Manage Financials and Documents
Documents that accompany transactions is crucial to ensure of compliance, auditing and recording. It also aids in dispute resolution and accountability, future planning, and dispute resolution. Proper documentation also plays an important part in ensuring the compliance of regulations and in preventing the loss of data or information.
Some of these documents are still physically stored, but the majority are now stored electronically for convenience and security. Examples include investment papers, receipts and important purchases, bank statements bills, tax files and life insurance policies.
Create a filing system that is efficient and reflect the information you use and have. A folder structure that has categories like “Estate and Legal” Bank Accounts”, “Investments”, and “Utilities”, will be beneficial. Within each category you can subdivide it further to help locate the specific document you’re looking for quickly. It is also essential to use keywords and abbreviations that are understandable by you or anyone else trying to find a specific document. For ease of sorting, it is advised to format dates in YYYY MM DD.
In addition to establishing a system of organization for your paper files, consider making the decision to go digital and store your financial documents in one central location in the cloud. This gives you greater control over your documents and can help you stay organized while removing the possibility of misplacing or losing documents. Plus, digital storage is more safe than physical storage, as thieves cannot access your computer as easily.
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