Moving To Digital Storage

Keeping the hard copies is a necessity. But digital storage is so convenient. Keeping it organized is the issue.

So many times as an entrepreneur you are asked to share this or that document. Digging it out, scanning it and forgetting to file it where it belongs is where the problem starts. And when you scan the document, it just sits on the desktop or downloads folder until you decide to move it to trash or create a folder to store it in. At which point, you probably have at least 10 documents floating around that desktop that need to be filed digitally. This now creates the “shiny squirrel effect”. Which has you organizing them into a quickly created folder, in a storage application you made a snap decision on using, with file names you will never remember. Come on, I know I have been there more than once. Someone reading this can relate.

It is my hope that my easy digital storage blog helps you organize and focus on what you do best, running your business.

More Digital Storage Applications Than People on the Planet

My personal favorite is Google Drive. This comes with your gmail account. Upgrades are available for your security and storage needs. The framework I will be laying out will apply to any platform you choose, such as Onedrive, Dropbox, M-Files, Zoho Work Drive...the list is endless. And yes, Quickbooks Online (if you use this for bookkeeping & Invoicing) does store documents as well but good luck finding them. Here are a few things to ask yourself when choosing where to store your documents.

Which Is Right For You

• Is the platform secure? This is the most important.

• Do you use multiple computers or need to access documents on your phone? Is there an app for that?

• Do you collaborate with only certain members of your team, and they need to share access to certain documents?

• Most importantly pick digital storage that works the way YOU understand.

• Will this platform support the growth of my company?

• Watch the “how to videos” first. You will need to put time in advance to get used to how the platform works. Yep, that technology will get you every time!

After picking your platform, watch a few videos on how to get started to commence organizing.

Name Your File By the “Year 20XX” Is A Place to Start

In your Yearly File, start with these basic folders. I like to color mine. Because hey why does organizing need to be boring.

• Templates= new employee/business forms

  • W4

  • W9

  • I-9

  • Your Employment Application

  • Employee Handbook & Acknowledgments

  • etc…

• Employee Documents

  • Name each Employee by Name(include yourself)

    • Resumes

    • Applications

    • Awards

    • Write ups

    • Certificates

    • I-9

    • W-4

• Business Operations and Standings

  • Rent agreement

    • Loan Documents

    • Engagement letters

    • Business and Sale Tax Licenses

    • Business EIN documentation

    • Education Certificate

    • Other important Documents…etc

  • Advertising and Marketing***Sub Folder of business

    • Content for website

    • Email marketing

    • Blog Content/ideas

    • Social Media Content

• Months (format 4-digit year &  2-digit month EX: 2022 02)

  • In each month folders for ***Sub Folder for the Daily

    • Customer Invoices

    • Payroll Reports

    • Vendor statement or receipts(or both)

    • Sales Tax Returns

    • Bank Statement

    • Credit Card statements

    • Business Financial Monthly Statements

    • Other important Documents…etc

**Personally, I like to keep all banking and credit card statements in the year folder on their own sub folder in the year file. Most tax professionals will request them be uploaded to their secured platform at year’s end for tax accounting. It is much easier to pull from one folder than 12.

Make This System Your Own

This guide only works if you work with it. Fill it in with files and folders that make sense in your business. Use Document Keys/Links and add them into your Files, Folders and Sub-folder. This will help you connect quickly online with sites, storage and platforms you use daily in your business. But most of all when you scan or download to your computer make sure you digitally file these documents as soon as you get them. Believe it or not, this is the groundwork for all bookkeeping and tax reporting in this digital age.

How Can We Help?

Highway Bookkeeping can help you with your virtual filing processes. Let us help you organize the hard copies into cloud storage files. Click below to schedule a consultation or sign up for Highway Bookkeeping’s short monthly newsletter, which features suggestions and helpful tips for organizing your numbers and important paperwork. We can show you how to keep it simple and not overthink it.

Schedule a call to see how we can help or just get solid advice.