Control Financial Documents and Documents

The management of documents that accompany financial transactions is essential for ensuring compliance in auditing, record keeping and accountability, dispute resolution and future planning. Documentation is also important for ensuring compliance with regulations and to ensure that data is not lost or information is not stolen.

While some of these documents may be physical, many 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.

Set up a filing system that is effective and reflects the information you need and have. A organization structure that includes categories such as “Estate and Legal”, “Bank Accounts”, “Investments” and “Utilities” can be beneficial. Within each category, you can subdivide it further to help find the specific document that you’re searching for quickly. It is also essential to use abbreviations and keywords that are understandable by anyone trying to find a specific document. For easy sorting it is advised to format dates in YYYY MM DD.

In addition to creating a well-organized system for your paper files, you should consider making the decision to go digital and store your financial documents in a central location in the cloud. This gives you greater control over your documents, assists you stay organized and reduces the risk of misfiling or losing a document. Additionally, digital storage provides more security than physical storage, as thieves won’t be able to easily gain access to your computer.

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