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Manage Documents and Financials

Managing documents that accompany financial transactions is important for verifying compliance and auditing, as well as record keeping and accountability, dispute resolution and future planning. Documentation that is accurate also plays an important role in regulatory compliance and preventing loss of data or information.

Some of these documents are still physical, but a lot are now stored electronically to provide convenience and security. Some examples include investment documents, receipts, significant purchases bank statements and invoices and tax records as well as life insurance policies. real estate deeds.

The best method to organize these documents is to establish an efficient filing system that is able to reflect the kinds of information that you use regularly. A folder structure with categories such as “Estate and Legal”, “Bank Accounts”, “Investments” and “Utilities” can be beneficial. Within each category you can subdivide further to help locate the specific document you’re looking for quickly. It is also important to use abbreviations and keywords that are easy to understand by you or anyone else looking for a specific document. To make it easier to sort documents it is recommended to format dates using YYYY MM DD.

Consider going digital to store your financial documents in a central cloud location. This allows you to have greater control over your documents and helps you stay organized while removing the risk of misplacing or losing the document. Additionally, digital storage offers more security than physical storage since thieves aren’t able to easily break into your computer.