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Excel templates can significantly streamline the process of designing, setting up, and standardizing forms and reports. There are numerous free templates available for all Excel users, compatible with both the desktop app and Excel online. In the video tutorial, viewers are guided on how to locate these templates via the File Tab and New option. Users can browse by category or enter specific search terms, such as “tracker templates,” to find relevant options. Selecting a template thumbnail provides additional details, including the developer's information, and users can navigate through multiple templates using arrows. To download a desired template, simply click the create button.