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Control Finances and Documents

While they may not be as exciting as a new product or service, financial documents are an vital to running your business. They provide you with a glimpse into the finances of your company and help you make better decisions.

With so many important financial documents – from accounts receivable and payable to inventory, payroll and more – a business needs to ensure they’re properly organised and accessible. This will prevent losing opportunities and increase your cash flow. Additionally, properly-managed financial documents allow companies to remain in compliance with regulations, avoiding fines and other penalties.

Begin by putting all your financial documents in one place. Examine your kitchen counter, entryway desk, home office, car trunk or garage, basement, or any other location that you often accumulate documents. 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 any other unnecessary or unneeded documents. Once you’ve collected all your documents, sort them into categories. For instance, you could 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 want to store your documents for a long time, choose a solution that is both safe and easy to access. You can choose from filing cabinets and offsite storage options, or a cloud document management system. You can instantly access documents from anywhere with permission-based access that is monitored and controlled. A DMS can automate workflows to trigger alerts and escalation to ensure that procedures are adhered to. This can reduce the amount of manual work and errors.

Documents in the financial industry are varied in their range, from power of attorney papers and conservatorship documents to commercial account records and bank account records. There are also numerous documents that are required by regulators, such as Sarbanes-Oxley (FRCP), SEC, Graham-Leach-Bliley, and other laws that require proper management and control of sensitive information.

To meet the demands of these kinds of documents, it’s critical to find a document management system that is simple to use and connects with other systems in your organization. FileCenter is a great option because it’s affordable and does not require a subscription and can be used on any device. It’s also compatible with the majority of cloud-based services, allowing remote workers to share files easily. If you’re looking to switch to FileCenter, contact us today to learn how FileCenter can enhance your process for managing your documents and financials. We provide a free 30-day trial and a no-obligation demo. We would love to hear from you!

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