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10 ways to use Google Apps in the financial industry

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  1. Create financial models to evaluate projects.

To find out if your proposed project is worth it, create a financial model using Sheets that calculates IRR, ROI, and NPV. See the impact of hypothetical behavior by adjusting the input key data in your model. Shown when funding approaches the budget limit using conditional color formatting. Then, share the spreadsheet with the team to get feedback.

 

  1. Create and collaborate on budget requests.

Create draft budget requests for projects and get feedback from the team on Docs. People with whom the draft is shared can add comments and request corrections. You can respond to comments and get the necessary approvals. In the history section, there is a check to see who made the changes and you can go back to a previous version at any time.

 

  1. Brainstorm on budget and strategy simultaneously.

Once you've finalized a project budget, your team will come together through a Hangout collaboration. Share links in Hangouts like Sheets and Docs that people can edit and use for brainstorming. Then, during the call, start strategizing together and write the ideas on the same page.

 

  1. Share and manage file access between groups with different tasks.

Finance teams often work with other functions, such as marketing and sales. Keeping everyone in an email stream is a daunting task, whether you're presiding over an internal debate with members or communicating across departments. Groups make it easy to quickly communicate with everyone at the same time. You can limit how confidential or sensitive project information is shared by adding certain people to the group. After adding email accounts to the group, you can send emails.

 

  1. Store key metrics and illustrate data on a website.

When working across multiple functions, team members often need key metrics on topics such as budget, ROI, and revenue. Create an internal website on Sites to store data and link to important documents. Then use permissions and Groups to control access to sensitive information.

 

  1. Organize and analyze large amounts of financial information.

Financial teams often work with large amounts of financial information, and Sheets makes the order and meaning of the data easy to present. Create a pivot table to summarize and calculate groups of data. Bring financial data from multiple spreadsheets into one spreadsheet with the IMPORTRANGE function. Search large databases in spreadsheets for specific information with the QUERY function. Add stock prices to illustrate trends with the GOOGLEFINANCE function. Then, instantly analyze any data in the spreadsheet with the Explore function.

 

  1. Conduct internal survey.

If your finance department is providing services to another group, you can measure the quality of those services with an internal survey. Also to help prioritize projects by sending stakeholders a survey to gather financial information. You can also streamline operations by using internal surveys to identify cumbersome processes or sequences. Use Forms to build and submit your survey. Then, quickly analyze and provide feedback on Sheets for the team to make decisions.

 

  1. Create presentations and plan goals.

When starting a project, simulating a proposal on Slides, you can start with an existing template to save time. Add important goals, timelines, initial plans and all the updates. Share the presentation with your team so everyone can add comments. Then present the proposal to other groups around the world.

 

  1. Present to the group via video.

If your team is dispersed around the world, save on travel costs by presenting your proposal, budget plan, and video call on Hangouts. Share the file you're presenting, then share your screen with everyone so they can see the same information. Anyone can update your file or comment at the same time during the call.

 

  1. Create an internal archive.

Keep financial statements, presentations, special resources, and other documents created in the past or present in one central place by creating a website on Sites. Then, control access to this information by setting permissions on the entire website. Anyone with access to the website can easily perform data analysis and generate forecasts from information sources on the site.

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