Manage Documents and Finances

Although they might not be as exciting as a brand new product or service, financial records are an essential to running your business. They provide a view of the financial health of your business and allow you to make smart business decisions.

A business must 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 losing opportunities and increase your cash flow. A well-managed financial statement aids companies to remain in compliance with the rules and avoid penalties and fines.

Collect all your financial records together in one spot. Go through your kitchen counters and entryway desk office, car trunk or garage, basement, or any other location where you tend to accumulate documents. After that, dispose of all unnecessary paperwork, such as junk mail, catalogs and expired coupons. It is also possible to get rid of old product manuals, as well as other unnecessary or unneeded documents. After you’ve collected everything, put your papers into categories. For instance, you could have sub-categories pertaining to 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 everyone else who requires access to your files later.

If you want to store your documents for a long time make sure you choose a storage solution that is both safe and easy to access. You can choose from filing cabinets as well as offsite storage or a cloud-based document management system. You can access documents instantly from anywhere with permission-based access that is monitored and managed. A DMS can automate workflows to trigger alarms and escalation in order to ensure procedures are followed and reduce errors and manual handling.

Documents for the financial industry are diverse and include everything from power of attorney forms and conservatorship papers to 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 the proper management and control of sensitive information.

To handle the demands of these types of documents, it’s essential to find a document management system that is easy to use and connects with other systems within your organization. FileCenter is a great choice since it’s inexpensive and doesn’t require a monthly subscription, and is compatible with any device. Plus, it’s compatible with many cloud services that allow for simple file sharing by remote employees. Contact us today to find out how FileCenter can enhance document management and financial processes. We offer a free 30-day trial and a no obligation demo. We would love to hear from you!

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