Importance of Organised Data
A naming convention is simply a way of achieving uniformity in how documents are named or filed firm wide. The first step in achieving your naming convention is to identify the critical information you want to include in the names or files to make documents as easy and logical to find. This information is generally the date or year created, the client name or project name, the category of the document, and a brief description of what the document contains.
As accountants we rely on searching by financial years, therefore, an example of a naming convention or filing system that could be adopted for a similar business is as follows:
Client Name/Code – 20XX – Category – Document Type
If your business is more project based, you could use a convention similar to the following:
Client Name/Code – Project X – Stage X/Category – Document Type
It is also important to get your team involved in the process of creating the naming conventions and systems, as they are the ultimate users. Involving the team will also ensure that you’ve covered all bases as you may not be involved in all areas of the day-to-day running of the business.
As with any system, the output is only as good as the input, therefore training and enforcement on the new naming conventions or filing system is imperative. Everyone should be on the same page to achieve the most efficient and user-friendly system.
Benefits of adopting the above include:
- Consistency and uniformity within the whole firm;
- Firm wide conventions mean that all departments and employees can easily find and update documents;
- The system makes it easy to identify flaws such as locating documents saved in the wrong folder; and
- Employees can effectively and efficiently search for and locate documents when required.
Being organised in your filing systems also extends to your financial data systems. Organised financial data leads to a more accurate depiction of how your business is performing and allows more informed decisions to be made within the business. If you would like any advice on how to stay on top of your financial data, and plan for the future, the team are always happy to help. You can contact the office on (07) 5504 5700 to set up an appointment or contact your advisor directly.