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Excel templates can streamline the process of designing and standardizing forms and reports, with hundreds of free options available for users of both the Excel desktop app and Excel online. The video tutorial explains how to locate these templates by navigating through the File tab and selecting "New." Users can browse through categories or enter specific search terms to find desired templates, such as "tracker templates." By clicking on a thumbnail, more details about the template are revealed, and users can browse through additional templates using arrow keys. Once a desired template is found, it can be downloaded by clicking the "Create" button.