How to Manage Documents and Finances

Control Finances and Documents

Financial documents are vital to running your business even if they're as exciting as new products or services. They provide you with an insight into the finances of your business and can help you make the right decisions.

A business should 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. Furthermore, properly managed financial documents can help businesses stay in compliance with regulations while avoiding fines and penalties.

Begin by putting all financial records in one location. Look over your kitchen counters or entryway desk, your home office the trunk of your car or garage, basement or any other area where you are likely to accumulate documents. Then, you can dispose of unnecessary paperwork, like junk mail, expired coupons, and catalogs. You might also want to throw out old product manuals or other documents that are not used. After you've gathered everything, organize your papers into categories. For instance, you might you have sub-categories for your credit cards or 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 help you locate your files and also for anyone else who might need them in the future.

If you're looking to save your documents for the long-term consider a storage solution that will be secure and easily accessible. There are a variety of options, including filing cabinets as well as offsite storage, or cloud-based document management systems. With the alternative you'll be able instantly access your documents from anywhere with access based on permissions, which can be tracked and managed. A DMS will automate workflows that create alerts and escalate to ensure that procedures are followed. This reduces the amount of manual handling and error.

Financial industry documents are numerous, ranging from power of attorney papers and conservatorship documents to commercial account records and bank account records. In addition there are many regulatory documents, such as Sarbanes-Oxley, FRCP, SEC, Graham-Leach-Bliley and other laws that require proper control and management 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 these requirements. FileCenter is a good choice because it's affordable and doesn't require a monthly subscription, and is compatible with any device. Plus, it's compatible with many cloud services that allow for simple sharing of files between remote employees. Contact us today to find out how FileCenter can improve document management and financial processes. We offer a 30-day free trial and demo that is free of charge. We look forward to hearing from you.

May 16, 2023
Gary Stevens

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