There is some faster way (https://www.youtube.com/watch?v=TSjEMLBAYVc):
- Insert image (Ctrl+V) to the excel.
- Validate "Picture Tools -> Align -> Snap To Grid" is checked
- Resize the image to fit the cell (or number of cells)
- Right-click on the image and check "Size and Properties... -> Properties -> Move and size with cells"