Allow Excel to create a back-up file exctly as WORD does.
WORD actually saves a Back-up file to the directory you are using and it creates it every few minutes, or however you decided. EXCEL does not. It says it creates a back-up file but it rarely can be found and when it is found, it is not the most recent version.
Excel does this as well. You can find the location of these backup files (and configure how often they are created) under File > Options > Save. There you will find the “AutoRecover file location” and other related settings.