Control Finances and Documents
Financial documents are crucial to running your business even if they’re not as exciting as the latest products or services. They offer insight into the financials of your company and allow you to make informed business decisions.
A business should ensure that all financial documents are organized and easily accessible. This includes everything from accounts payable and receivable, to payroll and inventory. This can help avoid missing opportunities and improves cash flow. Additionally, properly managed financial documents help companies keep in line with regulations while avoiding fines and penalties.
Gather all your financial documents in one location. This could mean reviewing your kitchen counter, entryway table and home office desk garage or basement where papers tend to build up. Then, get rid of any unnecessary paperwork, such as junk mail, expired coupons and catalogs. You might also want throw out old product manuals or other unread documents. After you’ve gathered everything, arrange your documents into datarooms.website/simple-purchase-and-sale-agreement-for-business categories. For instance, you might 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 make it easier for you and anyone else who might need access to your files later.
If you plan to store your documents for a prolonged period consider a solution that is secure and easily accessible. You can choose between filing cabinets or offsite storage, or a cloud document management system. You can instantly access documents from anywhere with permission-based access, which is monitored and controlled. A DMS can automate workflows that generate alerts and escalations to ensure that processes are followed. This reduces the amount of manual work and error.
The financial sector has a wide variety of documents that need to be handled, from conservatorship and power of attorney documents for individuals to the bank account and investment portfolio records for commercial accounts. In addition, there are numerous documents that are required by regulators, like Sarbanes-Oxley, FRCP, SEC, Graham-Leach-Bliley and other laws that require proper control and management of sensitive information.
To meet the requirements of these types of documents, it’s essential to select a document management system that is simple to use and can be integrated with other systems within your company. FileCenter is a great choice because it’s cost-effective and doesn’t require any monthly subscription and is compatible with any device. It’s also compatible with many cloud-based services, allowing remote workers to share their files with ease. If you’re willing to change your cloud provider Contact us today to learn how FileCenter can improve your financial and document management processes. We offer a no-cost 30-day trial as well as a no-obligation demo. We look forward hearing from you.
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