Control Documents and Financials
The proper management of financial documents transactions is important for verifying compliance in auditing, record keeping and accountability, dispute resolution and planning for the future. Documentation is also important for regulatory compliance and to protect information or data from loss.
While some of these documents might be physical, many are now stored digitally to ensure security and ease of access. Some examples are investment papers such as receipts, important purchases 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 need and have. A folder structure that includes categories like “Estate and Legal”, Bank Accounts”, “Investments”, and “Utilities”, will be beneficial. Within each category, you can subdivide further to help find the specific document that you’re looking for quickly. It is also essential to use keywords and abbreviations that are understandable by you or anyone else looking for a specific document. Date formatting in the YYYYY-MM-DD format is also recommended for ease of sorting and reference.
Consider going digital to store your financial documents in a central cloud location. This gives you more control over your files and helps to keep them organized while reducing the possibility of losing or misplacing documents. Plus digital storage is more secure than physical storage because thieves cannot get into your computer as easily.
