Is there an easy way to import from Excel file?

So in the past I was inputting name, long and lat information but this is becoming a bit tiresome.  

If I have an excel file with a bunch of names and coordinates, can I import them at the same time?  Do I have to have it in a specific format for it to import properly?

I apologize if this has been asked before.  I just wasn't sure if the excel file needed to be in a certain format or I had to turn it into another file format or what.