Moving from paper to electronic records can seem like quite the chore, however with more of our lives moving online it makes sense to implement an electronic filing/management system.
Wherever your documents are stored, it is important to keep them organised and up-to-date. The goal of electronic file management is to ensure that you can find what you're looking for, even if you're looking for it years after its creation.
But where to start?
Organisation is key!
We have compiled some tips to help you break up with paper and embrace the electronic way of filing:
One place for all documents
Regardless of what method you decide to use (Folder Hierarchy on a Hard Drive, External Server, Document Management Software or the cloud) keeping all of your documents in the one place makes it easier to keep these files up to date and in order.
Use naming protocols for your files
Chances are you have tried searching for a document you know is saved somewhere but can’t find it only to locate it with an unusual document name or saved in the wrong place? (Hello “Book 1”)
Implementing a naming protocol for your files will make filing easier as well as finding your document again when you need it. Make sure you are specific and clear, think of how ‘future you’ will try and search for this document
File as you go
The best time to file a document is when you first create it. So, get in the habit of using the "Save As" dialogue box to file your document as well as name it, putting it in the right place in the first place.
Avoid saving unnecessary documents
Don't make a habit of saving everything that finds its way to you. Take a few seconds to glance through the content and save a file only if it's relevant. Having too many unnecessary documents adds to clutter and makes it harder to find things in the future.
Back up regularly
Protect against crashes by regularly backing up your electronic files, it is a good idea to have 2 versions, with one of those kept securely offsite.
Be it in your business or your personal documents, keeping good records are the cornerstone of efficient financial management.
Not sure on record keeping requirements? Contact your C&N Advisor today.
