Control Documents and Financials
Managing documents that accompany financial transactions is crucial for ensuring compliance, auditing, record keeping and accountability, dispute resolution and future planning. Documentation is also essential for ensuring compliance with regulations and to ensure that data is not lost or information is not stolen.
Some of these documents remain physical, but many are now stored electronically for convenience and security. Some examples include investment documents as well as receipts and important purchases, bank statements bills, tax files and life insurance policies.
The best method to organize these documents is to establish an efficient system of filing that reflects the kinds of information you use regularly. A organization structure that includes categories such as “Estate and Legal”, “Bank Accounts”, “Investments” and “Utilities” is beneficial. You can further subdivide each category to help you quickly locate the document you’re looking for. It is also essential to use abbreviations and keywords that can be easily understood by anyone trying to find a specific document. For easy sorting, it is advised to format dates in YYYY MM DD.
Consider storing your financial documents in a central cloud location. This lets you have more control over your documents and helps you stay organized while eliminating the possibility of losing or misplacing the document. Additionally, digital storage offers more security than physical storage, as thieves aren’t able to easily break into your computer.
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