How to Manage Documents and Finances

Manage Financials and documents

Financial documents are essential for running your business even if they’re 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.

With so many vital financial documents – from accounts receivable and payable, to inventory, payroll and much more – a company needs to ensure they’re properly organized and easily accessible. This helps to avoid missed opportunities and increases cash flow. A properly managed financial document aids companies to remain in compliance with the regulations and avoid fines and penalties.

To begin, you must gather all your financial documents in one place. Look over your kitchen counters or entryway desk, your home office or car trunk and garage, basement or any other area where you are likely to accumulate documents. Then, dispose of any unnecessary paperwork, such as junk mail, expired coupons, and catalogs. You might also want eliminate old product manuals or other documents that are not used. After you’ve gathered everything, arrange your papers into categories. For instance, you could, have 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 simplify access for you and everyone else who might need access to your files later.

If you’re planning to store your documents for the long-term select a storage option that will be secure and easily accessible. Some options include filing cabinets and offsite storage as well as cloud-based document management systems. With the alternative you’ll have the ability to immediately access your documents from any place with access that is permission-based and can be monitored and managed. A DMS can automate workflows and trigger escalation and alerts to ensure that procedures are followed, which reduces the manual process and errors.

The financial industry is home to numerous documents that must be managed, from conservatorship and power of attorneys documents for private clients to bank account and investment portfolio records for commercial accounts. In addition there are numerous regulatory documents, such as Sarbanes-Oxley, FRCP, SEC, Graham-Leach-Bliley and other laws that require proper control and management of sensitive information.

To meet the demands of these types of documents, it’s crucial to find a document management system that is easy to use and can be integrated with other systems within your company. FileCenter is a great choice because it’s cost-effective, doesn’t require a monthly subscription, and is compatible with any device. It’s also compatible with most cloud-based services, allowing remote workers to share their files with ease. If you’re ready to make the switch contact us today to learn how FileCenter can help improve your document management and financial processes. We offer a free 30-day trial and demo without obligation. We are looking forward to hearing from you.

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