How to Manage Documents and Finances

Control Finances and Documents

Financial documents are vital to running your business, even if they’re not as exciting as new products or services. They offer insight into the financials of your company and allow you to make smart business moves.

With the plethora of financial documents ranging from accounts receivable and payable to inventory, payroll and much more – a company must ensure they’re organised and accessible. This will help you avoid losing opportunities and increase your cash flow. Furthermore, properly managed financial documents allow companies to stay in compliance with regulations, avoiding fines and other penalties.

To start, gather all financial records in one place. This could involve taking a look at your kitchen counter entryway table and home office desk garage, or car basement where papers are likely to build up. Next, toss any unnecessary paperwork, including catalogs, junk mail and expired coupons. You might also want to get rid of old product manuals or other documents that are not used or no longer needed. After you’ve gathered everything, arrange your documents into categories. For instance, you may having sub-categories to organize 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 make it easier for you and anyone else who may need access to your files later.

If you are looking to store your documents for a prolonged period you should choose a solution that is secure and easily accessible. You can pick from filing cabinets, offsite storage, or a cloud-based document management system. With the second option, you’ll be able to immediately access your documents from any place with access based on permissions that can be tracked and monitored. A DMS will automate workflows that trigger alerts and escalation to ensure that the procedures are followed. This will decrease the amount of manual work and error.

The financial industry has a wide variety of documents that must be managed, from power of attorney and conservatorship documents for private clients to investments portfolio and bank account records for commercial accounts. In addition 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.

To meet the requirements of these types of documents, it’s critical to choose a document management system that is easy to use and integrates seamlessly with other systems within your business. FileCenter is a good choice because it’s affordable, doesn’t require a monthly subscription and works with any device. It’s also compatible with many cloud services that allow for simple file sharing for remote employees. If you’re ready to make the switch Contact us today to learn how FileCenter can help improve your financial and document management processes. We provide a 30-day no-cost trial and demo without obligation. We are looking forward to hearing from you!