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Paper Management

By popular demand I am running the Paper management article from Feb 2005, for those who read it last year the information is timely and for first timers

Please enjoy...

Whether you are running a home or a business, paper management seems to be a problem with most people.

Is your idea of paper storage a pile of bags filled with bills, receipts and bank statements? Or are you using a paper management system that is the envy of all who know you? If you answered yes to the first question please read on, you need this information. If you answered yes to the second question, pat yourself on the back and send your papers to the accountant for tax filing.

Your accountant’s main job is to make the most of tax laws so you can save money. Have all of your tax information organized and do not waste your advisor’s valuable time and your money sorting and organizing your paper.

The best time to prepare for taxes is the beginning of each year. For anyone who is just getting at it the best time is the present.

Excellent paper management will help you to organize your home office or your business. It will also keep you within legal and compliance requirements.

Set up a paper management system that works with your space and daily requirements. A business owner would have more paper than a homeowner so keep that in mind when creating your system. Keep the day to day paper in your office, as well as the paper for the most recent year. Everything else can be labeled and put in envelopes or bankers boxes and stored in another location. Keep a good diary system so when the retention period for documents expires you can dispose of it, instead of it taking up valuable storage space. Revenue Canada advises all taxpayers keep income tax records for four years, business owners for six years. Make sure to shred those documents that you are getting rid of; identity theft is nothing to laugh at.

Some suggestions for a paper management system:

• Binder with plastic sleeves for each category, this is portable, lightweight and can be kept anywhere
• Desk topper file organizer that can be kept on the kitchen counter top.
• Storage tote with hanging folders, doubles as a portable office
• Filing cabinets with hanging files

Now that you have a system for the paper, take an afternoon and sort it. Gather all of the paper in to one space and deal with each item as it comes up. Use the principle of the three D’s:

1. D-estroy it. By destroying I mean send it to recycling or shred it.
2. D-eal with it. Give the item a home. Find a place where it makes sense to have this item. Does it need to be actioned or diarized for a future date?
3. D-eligate it. Is it your responsibility to deal with this item? If it isn’t then pass it on to its rightful owner.

Remember to:

• Open mail daily and shred all garbage mail, file or task what is remaining immediately
• File everything flat not folded, it takes up less space
• Don’t leave the paperwork too long, it piles up quickly. Ten or 15 minutes every day is better than hours at a time once a month

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