Key Takeaways:<\/em><\/strong><\/p>\n\n\n\n Companies today generate tremendous amounts of data. IDC estimates that the world created 64.2 zettabytes of new data<\/a> in 2020, with that number expected to grow 23% a year from 2020 to 2025. That’s 1.7MB of new data created every second<\/a> \u2013 much of it financially related.<\/p>\n\n\n\n READ ALSO:<\/em> Your business creates its share of financial documents and you’re faced with the challenge of storing and keeping track of them all. At some point, trying to manually manage all those pieces of paper becomes overwhelming, if not physically impossible. There has to be a better way to manage your financial documents.<\/p>\n\n\n\n Maintaining detailed financial records is essential. You have to keep ready copies of key documents like bank statements, P\/L statements, and tax returns for both operational and regulatory purposes. You need these documents to prepare your monthly and yearly payroll and business taxes, apply for business loans, open payment processing accounts, and monitor the financial condition of your business. If you can\u2019t locate a particular financial document when you need it, all sorts of issues can ensue.<\/p>\n\n\n\n Here’s a partial list of financial documents your business needs to keep:<\/p>\n\n\n\n Managing all these documents physically is a challenge \u2013 and the solution to this challenge is to store your financial documents digitally in a document management system (DMS)<\/strong>. A document management system, such as FileCenter, moves all your financial documents into a unified digital space. Existing paper documents are batch scanned into electronic format and all new documents are created natively as digital files. This enables you to store all your financial documents in one central location that is accessible by all your employees, both in the office and remotely.<\/p>\n\n\n\n A digital financial management system provides easy access to all your financial documents. You can search for specific documents or general content across multiple documents. All documents are organized into easy-to-understand folders, and you gain powerful tools to control access to sensitive documents. Instead of bothering with paper files, you can do everything digitally on your computer.<\/p>\n\n\n\n Storing all of your financial documents digitally and in a single location offers many benefits for small businesses. Here are eight of the most compelling reasons to make the move. <\/p>\n\n\n\n If you’re like most businesses, your financial documents are all over the place \u2013 literally. Some are in one office, some in another. Some are paper, some are digital, and located on different computers. <\/p>\n\n\n\n By storing all your financial documents in one central location, you gain more control over all of them. It also makes it easier to find those documents you need because they’re all in one place. It helps you stay organized. <\/p>\n\n\n\n Using a consistent file structure, you eliminate the possibility of lost and misfiled documents. You know where everything is and can easily find any given document just by searching for it.<\/p>\n\n\n\n Digital storage is more secure than physical storage. Thieves can break into your office and steal important paper documents \u2013 but they can’t as easily breach your digital storage. <\/p>\n\n\n\n Digital storage is secure against fraud, physical theft, and cyberattacks. You can also better control access to digital files, which keeps unauthorized users from viewing sensitive documents.<\/p>\n\n\n\n Securely sharing cloud-based files makes it easier for workers to collaborate. This lets your employees work from anywhere, even their own homes, and still have access to the files they need.<\/p>\n\n\n\n (The following video explains what cloud storage is and how it works.)<\/p>\n\n\n\n\n
The Challenge: Keeping Track of Your Financial Documents<\/h2>\n\n\n\n
10 Best Paperless Document Management Software to Try in 2024<\/a>
5 Best Document Management Software for Windows Users in 2024<\/a><\/strong><\/p>\n\n\n\n![\"Statistics](\"https:\/\/www.filecenter.com\/blog\/wp-content\/uploads\/2022\/02\/Image012.jpg\")
<\/a><\/figure>\n\n\n\nWhy Financial Document Management is Important<\/h3>\n\n\n\n
What Financial Documents Do You Need to Retain?<\/h3>\n\n\n\n
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The Solution: Implement a Digital Financial Document Management System<\/h2>\n\n\n\n
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<\/a><\/figure>\n\n\n\nBenefits of a Financial Document Management System<\/h2>\n\n\n\n
Centralizes All Important Documents<\/h3>\n\n\n\n
Eliminates Lost and Misfiled Documents<\/h3>\n\n\n\n
Provides More Secure Storage<\/h3>\n\n\n\n
Enhances File Sharing and Collaboration<\/h3>\n\n\n\n