If you have installed Microsoft Excel on your Mac using the Apple App Store, then you can simply go to the App Store App and see if there is any update available under the Updates sidebar option.

If the installation of Microsoft Office 365 applications was done using the Office.com installation setup, then you can look for updates for Excel using the following easy steps.
- Open Excel application on your Mac.
- Now on the Menu click on Help -> Check for Updates.
- This will open up the Microsoft AutoUpdate window.
- Expand it and see if there is any update available, if not you will see "Up-To-Date" next to the Microsoft Excel.

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