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Excel templates save time in designing and standardizing forms and reports, with hundreds of free templates available for all users in various categories. This video tutorial explains how to find and set up templates in the Excel desktop app and Excel online. To access free Excel templates, go to the File tab and select 'New.' Users can browse categories or enter specific search terms. By clicking on a template thumbnail, users can view additional details, including the developer's information. Once a desired template is located, users can download it by clicking the 'Create' button.