How to Manage Documents and Finances

Manage Documents and Finances

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

With the plethora of financial documents ranging from accounts receivable and payable, to payroll, inventory and more – a business must ensure they’re organized and accessible. This will help you avoid getting a miss and improve your cash flow. Additionally, properly-managed financial documents can help businesses stay in compliance with regulations while avoiding fines and penalties.

To start, gather all your financial documentation in one location. This might involve reviewing your kitchen counter, entryway table, home office desk, garage or basement where papers are likely to accumulate. Next, throw away any unnecessary paperwork, like junk mail, expired coupons, and catalogs. It is also possible to eliminate old product manuals, as well as other unnecessary or unneeded documents. After you’ve gathered all your documents, organize them into categories. For instance, you may have sub-categories pertaining to 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 locate your files, as well as for anyone else who may need them in the future.

If you want to store your documents for a long time, choose a solution that is safe and easy to access. You can select from filing cabinets or offsite storage, or a cloud document management system. You can instantly access your documents from any location with permission-based access that is tracked and managed. A DMS can automate workflows to trigger alerts and escalation, to ensure that processes are followed that reduces the manual process and errors.

Documents in the financial industry are varied, ranging from power of attorney forms and conservatorship documents to commercial account records and bank account records. There are many documents that are required by regulators, such as Sarbanes-Oxley (FRCP), SEC, Graham-Leach-Bliley, and other laws that require the proper management and control of sensitive information.

It is crucial to choose a system that is easy-to-use and integrates with the other systems in your organization to meet your needs. FileCenter is an excellent choice because it’s inexpensive, does not require a subscription and is accessible on any device. It’s also compatible with many cloud-based services, allowing remote workers to share their files with ease. If you’re looking to switch to FileCenter Contact us today to learn how FileCenter can improve your document management and financial processes. We offer a free 30-day trial and demo without commitment. We are looking forward to hearing from you!

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