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 offer insight into your company’s finances and help you to make smart business moves.

A business must ensure that all vital financial documents are properly organized and accessible. This includes everything from accounts payable and receivable, to payroll and inventory. This helps to avoid missed opportunities and boosts cash flow. A well-managed financial statement aids companies to remain in compliance with regulations and avoid penalties and fines.

Begin by putting all financial records in one location. Go through your kitchen counters the entryway desk, your home office and car trunk or garage, basement, or any other area where you accumulate papers. Next, toss any unnecessary paperwork, including junk mail, catalogs, and expired coupons. You may also want to eliminate old product manuals or other unneeded or inactive documents. After you’ve gathered all your documents, organize them into categories. For instance, you might you have sub-categories for your credit card or policy. 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 for you and everyone else who needs to access your files later.

If you are looking to store your documents for a long period of time you should choose a solution that is secure and accessible. There are a variety of options, including filing cabinets offsite storage, as well as a cloud-based document management system. With the alternative, you’ll be able to immediately access your documents from anywhere with permissions-based access that can be monitored and controlled. A DMS can automate workflows to trigger alerts and escalations to ensure that processes are adhered to. This will decrease the amount of manual work and error.

The financial industry is home to a wide variety of documents that need to be managed, from conservatorship and power-of-advisory papers for individual clients to investments portfolio and bank account records for commercial accounts. Additionally there are numerous documents that are required by regulators, like Sarbanes-Oxley, FRCP, SEC, Graham-Leach-Bliley and other laws that require proper control and management of sensitive information.

It is essential to choose an option that is user-friendly and is compatible with other systems in your company to meet your needs. FileCenter is a great choice since it’s inexpensive and doesn’t require a monthly subscription and is compatible with any device. Additionally, it’s compatible with most cloud-based services for easy file sharing by remote employees. If you’re ready to make the switch Contact us today to find out how FileCenter can enhance your document management and financial processes. We offer a 30-day free trial and a free demo with no obligation. We would love to hear from you!

data rooms website

Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *