To find out if your proposed project is worthwhile, create financial models using Sheets. Calculate internal rate of return (IRR), return on investment (ROI), and net present value (NPV). See the impact of what-if scenarios by adjusting key inputs in your model. Show when costs approach budget limitations using conditional formatting colors. Then, share the spreadsheet with your team to get their feedback.
Draft a budget proposal for a project and get feedback from your team using Docs. The people you share the draft with can add comments and suggest inline edits. You can then respond to comments and obtain the necessary approvals. In the revision history, there’s an audit trail to see who made which changes and you can revert to a previous version at any time.
After you confirm your project budget, get your team involved by collaborating in a Hangout. Share a link in the Hangout to your budget spreadsheets in Sheets that everyone can edit and use to brainstorm. Then, during the call, start strategizing together and writing down ideas so everyone is on the same page.
Finance teams often work cross-functionally with other departments, such as marketing and sales. Keeping everyone in the loop can be a daunting task, whether you’re hosting an internal discussion with staff members or communicating between different departments. Groups makes it easy to communicate quickly with everyone at once. You can also limit how confidential or sensitive project information is shared by only adding certain people to a group. After adding email accounts to a group, you can send an email.
When working cross-functionally, team members often need key metrics on topics, such as budgets, ROI, and bottom lines. Create an internal website in Sites to host this data and links to important documents. Then, use permissions and Groups to control access to sensitive information.
Sheets makes it easy to bring order and meaning to financial data. Create financial statements and balance the books with Xero Accounting Software’s free Sheets template. Move financial data from several spreadsheets into a single spreadsheet with the IMPORTRANGE function. Add stock prices to visualize trends with the GOOGLEFINANCE function. Then, instantly analyze any data in your spreadsheet with the Explore feature.
If your finance department is providing services to another group, you can measure the quality of those services with an internal survey. Or, help prioritize projects by sending stakeholders a survey to collect financial data. You can also streamline your operations using internal surveys to identify redundant processes or procedures that have marginal value. Use Forms to build and send your survey. Then, quickly analyze the responses captured in Sheets to inform team decisions.
When beginning a project, draft a proposal in Slides; you can even start with an existing template to save time. Add key objectives, project milestones, planning initiatives, and any updates. Share the presentation with your team so everyone can add their feedback. Then, present the proposal to cross-functional teams across the globe.
If your team is located all over the world, save travel costs by presenting your proposals, budget plans, and more using a video call in Hangouts. Share the file you’re presenting, then share your screen so everyone is looking at the same information. Anyone can update your file or make suggestions in real time during the call.
Keep your historical and current financial reports, presentations, role-specific resources, and other materials in a central location by creating a website in Sites. Then, control access to this information by setting up permissions for the entire website. Anyone with access to the website can easily perform data analysis and create forecasts using the site resources.