Want to read an updated outline of these documents? Check out our Ebook The 6 Types of Documents You Need to Run a Modern Business or blog article here.
Documentation can be a sometimes daunting word for business and legal professionals. Many times two parties come to a solid verbal agreement, but then contracts and other documents can take seemingly forever to iron out. To guide you through the process, here’s more information on 5 common types of business documents that you and your organization should be using to help streamline your business processes.
1. Proposals – These can be in form of a simple quote, a statement of work, or even a full RFP submission. Whether it’s a proposal for video production, public relations or marketing agency, each type is different. These documents, sometimes called a Statement of Work, can require days of back and forth communications with multiple rounds of edits, it is important to have a central place to house them so that you don’t miss any important details. Living in a connected world, it’s essential to stay on top of your proposals to be able to quickly refer to details of the negotiation.
2. Invoices – Staying on top of these and keeping them organized is for your benefit. Whenever you complete a project, you want to make sure you move through the proper steps in the invoicing process. One of these falling through the cracks could mean you not getting paid for work you’ve completed. I've included a few more tips from online accounting software company Xero here.
3. Business Plans – Anyone who has created one of these knows that they take a lot of time, a lot of effort, and even more organization. The copious amounts of edits (especially if you’re working on one with one or more partners), can take weeks or even months to complete. You will want to track all your edits during this process to ensure a fully thought-out final product and business that is ready to be successful.
4. Contracts & Agreements – Agreements can cover anything from purchasing, licensing, or enterprise agreements to a multitude of other legal contracts and agreements. These contracts are often timely and require constant communication and provisions; therefore, it could not be more essential to stay on top of your documentation. When it comes to legal contracts, they also need to be secure and well protected. A tool like LinkSquares can track all rounds of edits, comments and other information in a secure way. This can allow you to take strides in streamlining your contract process.
5. Operational Documents – This includes any company communication, internal and external project proposals, notes and other tasks associated with the business. These documents literally keep the lights on in the workplace and need to be well organized to help employees find what they need quickly.
Don’t let your team fall behind. Stay on top of the various types of business documentation your organization needs to run efficiently and effectively. If any legal issues ever arise you will be thankful you did!