Manage Finances and Documents
Although they might not be as exciting as a brand new product or service, financial documents are an essential part of running your business. They provide insight into your company’s finances and help you to make smart business decisions.
A business should ensure that all financial documents are properly organized and 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. A well-organized financial document aids companies to remain within the rules and avoid penalties and fines.
All your financial documents in one place. Examine your kitchen counter the entryway desk, your home office or car trunk and garage, basement or any other location that you often accumulate documents. Next, throw away any unnecessary paperwork, like junk mail, expired coupons, and catalogs. You may also want to get rid of old product manuals and any other documents that are not used or no longer needed. After you’ve collected everything, put your documents into categories. For instance, you could, have sub-categories to organize your credit card or policy. 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 needs to access your files later.
If you’re looking to store your documents long term, choose a storage solution that will be safe and easy to access. Some options include filing cabinets as well as offsite storage, or cloud-based document management systems. With the second option you’ll be able to instantly access your documents from any location with access based on permissions, which can be monitored and controlled. A DMS can also automate workflows to trigger alarms and escalation in order to ensure that procedures are followed and reduce the manual process and errors.
Financial industry documents are diverse and include everything from power of attorney papers and conservatorship papers to datarooms.website/simple-purchase-and-sale-agreement-for-business commercial account records and bank account records. There are many regulatory documents such as Sarbanes-Oxley (FRCP), SEC, Graham-Leach-Bliley, and other laws that require proper management and control of sensitive information.
To handle the demands of these types of documents, it’s critical to select a document management system that is simple to use and connects with other systems within your business. FileCenter is a good choice since it’s inexpensive and doesn’t require a month-long subscription and works with any device. It’s also compatible with the majority of cloud-based services, allowing remote employees to easily share files. If you’re willing to change your cloud provider, contact us today to find out how FileCenter can help improve your process for managing your documents and financials. We offer a no-cost 30-day trial as well as a no-obligation trial. We would love to hear from you.