Finance Site Architecture in SharePoint Online

The purpose of this guide to help design an efficient, intuitive, and user friendly finance site architecture based on recommended best practices for SharePoint published by Microsoft.

About: This document is undergoing review and update every month based on the feedback and in light on newer information as it becomes available.

This guide provides the best recommendations to create secure and manage the financial data and records in the SharePoint online.

Following requirements are the basis of the rest the document.

Requirements for Financial Data.

  1. A record type of lists and library repositories for archiving.
  2. Permissions at every level, from file, library, site, site collection, to tenant.
  3. Classifications to meet the authentication and authorization.
  4. Retention policies for proper access, management and disposal.
  5. Working area for finance team. Documents and reports that are in progress and not finalized, resources and guidelines to onboard new members.
  6. Communication portal to communicate finance and events with the internal staff and guidelines
  7. An area for internal staff to communicate with the finance team, tickets, workflow and request access to the document
  8. A permissions matrix that lists the permissions level, required to access the portal.
  9. A project finance template for new projects or clients
  10. Content Types related to Finance.

Following are addressed in this finance library

  1. Metadata
  2. SharePoint Lists
  3. Document Libraries
  4. Permission Levels
  5. Document Classifications
  6. Integration
  7. Capture
  8. Data validation
  9. Indexing
  10. Storage
  11. Retrieval
  12. Distribution
  13. Security
  14. Workflow
  15. Collaboration
  16. Versioning
  17. Searching
  18. Publishing

Metadata

Metadata for Finance Documents typically contain various types of metadata, which are pieces of information that provide context or details about the document. The specific metadata associated with financial documents may vary depending on the type of document and the software used, but some common types include:

  1. Document Information:

    • Title: The title or name of the financial document.
    • Author: The person or entity responsible for creating the document.
    • Date Created/Modified: The date when the document was created or last modified.

  2. Identification Information:

    • Document Number: A unique identifier assigned to the financial document.
    • Transaction ID: A unique identifier associated with a specific financial transaction.
    • Account Numbers: Identifiers for accounts related to the financial transactions.

  3. Version Control:

    • Version Number: Indicates the version of the financial document, especially relevant for revised or updated versions.
    • Revision History: Information about changes made to the document over time.

  4. Security and Access Information:

    • Access Controls: Information about who has permission to view or modify the document.
    • Encryption Details: If the document is encrypted, metadata may include information about the encryption method used.

  5. Audit Trail Information:

    • User Activity Logs: Records of actions taken by users, providing an audit trail for accountability and transparency.
    • Timestamps: Time information associated with various activities within the document.

  6. Content Structure:

    • Table of Contents: Information about the document's structure, especially if it contains multiple sections or chapters.
    • Section Headings and Subheadings: Organizational elements within the document.

  7. Document Format Information:

    • File Format: Information about the format in which the document is stored (e.g., PDF, Excel, Word).
    • Page Size and Orientation: Details about the layout of the document.

  8. Metadata in Embedded Objects:

    • Metadata within Spreadsheets or Charts: Information about individual cells, rows, columns, or elements within the document.
    • Embedded Comments or Annotations: Additional information added by users for clarification.

  9. Compliance Information:

    • Regulatory Compliance Data: Information indicating compliance with financial regulations and standards.
    • Tax Information: Details related to tax implications and compliance.

  10. Custom Metadata:

    • Custom Fields: Additional fields that can be defined by the user or organization to store specific information.

It's important to note that organizations may have specific requirements for metadata in financial documents, especially to comply with regulations, maintain transparency, and facilitate efficient document management.

SharePoint Lists

This provide common SharePoint lists that should exist on the Finance site

  1. Expense Reports:

    • Track and manage employee expenses.
    • Capture details such as date, description, amount, and category.
    • Include approval workflows for expense reimbursement.

  2. Budget Tracking:

    • Monitor and manage budget allocations.
    • Include columns for budget categories, planned vs. actual expenses, and variance analysis.

  3. Invoices:

    • Store and organize incoming and outgoing invoices.
    • Include details like invoice number, vendor, amount, and payment status.

  4. Purchase Orders:

    • Manage purchase requests and approvals.
    • Include information such as vendor, items/services, quantities, and approval status.

  5. Financial Documents Library:

    • Central repository for financial documents like financial statements, reports, and tax documents.
    • Use metadata to categorize documents and make them easily searchable.

  6. Contracts:

    • Track and manage financial contracts and agreements.
    • Include information on parties involved, contract terms, and expiration dates.

