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What are net incremental cash flows?

Document control specialists are responsible for managing company documents while also ensuring their accuracy, quality and integrity. These specialists help companies adhere to record retention policies, safeguard information and retrieve data more effectively. As companies and organizations continue to work at becoming more eco-friendly and efficient, and as new laws and company guidelines are initiated to protect consumer and proprietary records, the need for more document control specialists is likely to increase in coming years.

Job Duties

Document control specialists store, manage and track company documents. They scan, image, organize and maintain documents, adhering to the company's document lifecycle procedures, and they archive inactive records in accordance with the records retention schedule. A large part of the job is to control the retrieval of documents. Document control specialists receive and process Requests for Information, or RFIs, from employees or clients and maintain the requests via tracking logs. As RFI procedures are updated, document control specialists create new templates. Sometimes they help project managers develop and maintain documents such as meeting minutes, drawings, specifications, approvals and related items. Periodically, document control specialists might be responsible for training employees on records management procedures and policies, which include documentation, retention, retrieval, destruction and disaster recovery. They also assist with file migrations and audits, and perform administrative tasks as needed.

Qualities

Employers seek certain qualities in document control specialists. These include being self-directed, the ability to work independently, and being highly-motivated. Document control specialists often work in a fast-paced and deadline driven environment, so it's important they can stay focused and carry out their tasks in a timely and accurate manner. They should be detail-oriented, dependable and trustworthy since they come in contact with complex and sensitive documents.

Related Reading: Career Opportunities in Record Management

Skills

Document control specialists should have the ability to prioritize, manage time well, multitask and troubleshoot. Strong interpersonal, communication and customer service skills are also essential because document control specialists regularly communicate with internal and external business partners. They must be computer-savvy and well-versed in Microsoft Office products. Some employers also require experience with document control software, process map software, FTP clients, ISO, SharePoint and FileNet. Experience using a scanner is also important.

Education

Although an associate degree is preferred by many employers, document control specialists typically only need a high school diploma. More advanced positions might require a bachelor's degree, however, or extensive experience. Depending on the industry, some need knowledge of special terminology. This is particularly true for specialists who handle medical and engineering documents.

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Question added by SHAHZAD Yaqoob , SENIOR ACCOUNTANT , ABDULLAH H AL SHUWAYER
Date Posted: 2016/07/14
Farhana Siddique Fari
by Farhana Siddique Fari , Coordinator , Coordinator at DFA, Dr Fazeela Abbasi, Advanced Skin, Laser & Hair Institute, Islamabad.

Another 'Brainstorming' Question! Thank you so much Mr. SHAHZAD Yaqoob for putting forth such a Constructive discussion.

Nothing to add after your Scrupulous/Meticulous submission.

SHAHZAD Yaqoob
by SHAHZAD Yaqoob , SENIOR ACCOUNTANT , ABDULLAH H AL SHUWAYER

Net incremental cash flows are the combination of the cash inflows and the cash outflows occurring in the same time period, and between two alternatives. For example, a company could use the net incremental cash flows to decide whether to invest in new, more efficient equipment or to retain its existing equipment.Net incremental cash flows are necessary for calculating an investment's:

  • net present value
  • internal rate of return
  • payback period

To illustrate net incremental cash flows let's assume that Your Corporation has the opportunity to purchase a product line from Divesting Company for a single cash payment of $800,000. Your Corporation expects that the product line will result in the following cash flows occurring in each year for 10 years:

  • additional cash receipts or cash inflows of $900,000 (from the collection of accounts receivable related to product sales)
  • additional cash payments or cash outflows of $750,000 (for payments related to the product line's costs and expenses)

These cash flows indicate that the net incremental cash flows are expected to be a positive $150,000 per year for 10 years, or that there will be net incremental cash inflows of $150,000 per year for 10 years.

Resham Bahadur Shahi
by Resham Bahadur Shahi , Sales Executive , Bludan trading w.l.l. A division of Intertec group Qatar

Net incremental cash flows are the combination of the cash inflows and the cash outflows occurring in the same time period, and between two alternatives. ... Net incremental cash flows are necessary for calculating an investment's: net present value.

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