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Excel templates can help save time in designing, setting up, and standardizing forms and reports. Numerous free templates are available for Excel users, compatible with both the desktop app and Excel online. In the video, users learn to locate these templates via the File tab and then New, where they can explore categories or search for specific terms, like "tracker templates." Selecting a template thumbnail provides more details about it, including the developer's information, and users can navigate through the options using arrows. Once the desired template is found, users can click the "Create" button to download it.