Organizing finances in preparation for the new year

Organizing finances in preparation for the new year

 As the year comes to a close, now is the perfect time for businesses to go through and organize documents, especially financial records, for the new year. For those going out with the old and in with the new, one MoneyTalksNews writer explains the best practices for updating their financial records.

Author Jim Robinson says that to go paperless, businesses first should make a digital copies as soon as a paper versions are in hand, such as bank statements or insurance information. Similarly, it will be helpful to make the switch to online bill paying or ask for receipts to be emailed if possible. By moving current systems online, businesses can save on the amount of paper that needs to be transferred. Also, for offices that have many documents that need to be digitized, scanning services can ensure that no documents are left behind during the transition.

When deciding which documents need to be digitized, Robinson explains that for the most part, documents with a raised seal or a signature should be kept as hard copies. For everything else that needs to be kept and can be digitized, bulk scanning is the best solution. Remember to shred confidential documents afterwards.

And, as always, back up everything. As Robinson explains, "Almost everyone has suffered from a hard drive crash at some point, and while losing photos from your last vacation may be tragic, losing your tax receipts in the middle of an audit might be devastating."

By using an offsite back-up server, businesses can remain confident that if anything happens to their office, their files will remain safe and secure.

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