  7. Vendor Information:

    • Maintain a list of vendor contacts and details.
    • Include information on payment terms, contracts, and performance history.

  8. Financial Calendar:

    • Highlight important financial dates, such as budget deadlines, tax filing dates, and audit periods.

  9. Asset Register:

    • Keep track of company assets, including their acquisition dates, depreciation, and current values.

  10. Financial Projects:

    • Track financial projects or initiatives.
    • Include milestones, project team members, and financial metrics.

  11. Revenue Tracking:

    • Monitor and analyze revenue streams.
    • Include columns for sales data, revenue sources, and performance against targets.

  12. Financial KPIs Dashboard:

    • Create a dashboard to display key financial performance indicators.
    • Use charts and graphs to visualize data for quick insights.

  13. Bank Reconciliation:

    • Track and reconcile bank transactions with internal financial records.
    • Include columns for transaction date, description, and reconciliation status.

  14. Risk Register:

    • Identify and manage financial risks.
    • Include information on the type of risk, potential impact, and mitigation strategies.

  15. Compliance Checklist:

    • Ensure adherence to financial regulations and compliance requirements.
    • Track compliance activities and deadlines.

  16. Employee Benefits:

    • Manage information related to employee benefits and compensation.
    • Include details such as salary structures, benefits enrollment, and employee contributions.

These lists can be customized based on the specific needs of the finance department and the organization's structure. SharePoint provides flexibility, collaboration features, and customization options to tailor these lists to fit the unique requirements of your finance site.

Document Libraries

The document libraries that should be part of the finance site.

  1. Financial Statements:

    • Store financial statements such as income statements, balance sheets, and cash flow statements.
    • Use metadata to categorize statements by fiscal year or reporting period.

  2. Tax Documents:

    • Organize and store tax-related documents, including tax returns, supporting documentation, and correspondence with tax authorities.

  3. Audit Reports:

    • Create a library for audit reports, both internal and external.
    • Include reports from financial audits, compliance audits, and any related documentation.

  4. Policies and Procedures:

    • Maintain a library for financial policies and procedures.
    • Include documents outlining financial controls, expense policies, and financial reporting guidelines.

  5. Contracts and Agreements:

    • Store all financial-related contracts and agreements in a dedicated library.
    • Include vendor contracts, partnership agreements, and any other financial agreements.

  6. Investor Relations:

    • Create a library for documents related to investor relations.
    • Include investor presentations, communication materials, and shareholder reports.

  7. Training Materials:

    • Organize training materials for finance-related topics.
    • Include documentation for financial software, training manuals, and compliance training materials.

  8. Expense Receipts:

    • Set up a library for storing scanned copies or images of receipts for expenses.
    • This can be linked to the Expense Reports list for easy reference.

  9. Financial Models and Forecasts:

    • Store financial models, projections, and forecasting documents.
    • Include versions and use metadata to track updates and changes.

  10. Bank Statements:

    • Organize and store electronic copies of bank statements.
    • Use metadata to categorize statements by account and date.

  11. Credit Card Statements:

    • Similar to bank statements, create a library for electronic copies of credit card statements.
    • Categorize by cardholder or department.

  12. Financial Research and Articles:

    • Maintain a library for relevant financial research, articles, and industry reports.
    • Include documents that provide insights into market trends and financial analysis.

  13. Financial News and Updates:

    • Create a library for financial news articles and updates.
    • This can be useful for staying informed about industry news and market developments.

  14. Financial Presentations:

    • Store presentation materials used for financial meetings and discussions.
    • Include PowerPoint slides, charts, and graphs.

  15. Merger and Acquisition Documents:

    • If applicable, create a library for documents related to mergers, acquisitions, or divestitures.
    • Include due diligence reports, agreements, and integration plans.

  16. Insurance Documents:

    • Organize and store insurance policies, certificates, and related documentation.
    • Include information on coverage, expiration dates, and terms.

When creating these document libraries, consider implementing appropriate metadata, version control, and permissions to enhance organization, collaboration, and security. Additionally, leverage SharePoint features such as document sets, content types, and workflows to streamline processes related to these financial documents.

Permission Levels

Finance permissions levels exists to make sure only authorized and authenticated users get access to the content, using the least privileged

  1. Finance Manager / Director:

    • Permission Level: Full Control or Design
    • Access Rights:
      • Full control over financial documents, lists, and libraries.
      • Ability to create, edit, and delete content.
      • Manage permissions within the finance site.

  2. Accountant / Financial Analyst:

    • Permission Level: Contribute or Edit
    • Access Rights:
      • Create, edit, and delete financial documents.
      • View and modify financial lists and libraries.
      • Limited ability to manage permissions.

