Microsoft SharePoint was initially established as a platform for creating websites and web-based applications effortlessly. SharePoint can also do a number of things, and that has really contributed to the success of SharePoint as a product.
Today, SharePoint is a powerful business tool. SharePoint features help drive profitability, correspondence and collaboration; three key performance areas in each company. Through SharePoint, customers can download records, communicate with employees, modify work, and monitor schedules. Overall, it can be viewed as a unified online location for your business, and best of all, it can be adjusted to fit your needs.
In this article, let’s discuss how SharePoint can help the finance team by fulfilling functions such as accounting, forecasting, financial management, environment provisioning, and reporting.
That infrastructure:
Every organization has numerous applications built on different platforms, causing typical problems such as lack of integration with each other, association between applications requires custom data connectors, distinctive storage locations lead to duplication of information and searching across all reservations of information is practically impossible. . The difference in the nature of the UIs for each app makes it difficult to switch between apps. Managing and supporting each of those applications requires an IT department and team with diverse skills and consequently huge IT expenses.
It’s no mystery that budgets are tight these days, and IT is being asked to deliver more, but with the same methods or fewer resources. SharePoint provides the opportunity to unite different applications on the same platform and offers amazing features such as:
• Common platform for critical business applications.
• Collaboration with data stored in different lines of business applications.
• Use workflows to control and track business forms.
• Display business intelligence information in interactive dashboards.
• Secure information in a centrally managed repository.
• Allow data search.
The world is becoming more and more digitized with an increasing number of users using tablets and mobile phones. SharePoint was initially designed for use with browsers, both on desktop and mobile platforms. In this way, employees have access to important information and can manage their time efficiently, which increases the productivity and competitiveness of the organization.
Accounting:
In general, daily routine operations relied on (and depended on) conventional email for correspondence. A huge amount of email arrives every day and there’s a good chance you’ll miss something really important.
SharePoint offers a customer-centric dashboard in a single entry point: statements, current tasks, assignments on a daily basis, events and meeting schedule, etc. All planning and control procedures, such as budgeting, forecasting, and report completion, can be linked and organized. You can choose to view your own assignments with all time sheets and due dates.
Budget planning:
Budget planning is a work process consisting of a series of tasks to be carried out by the group as a consequence or in parallel with the finalization of the budget: purchases, sales, human resources, manufacturing, delivery times, project management.
The budget website offers best practices for expense forms. The ad-hoc website offers access control, search features, document storage, collaboration, etc. Teamwork is solved using a SharePoint task list. This list contains a set of tasks issued for the arrangement of an annual budget that is attended to for the allocation of assignments through the group.
Forecast:
Forecasting is an activity that is based on knowledge built up over the years and its quality is based on the completeness and precision of the data. It is very important to have complete and organized data in one place and it must absorb the knowledge and intelligence of the organization.
SharePoint has an attractive enterprise search engine. It not only offers to search the entire portal for tags and keywords, but also shared files, swap folders, office web applications, etc. The search results are displayed in a very organized order with a preview so you can be sure that you will find all the fundamental, genuine, relevant and complete data.
Closing period:
This operation is carried out 12 to 13 times a year and should be computerized as much as possible. This is a formal operation that comprises a series of tasks that must be carried out with care.
SharePoint offers a period-end closing dashboard based on Vision. Visualize the workflow of the procedure, functions and status of the tasks. SharePoint also offers essential tasks like audit trails, builds, tracking, alerts, and more.
Reports:
SharePoint offers a rich set of reporting services. SharePoint offers full instrumentation for rendering dynamic reports, 3D charts, and plans. The reports are based on the fly and always show real-time images.
