match has definite advantages, particularly in certain financial models. Give it a try now, then use this key function when you need it most! I hope you find this everyday tip useful. For more quick and easy Excel solutions “from the trenches,” be sure to check out the following:

• How to Use Variables in SUMIF Formulas
• The Power of Pivot Tables
• How to Summarize Sales Data by Region and Sales Lead

Would you like to leverage more advanced capabilities in Excel that can make an immediate impact on your organization? Keep in mind that 8020 Consulting is here to help. Just click on the button below to learn more about our work.

Ever stare at worksheets containing very large data sets of data and have no idea where to start? How do you break down your data to extract what you need in a meaningful way? Welcome to the power of the pivot table. A pivot table allows you to take the systems data dump and quickly organize it for meaningful analysis. And even with the grandest of accounting and finance software systems — and the fanciest standard reports — pivot tables are easy to create and invaluable to your financial reporting and accounting.

What are the benefits?

Before we dive in to the steps requires to create your table, here’s a quick list of the benefits pivot tables provide:

• Easy to use
• Flexible
• Gives the ability to sort and re-sort information in a summarized format
• Provides data analyses that can be identified and updated easily
• Efficient in creation of reports
• Can be used as a tool to help management make key decisions quickly

Now let’s get started!

Step 1: Organize Data in a Tabular Format

As an example, let’s use data that was extracted from an accounting system for an ice cream shop. The spreadsheet below shows gross sales by quarter, by product, across two locations. To start, make sure your data is organized in a tabular format and does not have any blank rows or columns, as follows.

Step 2: Select Your Range

Next, click any single cell in the data sheet. Click on the “Insert” tab, then click “Pivot Table.”

A dialog box will appear called “Create Pivot Table.” You will see that Excel has automatically selected the range for you to now create the pivot table. Select “OK.”

Step 3: Select Your Fields

The below pivot table field list will then appear. Select and drag the different fields into the filter, column, rows and values in order to achieve your objective with your pivot table.

Another Example to Follow

In the below example, let’s say we need to get the Gross Sales of each product, by quarter, for two locations. You would do the following:

• Drag Quarter to the Columns areas, Product to the Row areas, Gross Sales to the Values area and State to Report Filter.
  • In the “Values” area you have the option to sum, count, etc.  You might have to edit this (mine doesn’t always show up as sum).
  • The “Filters” gives you a drop-down menu so you can toggle between all or a selection of states.

So there you have it! You have nothing to lose and everything to gain by learning how to create a pivot table in Excel and use it. I hope you find this everyday tip useful.

For more quick and easy Excel solutions “from the trenches,” be sure to check out the following:

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Do you need to find the sum of a subset of cells in Excel spreadsheet that has multiple variables? Here, we’ll take a look at how adding a conditional variable (or variables) can help you get to your desired output – and we’ll also offer a few shortcuts along the way. Keep in mind, this approach simply builds on standard SUM formulas in MS Excel, where a range of cells is selected and the output is the sum of the results, and the formula can be copied across broad ranges of columns or rows.

First Step: Add a Variable

Let’s start with the following SUMIF formula:

=SUMIF(Variable_Range,Variable,Sum_Range)

Next, using the data from our example below, let’s say we need to find the sum of units sold in Asian countries. We would plug in the values as follows:

• “Variable_Range” is the list of countries in column A
• “Sum_Range” is the number of units in column D
• “Variable” is in cell A24 (you can also replace the A24 with “Asia”, but that requires editing the formula if you want to find the results for “North America” or “Europe”).

So our equation then becomes:

=SUMIF(A8:A22,A24,D8:D22)

Shortcut Tip: If you have multiple columns of data, simply copy the formula to other rows by “locking” your variables and copying the formula across all columns. To demonstate using the formula above, our formula would then become =SUMIF($A$8:$A$22,$A24,D$8:D$22); where the column identifying “Region” (Column $A$) is locked for rows and columns, the Region to sum (Cell $A24) is locked for column, and the units (Column D$) lock the rows, but not the column – so that the formula can be copied to other rows. 

Next Steps: Add a Second Variable

Now let’s modify our formula to add a second variable, changing SUMIF to SUMIFS by adding the following elements:

=SUMIFS(Sum_Range,Variable_1_Range,Variable_1,Variable_2_Range,Variable_2)

* Note: this formula is not restricted to the number of variables, meaning you can add Variable3…..VariableX.

The key difference here with our IFS formula is that the sum range becomes the first portion of the formula, and the variable range and variable become the 2^nd, 3^rd, etc. portions.

Variation: Use the AVERAGEIF Function

AVERAGEIF and AVERAGEIFS can be substituted in the formulas above to get the average of a single or multiple variable.

Shortcut tip: Formulas to measure the number of occurrences can also use the IF and IFS function with the following formulas:

• COUNTIF(Variable_Range,Variable) and
• COUNTIFS(Variable_1_Range,Variable_1,Variable_2_Range,Variable_2).

We hope you found this tip useful! Are there any more reporting functions that you’re interested in streamlining? Don’t hesitate to contact us to let us know! Also check out our other recent Tips from from the Trenches:

• How to Summarize Revenue by Region and Sales Lead
• Try This Smoother Alternative to “Hiding” Data in Excel

Remember, 8020 Consulting can also assist you with complex accounting or finance matters that can make a significant and immediate impact on your bottom line. You can learn more about our services by clicking the image below.