I have to transfer the contents from a particular program to Word and when I do the original formatting remains, even though I already have certain specifications like font type, font size, margins and indentations etc. set up. So what would be amazing is to be able to click a button and have it all reformatted as I need.

Then the answer is that a suite of macros is probably the best option. Good luck. I've spent the last 9 months doing something similar. It can be a big job. Working with styles in VBA can be an enormously frustrating exercise.