How to Manage Documents and Finances

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Control Finances and Documents

Documents that accompany financial transactions is essential to ensure compliance, auditing, record keeping, dispute resolution, accountability and planning for the future. Documentation is also important for regulatory compliance and to safeguard information and data from being lost or stolen.

Some of these documents are still physical, but many are now stored electronically to provide convenience and security. Examples include investment papers receipts, receipts for major purchases bank statements and bills as well as tax files life insurance policies and real estate deeds.

Set up a system for filing that is efficient and reflects the information you use and have. A organization structure that incorporates categories such as “Estate and Legal” Bank Accounts”, “Investments”, and “Utilities” will prove beneficial. Within each category, you can subdivide it further to help locate the specific document you’re looking for quickly. It is also important to use abbreviations and keywords that are easily understood by you or anyone else seeking a specific piece of information. Date formatting in the YYYY-MM-DD format is also recommended for easy sorting and reference.

In addition to establishing an organized system for your paper files, think about taking the extra step to go digital and store your financial documents in a central location in the cloud. This gives you more control over your documents. It also helps you stay organized and reduces the risk of omitting or losing a file. Additionally, digital storage offers more security than physical storage since thieves won’t be able to easily gain access to your computer.

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