How to Manage Documents and Finances

Posted by Security Vault

Control Financials and Documents

Financial documents are crucial, whether you run a business or manage your personal paperwork. In many cases you’ll have to keep track of assets and liabilities as well as comply with standards and regulations. It is crucial to keep your records in order. This can be challenging when you have multiple paper files, email accounts, and other places.

Making a system for filing and storing financial records will allow you to reduce time spent trying to locate important documents, which can be especially helpful when tax season rolls around. A folder that is classified and has pockets is a good solution for organizing paperwork, like bank statements, receipts, and invoices. You might also need a fire-proof or safe cabinet for storing original, hard to replace physical documents, including wills, power-of-advocacy and documents for investment.

A document management system such as FileCenter allows financial institutions to convert paper documents into digital files, and combine them all in one secure and unifying location. The data is immediately accessible by authorized personnel via a multi-function device. Files are logically organized, and time-stamped, making it easier to adhere to compliance standards such as SOX, FRCP and Graham-Leach-Bliley. Automated workflows and alerts are also available, allowing personnel to route, approve and organize documents in accordance with documented processes. In addition, a robust security system makes sure that only authorized users can access information. All of this enables financial institutions to provide accurate and timely responses to their clients. This helps you build relationships with clients and increase their trust.