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Excel templates can streamline the design and standardization of forms and reports, offering hundreds of free options for all users in both the Excel desktop app and Excel online. The video tutorial guides viewers on locating these templates through the File tab and selecting "New." Users can browse by categories or enter specific search terms, such as "tracker templates," to find relevant options. Selecting a template provides additional information, including the developer's details, and users can scroll through different templates using arrow keys. Once a preferred template is identified, it can be downloaded by clicking the create button.