![]() They outline various elements regarding the company, its transactions, employees, contractors and other relevant information, helping management make informed decisions. Business reportsīusiness reports are documents that help the organization's management gain insight into various internal aspects. Related: What Is a Compliance Program? 9. Most of these documents refer to the treatment of employees, compliance with tax regulations and conducting operations according to industry and environmental standards. Compliance and regulatory documents act as proof that the company is within all regulatory boundaries. Compliance and regulatory documentsĭepending on the industry in which the company operates, it may require proof that its operations are conducted within certain regulatory limits and standards. Keeping track of them helps the company know the funds going in and out at all times. They include all documents issued as a result of a transaction, such as invoices, receipts and payment orders. Similar to financial documents, transactional documents help the organization's management maintain a healthy budget. Related: U nderstanding the 4 Basic Types of Financial Statements 7. They're also used to create annual financial reports to analyze the organization's financial performance during that year. Financial records such as balance sheets, income statements, bank statements, receipt records and payroll reports help the organization's management keep track of all income and expenditures, ensuring the company's financial health. Managing the budget is often a major part of ensuring an organization's long-term success. Creating an effective business plan usually requires thorough research of the competition, target audience and the market as a whole. It's a plan that outlines what the company aims to achieve, what the timelines for its objectives are and how to achieve them. The business plan is often the first document created by a business owner. Related: 10 Types of Employment Contracts 5. They're essential in maintaining good relationships between organizations and their employees and can be used by both parties in a court of law to act as proof that the other party has failed to fulfill its obligations. It covers both the employee's duties and role within the company as well as the company's obligations toward the employee. This document is signed each time a company hires a new employee. They can be crucial for an organization's well-being, as they can preserve its competitive advantages. ![]() Their purpose is to safeguard the company's essential information, such as details regarding various projects, client lists, financial records or future strategies, by having the other parties agree not to disclose them. These agreements are signed between an organization and various other parties, such as employees, business partners, contractors and freelancers. Related: 8 Types of Accounting Documents You Should Know 3. ![]() They're not always legally required but are usually helpful for any type of organization. ![]() It usually outlines the company's managerial structure, potential governance issues and the individual role of each employee in the organization's well-being. Documentation of bylawsĪ company's documentation of bylaws is a set of internal rules and regulations that its management has established, with the purpose of letting all employees know what the agreed-upon standards and practices are. Related: The Most Common Types of Business Contracts 2. Contracts are legally binding and legally enforceable. The exact details behind these collaborations are recorded with contracts that are signed by both parties and constitute an obligation for everyone involved to fulfill their agreed obligations. ContractsĬompanies often agree to collaborate with other parties, for reasons such as sales, purchases, licensing or any other type of agreement. These are some of the most widely encountered business documents: 1. Upgrade your resume Showcase your skills with help from a resume expert 21 types of business documents ![]()
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