What We Do...

Is your storage unit filled with financial files dating back for years?

Are you tired of attempting to locate that one bank statement or receipt being asked for by an auditor?

OUR STEPS FOR FILING ELECTRONIC FINANCIAL DOCUMENTS:

1) We store our client - and our - financial documents and receipts in two electronic locations; Google Drive and the online accounting software being utilized (i.e Xero or QB online). DropBox is another option we have used in the past instead of Google Drive.

2) The following labeling protocol is used when saving bank, credit card, or loan statements into Google Drive:

a. First, electronic files are set up on Google Drive with bank names (i.e. Wells Fargo).

b. Sub-files are set up with the following names: checking, savings, credit card, and loan.

c. Scanned bank documents are titled with the name of the bank and the statement date.

d. The document is then electronically filed under the corresponding file in Google Drive.

3) The following labeling protocol is used when saving receipts into Google Drive:

a. Electronic files are set up on Google Drive with the names of the businesses on the receipts (i.e. Home Depot)

b. After a receipt has shown up in the bank feed, scan the receipt and label in the following manner: Business name (i.e Home Depot), date of transaction listed on receipt, local currency amount listed on the receipt, and home currency amount (attained by accounting software bank feed).

c. Why wait on the bank feed? Because we work with businesses who are operating in #multi-currency and #cross border situations, we want the bank feed to show the "home" currency amount (i.e. a U.S. credit card was used in another country), in addition to having the local currency amount on the receipt.

d. If the receipt is in the home currency, we don't need to wait on the bank feed.

4) Now the financial documents and receipts are ready to be uploaded into the matching line item in the accounting software.

5) Following these protocols allows for an easily searchable receipt or financial document when / if the document needs to be retrieved for an audit, or other reason. The documents are stored in two, totally separate data bases in a searchable manner.

6) The original document can now be shredded - thus eliminating the need to store paper documents in a storage unit!

If you have any questions regarding electronic financial document storage, or other bookkeeping questions, please do not hesitate to contact us and schedule a FREE 30 minute consultation.