7 Business Documents That Are Commonly Used In A Workplace

A well-organized business document department is crucial for your company’s growth. No matter your organization’s position, you will likely encounter different business documents. Being familiar with the characteristics of the various business documents will enhance your performance.

There are certain business documents that even a layman should be able to understand and interpret. You wouldn’t want to enter an organization with little knowledge of business documents. Read and learn more about business documents. (Also Know About Why Medical Translation Services Matter?)

Types Of Business Documents You Should Know

A typical business document involves a file or record comprising internal and external transactions with customers. Below are the most commonly used business documents you should know.

Contract

Usually, companies partner with other parties to carry out the transaction, either sales or services, etc. The contract is the document with the exact details of their collaboration and the details of both parties. It outlines your obligation to every party and how it should be carried out. A contract is binding when both parties execute it, and failure attracts damages.

Employment Agreement

Whether you’re a small business or not, you need an employment agreement. An employment agreement stipulates the role or obligation of every employee in the company and outlines the duties and responsibilities of the employer. Like a contract, an employment agreement is binding and enforceable. If an employer defaults on any agreements, the employee can Sue. Meanwhile, if the employee also defaults, the employer will terminate the contract.

Financial Documents

If you’re not in the financial department, you may not be familiar with financial documents. An organization’s financial records are always in the custody of the company’s accountant and auditors. Financial documents include balance sheets, income statements, bank statements, and receipt records. Properly managing these records ensures that the company makes a profit and knows when losses have been incurred. If your business doesn’t have a good financial record, it could lead to fines and serious penalties by the government.

Compliance And Regulatory Documents

Financial records like taxes, income statements, etc., are among the compliance documents. Almost every industry has documents that must be filed periodically to ensure compliance with regulations. Regulatory documents are more often found in manufacturing industries . Compliance and regulatory documents are also always required in sectors such as health, food, etc. (Excited to know about How To Stay Connected All Over The World)

Minutes Of Meeting

Any registered company must file its minutes of the meetings as required by the regulator. Minutes of meetings comprise all the discussions and undertakings we make during a meeting. Also, a meeting minute is important because it serves as a reference regarding decisions you have made in the past. Without proper documentation of meeting minutes, your organization is likely to fail. The decisions at the meetings are binding and form a foundation for the growth of the business.

Partnership Agreement

A partnership agreement is a contract signed between two individuals who intend to form a business or carry out a certain transaction. Usually, partnership agreements have a duration. Also, like every other agreement here, a partnership agreement is binding, and anybody who fails to fulfill their part of the contract can be sued. Sometimes, a business can decide to partner with other businesses to carry out this objective.

Company Policy or Employment Handbook

Every organization has its own policies and framework within which it operates. A company policy is a custom or tradition that employees and employers must abide by. Company policies are often embedded in the employment handbook. Usually, before you start working in most organizations, you will be given an employment handbook to study and learn about the organization’s aims and objectives. No company can function without policies to regulate team performance.

Conclusion

Aside from the business documents mentioned here, there are many more, such as business plans, franchise agreements, business insurance, etc. This business document may not be all required for a certain organization’s operation. For instance, not all organizations need a business license to operate. You can read this post about Swyft filings to learn more about business documents. Finally, contact an expert to help you find some complicated business documents you may not be familiar with. Most of these documents are drafted by experts like lawyers, accounts, etc. (Interesting Topics For You 5 Interesting Facts About Ground Support at Airports)