How to Manage Documents and Finances

Control Financials and Documents

Although they might not be as exciting as a new product or service, financial documents are vital to running your business. They give you an insight into the financials of your business and help you make the right decisions.

A business should ensure that all crucial financial documents are organized and easily accessible. This includes everything from accounts payable and receivable, to payroll and inventory. This will help you avoid being a victim of opportunities and improve your cash flow. In addition, properly managed financial documents can help businesses stay in compliance with regulations to avoid fines and penalties.

To start, gather all your financial documentation in one location. This could mean taking a look at your kitchen counter entryway table, home office desk, garage, or car basement where papers can build up. Next, toss any paperwork that is not needed, such as catalogs, junk mail and expired coupons. You might also want remove old manuals for your product or other unread documents. After you’ve gathered all the documents you have, separate them into categories. For instance, you could 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 help you locate your files as well as anyone else who might need them later.

If you’re looking to save your documents for the long run, choose a storage solution that is secure and easily accessible. You can choose between filing cabinets and offsite storage options, or a cloud-based document management system. You can instantly access your documents from any location with permission-based access that is monitored and controlled. A DMS can also automate workflows to trigger alarms and escalation to ensure that the procedures are adhered to which can reduce the need for manual handling and errors.

Financial industry documents are numerous, ranging from power of attorney documents and conservatorship documents to commercial account records and bank account records. There are 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 meet the requirements of these kinds of documents, it’s essential to select a document management system that is simple to use and connects with other systems in your organization. FileCenter is a great option because it’s affordable, does not require a subscription and is accessible on any device. Plus, it’s compatible the majority of cloud services to facilitate sharing of files between remote employees. If you’re willing to change your cloud provider get in touch with us today to learn how FileCenter can improve your document management and financial processes. We offer a free 30-day trial and a no-obligation trial. We look forward to hearing from you!

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