remove background of a picture in Excel & Power Point
 

I am an avid user of Excel and Power Point in my presentations. Formerly in
the Drawing tool bar there was a icon to remove the background of a picture.
I can't find this anywere in the 2007 version. ithout this function it is
impossible to make a professional presentation. How do I compensate for this
missing tool.
I can't imagin that this is not possible in 2007.