How to Manage Documents and Finances

Manage Finances and Documents

Financial documents are essential to running your business, even if they’re not as exciting as new products or services. They provide you with a glimpse into the financials of your business and help you make better decisions.

A business should ensure that all financial documents are organized and easily accessible. This includes everything from accounts payable and receivable to the payroll and inventory. This will help you avoid being a victim of opportunities and improve your cash flow. A well-organized financial document assists companies in staying in compliance with the regulations and avoid fines and penalties.

To start, gather all financial records in one location. This might involve looking over your kitchen counter, entryway table, home office desk, car trunk, garage or basement where papers can accumulate. Then, throw away any paperwork that is not needed, such as junk mail, catalogs and expired coupons. You might also want eliminate old product manuals and any other unused or unneeded documents. After you’ve gathered all the information, arrange your documents into categories. For example, you might have sub-categories for 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 for you and anyone else who needs to access your files later.

If you want to store your documents for a prolonged period, choose a solution that is both secure and accessible. Some options include filing cabinets and offsite storage as well as cloud-based document management systems. You can access documents instantly anywhere using permission-based access that is monitored and managed. A DMS can also automate workflows to trigger escalation and alerts to ensure that the procedures are adhered to, which reduces the need for manual handling and errors.

Financial industry documents are numerous that range from power of attorney documents and conservatorship papers to commercial account records and bank account records. There are also many documents that are required by regulators, such as Sarbanes-Oxley (FRCP), SEC, Graham-Leach-Bliley, and other laws which require the proper management and control of sensitive information.

To handle the demands of these kinds of documents, you need to select a document management system that is simple to use and integrates with other systems within your organization. FileCenter is an excellent choice since it’s cost-effective, does not require a subscription and works on any device. It’s also compatible with many cloud-based services, allowing remote workers to share their files with ease. Contact us today to find out how FileCenter can improve document management and financial processes. We offer a 30-day free trial and a demo with no obligation. We would love to hear from you!