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How to Manage Documents and Finances

Manage Financials and Documents

Although they might not be as exciting as a new product or service, financial records are an vital to running your business. They provide a view of your company’s finances and allow you to make business decisions that are smart.

With so many vital financial documents – from accounts receivable, payable, payroll, inventory and more – a business should ensure that they’re organised and accessible. This will prevent missing opportunities and improve your cash flow. A well-managed financial document assists companies in staying in compliance with regulations and avoid penalties and fines.

To datarooms.website/bowne-virtual-data-room-review start, gather all financial records in one location. This could mean reviewing your kitchen counter, entryway table or home office desk garage, or car basement, where paperwork tends to accumulate. Then, get rid of any unnecessary paperwork like junk mail, expired coupons, and catalogs. You might also want get rid of old product manuals or other papers that you don’t use. After you’ve gathered everything, arrange your papers into categories. For instance, you might have sub-categories pertaining to your different insurance policies or credit cards. 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 might need access to your files later.

If you’re looking to save your documents long term consider a storage solution that is secure and easily accessible. You can pick from filing cabinets or offsite storage, or a cloud-based document management system. You can access documents instantly from any location with permission-based access, which is tracked and managed. A DMS can automate workflows to trigger alarms and escalation to ensure that the procedures are adhered to, which reduces the manual process and errors.

Documents in the financial industry are varied that range from power of attorney forms and conservatorship documents to commercial account records and bank account records. There are also numerous legal documents, including 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, it’s essential to find a document management system that is simple to use and integrates with other systems within your company. FileCenter is a great choice since it’s cost-effective and doesn’t require a subscription, and is compatible with any device. It’s also compatible cloud-based services, allowing remote workers to easily share files. Contact us today to learn how FileCenter can help improve document management and financial processes. We provide a 30-day no-cost trial and a demo with no obligation. We are looking forward to hearing from you.