The role of Microsoft Teams within Finance

Posted 1 October 2018 12:00 AM by Dakota Kirby, Sales Development Consultant @ ClearPeople

A company’s finance department is another area that benefits greatly from Microsoft Teams. A finance department requires collaboration with all other departments to set budgets and manage departmental expenditures. These activities require a versatile platform with collaborative options and an easy communication funnel, something Teams provides.

Document handling

Microsoft Team works with OneDrive, Office 365 and SharePoint to store and access all documentation within one place. The documents can be saved into individual channels where the files can be accessed by any member of the channel. The files are opened in their original form such as Word. Online versions of documents can be accessed via Teams where they can also be worked on by multiple members of the channel at the same time.

Added integration

Microsoft Teams has the ability to integrate other, third-party applications into it. This can be useful for a finance department wanting to add an application that provides a feed with the latest economic news and trends.

Managing budgets

Organising budgets can be a difficult task, especially when managing different departmental budgets. The agreement and management of budgets often requires input from individuals from across the organisation. Microsoft Teams is a great platform for individuals across the company sharing information such as spreadsheets which makes it easier for the finance department to collaborate with the individuals and manage budgets.

Financial statements

The collaboration between members and ability to add and store documents means that Microsoft Teams is the perfect platform for producing financial statements. Chatting within Teams will enable a finance team to quickly communicate the different roles and workloads that need to be shared.

Streamline data consolidation

Microsoft Teams provides a streamlined process of data consolidation and analysis due to its integration with Office applications. The finance team will be able to collaborate in real-time, within their own teams channel.

These are just a few examples of how well Microsoft Teams works within a Finance department and how it can contribute to its success. Of course each company is different and maybe Microsoft Teams has been able to help your Finance department in other ways? If that’s the case, contact us to tell us of the improvements it has made to your Finance department. Follow us for more blogs on Microsoft Teams at our Think-5 LinkedIn profile and check out our exciting new tool Group Explorer to easily navigate groups across Microsoft Office 365.

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