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Manage Documents and Finances
Managing documents that accompany transactions is crucial for verification of compliance, auditing, and keeping records. It also aids with dispute resolution and accountability, future planning and dispute resolution. Documentation that is accurate also plays an important role in ensuring maintaining compliance with regulations and preventing the loss of information or data.
While certain of these documents could be physically stored, many are now digitally stored to make it easier and safer. Some examples include investment documents receipts, receipts, major purchases bank statements and bills as well as tax files, life insurance policies, and real estate deeds.
The best method to organize the documents is to establish an efficient filing system that is able to reflect the types of information you use regularly. A folder structure with categories like “Estate and Legal”, “Bank Accounts”, “Investments” and “Utilities” can be useful. Within each category, you can subdivide further to help locate the specific document you’re searching for quickly. It is also essential to use abbreviations and keywords that are understandable by you or anyone else looking for a specific document. Date formatting in the YYYYY-MM-DD format is also recommended for simple sorting and reference.
In addition to establishing a system of organization for your paper files, consider making the decision to digitalize and store your financial documents on a central location in the cloud. This allows you to have greater control over your documents and helps you stay organized while eliminating the risk of losing or misplacing a document. Additionally, digital storage offers more security than physical storage as thieves aren’t able to easily break into your computer.
