Whether you’re starting a business or working for an existing one, it’s important to know about transaction documents. These are documents that outline features like payment terms, dispute resolution clauses, data protection instructions, and more.
This, among other important documents, will allow you to keep a clearer overview of what’s going on and avoid any problems arising from a lack of knowledge in a given subject matter.
So in this article, we will talk about what transaction documents are, what are its types, and what they are for.
Table of Contents
- What are transaction documents?
- What is the purpose of transaction documents?
- Why should you keep transaction documents?
- How can I store my transaction documents?
- Key Takeaways
What are Transaction Documents?
Transaction documents meaning refer to records that log every transaction you make. This includes purchases, deals, and contracts. It is recognized by the law as any agreement made between two parties, or more.
It has many types, and the most common one that many people know is an invoice. But there’s more to a transaction document than invoices. Here are some other types:
Types of Transaction Documents
Contracts
Some might not consider this a transaction document, but it actually is. It is an agreement between two people that sets the boundary between their work and other responsibilities. This is most common in workspaces and business partnerships.
Financial reports
When transaction documents are discussed, people would always think of anything that has to do with finances. And yes, they are correct. Financial reports are transaction documents that contain the ins and outs of money.
Compliance and regulatory documents
These are documents that prove you adhere to certain laws and regulations that involve you and what you do. It’s like driving with a license so that when police instruct you to pull over, you’ll have a document to show them you’re violating nothing.
What is the Purpose of Transaction Documents?
The main point of transaction documents is recording every transaction you make. However, there’s more to that. Here are what it can help you with:
Monitor fulfillment process
It is important to store a transaction document in this digital age because a lot of people are trying to steal, among others. For instance, there are cases for online sellers where buyers ask them for a refund for a product that has already been delivered. Or, they ask for the product to be sent, again.
A transaction document helps in preventing situations like that from happening because it allows you to be in charge of business processes.
Keep important files
It goes without saying that contracts are important in giving you protection in case of any legal disputes. The same goes for any other transaction documents. It is useful in serving as a piece of evidence in case any problems arise in the future. You can use it as a backup and protection to safe-keep your name, business, and reputation.
They allow you to keep important files by tracking them when you input or place them in a safe cloud, like Fill.
Trace sales
If you invested in your products or services, it is just about right to keep an eye on every single one of them. Inventory allows you to trace every single one of them, and a transaction document allows you to know where all those went when they do. A sale not monitored is a money left out in the open. No entrepreneur would want that.
So, they serve as a go-to piece that keeps your head above water for your business.
Why Should You Keep Transaction Documents?
In this digital age, it is easy to manipulate information. The faster you spread them, the easier for people to believe in them. So, it is important to keep your transaction documents so that you can hold both parties accountable.
For instance, when you are an online seller, you need to keep track of your sales so that no one can trick you into sending the same products twice. By holding onto a transaction document, you can monitor your stocks better and be in charge of your order fulfillment.
How Can I Store my Transaction Documents?
There are a lot of ways to store your transaction document, such as using a cloud like Fill. It is a platform that allows you to easily sign documents and send them. Apart from that, it has unlimited storage.
The advantage of using Fill is that it allows you to send over documents quickly. You can also add fillable fields that others can sign so that both parties can be held accountable in case of misunderstandings.
To store or send transaction documents with Fill, simply click on the + Start Now button and import your files or even make one.
Key Takeaways
Transaction documents are very important in the world of business, especially where there’s a lot of money involved. No matter what kind of business you’re in, it’s always important to remember about keeping proper documents for each of your transactions.
Store and sign yours using Fill and keep up with any issues that need to be corrected before your company has huge losses. Sign up for your free account today.
