How to Manage Documents and Finances

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Manage Documents and Financials

Managing documents that accompany transactions is crucial for ensuring of compliance, auditing and record keeping. It also helps with the resolution of disputes accountability, future planning, and dispute resolution. Proper documentation also plays an important role in keeping records in compliance with regulations and preventing loss of information or data.

While some of these documents may be physical, the majority are now stored digitally for security and ease. Some examples include investment papers, receipts and important purchases bank statements, bills, tax files and life insurance policies.

Set up a system for filing that is efficient and accurately reflects the information you work with and have. A folder structure that includes categories such as “Estate and Legal”, Bank Accounts”, “Investments”, and “Utilities” will be useful. You can further subdivide each category so that you quickly locate the document you’re looking for. It is also essential to use abbreviations and keywords that can be easily understood by you or anyone else looking for a specific document. For ease of sorting, it is recommended to format dates as YYYY MM DD.

In addition to creating a well-organized system for your paper documents, consider taking the extra step to make your documents digital and save your financial records in an centralized location in the cloud. This allows you to have greater control over your documents and can help you stay organized while removing the possibility of losing or misfiling a document. Plus digital storage is more secure than physical storage because thieves are not able to get into your computer as easily.

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