How to Manage Documents and Finances

Manage Financials and Documents

If you work in a Due Diligence Processes workplace or at home, organising financial records can be difficult. Keeping your records organized reduces stress and allows you to examine expenses and locate a receipt. It also improves customer service as employees are able to quickly access documents. This translates into faster responses and better compliance.

The first step is to collect all the papers that you own. Check your kitchen counter, entryway table, home office desk the car trunk, garage, and anywhere else the papers are likely to accumulate. Clear the clutter by sifting out unnecessary items like catalogs, product manuals and bills. Create categories to categorize and organize your remaining documents. A “To Pay” category could contain stacks of invoices that need to be paid online or with a check. A “To Read” category can include items that need to be reviewed quickly and could be subsequently filed or destroyed after having read. A “Needs Actions” category is for items that require immediate attention, such as credit card charges and insurance claims.

After organizing your documents, you should look at your storage options. Physical methods include using binder or filing cabinet, or keeping files in offsite storage facilities. Digital methods typically rely on an industry-specific document management software that offers a single, central storage and organization facility for documents. These solutions provide powerful security by giving you users to have granular control over who has access to access and alter information. They also provide audit trails to ensure transparency and accountability.