Documentation can be a 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 what feels like forever to iron out. To guide you through the process, here’s more information on 7 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.
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. Employment Agreements – This is the legal document that outlines the rights, responsibilities, and obligations of both the employer and employee. It typically includes wages or salary, hours of work, job duties, benefits, vacation time, termination provisions, and any other pertinent information related to the employee's work.
6. 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.
7. Compliance and Regulatory Documents - These act as proof that the company is compliant with all of the ever-evolving compliance regulations. These documents refer to data privacy, treatment of employees, tax regulations, and conducting operations according to any industry and environmental standards that apply.
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.
LinkSquares Contract Lifecycle Management (CLM) solution can help (and deliver 352% ROI over 3 years.) For more information about how LinkSquares can help you manage and analyze your organization’s contracts, request a demo with our team.
Editor's Note: This post was originally published in October 2015 and has been updated with new documents and current LinkSquares information.
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