Control Financials and Documents
Financial documents are vital to running your business even if they’re as exciting as new products or services. They provide you with a glimpse into the finances of your company and help you make informed decisions.
With the plethora of financial documents ranging from accounts receivable, payable, inventory, payroll and more – a business must purchase and sale agreement ensure that they are organized and accessible. This helps avoid missed opportunities and increases cash flow. A properly managed financial document assists companies in staying in compliance with regulations and avoid fines and penalties.
Begin by putting all your financial documentation in one location. This might involve checking your kitchen counter, entryway table as well as your home office desk car trunk, garage or basement where papers are likely to build up. Next, throw away any unnecessary paperwork like junk mail, expired coupons and catalogs. It is also possible to get rid of old product manuals, as well as other documents that are not used or no longer needed. After you’ve gathered everything, organize your papers into categories. For instance, you may having sub-categories to organize your credit cards or 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 needs to access your files later.
If you’re looking to store your documents for the long run pick a storage solution that is safe and easy to access. Some options include filing cabinets offsite storage, as well as a cloud-based document management system. With the second option you’ll be able immediately access your documents from any place with access based on permissions, which can be monitored and controlled. A DMS can automate workflows and trigger alarms and escalation to ensure that processes are followed and reduce errors and manual handling.
The financial sector is characterized by a wide variety of documents that need to be managed, ranging from power of attorney and conservatorship documents for private clients to the bank account and investment portfolio records for commercial accounts. In addition to this, there are numerous regulatory documents, including 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 kinds of documents, it’s essential to choose a document management system that is simple to use and integrates with other systems in your organization. FileCenter is a great choice since it’s cost-effective and does not require a subscription and is accessible on any device. It’s also compatible with the majority of cloud-based services, allowing remote workers to share files easily. If you’re willing to change your cloud provider contact us today to learn how FileCenter can help improve your document management and financial processes. We offer a 30 day free trial and a demo without obligation. We would love to hear from you.