Looking for guidance for using sharepoint as office notes system

Greetings,

I am new to SharePoint and the office 365 suite. I recently helped migrate our internally hosted mail and file transfer tools to the 365 mail and OneDrive, and so far it has been a smooth transition.

My office has used a word document to pass important information from one shift to another, and each day we create a new document. It has become cumbersome. This document has gotten longer and longer in length, and up until the use of SharePoint or OneDrive, many users would be fighting for write access to the single document.

Here is the problem i am looking to solve :

Using sharepoint, would there be straightforward way to create a group document or site that everyone can collaborate on instead of fighting over a word doc?

Would it be possible to see the newest added changes and roll back an unwanted change if needed?

The problem i face is a bit difficult, im hoping there would be a way to see the newest added information for todays date for example , to be shown first, so im not reading over older information i already read, the newest information for the day would be my first thing to read.

I hope I have explained my use scenario here clearly enough, any guidance or questions to further help me get this working would be much appreciated.