  3. Accounts Payable / Receivable:

    • Permission Level: Contribute or Edit
    • Access Rights:
      • Create, edit, and delete invoices, receipts, and related documents.
      • View and modify relevant lists and libraries.
      • Limited ability to manage permissions.

  4. Auditor:

    • Permission Level: Read
    • Access Rights:
      • View financial documents and reports.
      • Limited ability to modify or delete content.
      • No permission to manage site structure or permissions.

  5. Executive Management:

    • Permission Level: Read or View Only
    • Access Rights:
      • View financial reports and high-level summaries.
      • No permission to modify or delete content.
      • Limited ability to manage site structure or permissions.

  6. IT Administrator:

    • Permission Level: Full Control or Design
    • Access Rights:
      • Full control over the entire SharePoint site.
      • Ability to manage site settings, features, and configurations.
      • Manage user permissions at the site and site collection levels.

  7. Compliance Officer:

    • Permission Level: Read or Contribute
    • Access Rights:
      • View and monitor financial compliance documents.
      • Limited ability to contribute or modify compliance-related content.
      • No permission to manage site structure or permissions.

  8. Human Resources (HR) Representative:

    • Permission Level: Read or Contribute
    • Access Rights:
      • View and contribute to HR-related financial documents (e.g., employee benefits).
      • Limited ability to modify or delete content.
      • No permission to manage site structure or permissions.

It's crucial to tailor permissions to match the specific responsibilities and access requirements of each role. Regularly review and update permissions to ensure that they align with organizational changes and security best practices. Additionally, consider leveraging SharePoint's unique features, such as item-level permissions, to further customize access control for sensitive financial data.

Document Classifications

  1. Public:

    • Description: Documents that are intended for public disclosure.
    • Examples: Public financial statements, press releases.

  2. Internal Use Only:

    • Description: Documents meant for internal use within the organization.
    • Examples: Internal financial reports, budget drafts.

  3. Confidential:

    • Description: Documents with sensitive information requiring protection.
    • Examples: Employee salary information, strategic financial plans.

  4. Restricted:

    • Description: Documents with limited access based on specific criteria.
    • Examples: Board meeting minutes, restricted financial data.

  5. Proprietary or Trade Secret:

    • Description: Documents containing proprietary or trade-secret information.
    • Examples: Intellectual property documents, financial modeling algorithms.

  6. Compliance:

    • Description: Documents related to compliance with legal and regulatory requirements.
    • Examples: Compliance policies, regulatory filings.

  7. Contracts and Agreements:

    • Description: Documents containing contractual obligations and agreements.
    • Examples: Vendor contracts, partnership agreements.

  8. Audit Reports:

    • Description: Reports from internal and external audits.
    • Examples: Internal audit reports, external audit findings.

  9. Tax Documents:

    • Description: Documents related to tax filings and obligations.
    • Examples: Tax returns, supporting documentation.

  10. Financial Policies and Procedures:

    • Description: Documents outlining financial controls and procedures.
    • Examples: Financial policy manuals, procedural documents.

  11. Financial Statements:

    • Description: Documents providing a snapshot of the financial health of the organization.
    • Examples: Income statements, balance sheets.

  12. Risk Management:

    • Description: Documents related to the identification and management of financial risks.
    • Examples: Risk assessment reports, risk mitigation strategies.

  13. Investor Relations:

    • Description: Documents intended for communication with investors and stakeholders.
    • Examples: Investor presentations, shareholder communications.

  14. Mergers and Acquisitions:

    • Description: Documents related to mergers, acquisitions, or divestitures.
    • Examples: Due diligence reports, acquisition agreements.

  15. Sensitive Personnel Information:

    • Description: Documents containing sensitive employee-related financial information.
    • Examples: Employee salary details, benefits information.

  16. Financial Models and Forecasts:

    • Description: Documents containing financial modeling and forecasting data.
    • Examples: Budget forecasts, financial projections.

  17. Insurance Documents:

    • Description: Documents related to insurance policies and coverage.
    • Examples: Insurance policies, certificates of coverage.

  18. Banking and Financial Agreements:

    • Description: Documents related to banking relationships and financial agreements.
    • Examples: Loan agreements, credit facility documents.

It's crucial to establish clear policies and guidelines for document classification in alignment with industry regulations and organizational security requirements. Additionally, implement access controls and security measures to ensure that documents are only accessed by individuals with the appropriate permissions. Regular training and communication on document classification policies are essential to ensure compliance across the finance department and the organization as a whole.

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