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How to Manage Documents and Finances
Manage Financials and Documents
The management of documents that accompany transactions is crucial to ensure of compliance, auditing and recording. It also assists with dispute resolution and accountability, future planning and dispute resolution. Documentation is also important for ensuring compliance with regulations and to safeguard information and data from being lost or stolen.
While certain of these documents could be physical, a lot of them are now digitally stored to make it easier and safer. Some examples are investment papers receipts, important purchases and receipts, bank statements as well as tax files, bills and life insurance policies.
Create a filing system that is efficient and accurately reflects the information you use and have. A folder structure that has categories such as “Estate and Legal”, “Bank Accounts”, “Investments” and “Utilities” is beneficial. You can further subdivide each category so that you quickly find the information you’re looking for. It is also essential to use abbreviations and keywords that are easy to understand by anyone looking for a page specific document. For easy sorting, it is recommended to format dates as YYYY MM DD.
In addition to establishing a system of organization for your paper files, consider making the decision to digitize and store your financial documents in an online location in the cloud. This gives you more control over your documents, aids you stay organized and reduces the possibility of misfiling or losing a document. Plus digital storage is more secure than physical storage since thieves aren’t able break into your computer as easily.
