How to Manage Documents and Finances

Manage Financials and documents

While they may not be as exciting as a brand new product or service, financial documents are important to run your business. They give you an insight into the finances of your business and can help you make smart decisions.

A business should ensure that all important financial documents are properly organized and accessible. This includes everything from accounts payable and receivable to the payroll and inventory. This helps prevent missed opportunities and improves cash flow. In addition, properly managed financial documents can help businesses stay in compliance with regulations, avoiding fines and other penalties.

To begin, collect all your financial documentation in one place. This could include looking over your kitchen counter, entryway table, home office desk, garage or basement where papers can build up. Then, throw away any unnecessary paperwork, like junk mail, catalogs, and expired coupons. It is also possible to get rid of old product manuals as well as any other documents that are not used or no longer needed. Once you’ve gathered all your documents, organize them into categories. For example, you might have sub-categories for 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 aid in finding your files as well as anyone else who might require them in the future.

If you’re looking for a way to store your documents for the long-term, choose a storage solution that will be safe and easy to access. You can pick from filing cabinets, offsite storage, or a cloud-based document management system. You can access documents instantly anywhere using permission-based access that is tracked and managed. A DMS can automate workflows and trigger alarms and escalation in order to ensure that the procedures are adhered to and reduce errors and manual handling.

Documents for the financial industry are diverse, ranging from power of attorney documents and conservatorship papers to commercial account records and bank account records. There are also numerous regulatory documents like Sarbanes-Oxley (FRCP), SEC, Graham-Leach-Bliley, and other laws which require the proper management and control of sensitive information.

It is essential to choose an application that is simple to use and integrates with the other systems within your company to meet the demands of your business. FileCenter is a good choice because it’s inexpensive and does not require a subscription and can be used on any device. It’s also compatible with many cloud-based services, allowing remote employees to easily share files. Contact us today to learn how FileCenter can improve your document management and financial processes. We offer a 30-day free trial and a demo that is free of charge. We look forward to hearing from you.

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