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Excel templates can significantly streamline the process of designing and standardizing forms and reports. Hundreds of free templates, compatible with both the Excel desktop app and Excel Online, are available for all users. In the tutorial, viewers are guided on how to find these templates by navigating to the File tab and then selecting New. Users can search by categories or enter specific keywords to find desired templates, such as "tracker templates." Each template's thumbnail provides additional information, including the developer's details. After choosing a template, users can download it by clicking the Create button.