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Excel templates can significantly reduce the time spent on designing 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 learn how to find these templates. To access them, navigate to the File tab and then select New. Users can browse by category or enter specific search terms, such as "tracker templates." By selecting a template thumbnail, more details will be displayed, including the developer's information. To download a chosen template, simply click on the create button.