Here are some tips to help you manage documents effectively.
Learn the reasons why effective management is so important in your company.
Managing the documents that support accounting is essential for any company, regardless of its size or sector.
Business documents contain important information. It may be necessary to consult this information internally or provide it to external users, such as financial institutions or the Tax Agency .
If you work as an accountant, you will cyprus email list receive all kinds of documents in paper or electronic format. Therefore, it is important that you have an effective document management system . This will allow you to organize, store and retrieve your documents quickly and easily. Effective administration is essential.
Among the documents that an accountant may have to manage are: contracts, invoices, purchase orders, bank receipts, etc.
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Why is effective management important?
Theodore Roosevelt once famously said, “With self-discipline and order, almost anything is possible .” These are two of the main virtues that an accountant must have.
Order in document management is so important for the following reasons:
Compliance: Article 30 of the Commercial Code establishes that business owners must keep books, correspondence, documentation and supporting documents relating to their business. They must keep them in order for 6 years, starting from the last entry made in the books, except as established by general or special provisions.
This period does not coincide with the 4-year limitation period for the Administration's right to determine the tax debt by means of liquidation. Therefore, it may happen that the Administration's right to regularize a tax is prescribed. If this is the case, the entrepreneur must keep the accounting books and other documentation related to them.
It should be noted that the checks and investigations may extend to prescribed years when the facts have fiscal effects in non-prescribed periods (art. 115 LGT). In the case of the offset or deduction of certain tax credits, it works differently. The Administration will have 10 years to verify the provenance of the offset or deduction originated (art. 66 bis.2 LGT).
An effective and well-organized administration facilitates the recovery of information necessary for audits and tax inspections.
Making informed decisions: The availability of up-to-date and accurate financial information is essential for making strategic decisions.
Saving time and resources: A well-implemented document management system saves time and frees it up for higher value-added tasks.
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Tips for effective document management
Establish a classification system : This will allow you to organize documents logically, making them easier to search and retrieve.
Take into account these general criteria:
Document type: invoices, contracts, purchase orders, receipts, etc.
Date: month, year, etc.
Customer or supplier: the name is usually used.
Project or department: name, project number, etc.
Digitize documents: Digitizing documents is an effective way to optimize their management. This will make them easier to search, store and retrieve.
Digitizing documents can help reduce physical storage space and improve data security.
Use document management software: It can help you automate the tasks of classifying, storing and retrieving documents.
Establish archiving and conservation policies: These will define the way in which documents should be archived and the length of time they should be kept.
These policies must comply with the General Data Protection Regulation (GDPR) .
Train your staff: This will help ensure that documents are managed correctly and efficiently.
Establish access controls: Limit access to sensitive financial documents to authorized personnel only.
Back up your electronic filing system: Establish a data recovery plan in case of system failure.
Effective administration will therefore allow you to save time and resources and will be a determining factor for the success of your business. And remember that solutions such as Sage Active can help you improve business document management with features that allow you to automate tasks, save time and improve efficiency.
