How Corporate Intranet Is Useful For The Finance Department

Corporate intranet is a very effective tool for any kind of business

. The biggest advantage of adopting such a wonderful and flexible solution is that it can be easily integrated to the existing IT infrastructure of the company without incurring huge expenses. The intranet solution can be used by any department and it does not take any kind of special training to learn how to use it. This intranet solution allows all the members of the finance department to get updated information on real time basis. All the team members can be given access to the intranet and they can post their queries and get feedback on the intranet itself.

Financial Reports:

Corporate intranet solution is very useful for finance department. The finance guys deal with a lot of crucial information that they is crucial to the management for taking strategic business decisions. The finance department can publish financial data in a secure, controlled access folder for access by executive management. The executive management can access all the business critical information when ever they require it and do not have to wait for the finance department to send the reports on a regular basis. This system will streamline the entire reporting structure and will reduce the level of dependence when practiced on a regular basis.

Policies and Procedures:

Corporate intranet is a very effective tool for educating the employees regarding the various policies related to finance and accounting. The departmental intranet helps in establish a central location for corporate policies and procedures related to finance and accounting. All the members of the finance department should refer to these policies and procedures as a sort of guideline while doing their work. This system will allow instant access to financial policies and procedures and all the work should be done keeping in mind these guidelines. The policies and procedures should be updated on a regular basis whenever there is a change and the same gets updated on real time basis.

Budgeting:

Corporate intranet also acts as a data centre for the finance department. It stores all the crucial information that the department publishes on a regular basis. The department can use the intranet very effectively to publish historical budgeting data, including projected and actual spending, P&L statements, balance sheet, quarterly reports and other financial data that is required by the executive management on a regular basis. The finance department can also update reports on budgets and various financial figures. The management should always be in a position to know about the financial health of the company through the reports and data posted onto the secure folders.

Asset Management:

Corporate intranet acts as a very useful tool when it comes to important financial functions like asset management. Using the intranet, the finance department can publish a complete inventory of current assets online for real time review and update. This would not have been possible had there been no intranet. Adopting this system expedites the whole process of asset management and simplifies the work.

by: Charles Funkel

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