How to Manage Documents and Finances

How to Manage Documents and Finances

Manage Financials and documents

Although they might not be as exciting as a new product or service, financial documents are an essential part of running your business. They provide insight into the financials of your business and can help you make better decisions.

With so many important financial documents – from accounts receivable, payable, inventory, payroll and more – a business must ensure that they are organised and accessible. This helps to avoid missed opportunities and boosts cash flow. A well-managed financial document helps businesses stay in compliance with the regulations and avoid fines and penalties.

To begin, you must gather all financial records in one place. This could involve reviewing your kitchen counter, entryway table as well as your home office desk garage or basement where papers are likely to accumulate. Then, get rid of any unnecessary paperwork, like junk mail, catalogs, and expired coupons. It is also possible to get rid of old product manuals or other unnecessary or unneeded documents. After you’ve gathered everything, organize your documents into categories. For instance, you may have sub-categories for your different credit cards or insurance policies. If you’re using a digital filing system, create folders for each category and use consistent naming conventions (e.g., “Year-Month-Day_Description”). This will make it easier to find your files, as well as for anyone else who might require them later.

If you intend to keep your documents for a prolonged period make sure you choose a storage solution that is secure and accessible. There are a variety of options, including filing cabinets as well as offsite storage, or a cloud-based document management system. You can access documents instantly from anywhere with permission-based access, which is tracked and managed. A DMS can also automate workflows that trigger escalation and alerts to ensure that procedures are followed and reduce manual handling and error.

The financial sector is characterized by numerous documents that need to be managed, from conservatorship and power-of-advisory documents for private clients to accounts with a bank and investment portfolio records for commercial accounts. There are also numerous legal documents, including Sarbanes-Oxley (FRCP), SEC, Graham-Leach-Bliley, and other laws that require proper management and control of sensitive information.

To handle the demands of these types of documents, it’s critical to find a document administration system that is easy to use and integrates with other systems within your organization. FileCenter is an excellent choice since it’s cost-effective, does not require a subscription and works on any device. Plus, it’s compatible with most cloud services for simple file sharing by remote employees. Contact us today to learn how FileCenter can improve your document management and financial processes. We offer a 30 day free trial and a demonstration with no obligation. We look forward to hearing from you.

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