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The business owners are usually inundated with the copious amount of financial documents. It can be just anything starting from the operating of the vehicle and the maintenance to the payroll taxes as well as the title papers. This all depends upon the size of the business. The most important question is what has to be stored and for how long?
What is the procedure?
- The record retention requirements in business vary with the paperwork and also the industry. There is no perfect solution to the different types of paper work. But it is very essential to have the paperwork or the documents of the business kept in a much organised form. It is of course unique to the business.
- The best way is to take advice from the accountant who actually knows the industry as well as the laws of the state. They are the experts who will recommend to ways to organise and store the records.
- The other option is to invest in software and the consulting resource for the retention of records. The time period that the documents need to be kept also varies. There may be documents that need to be kept for two to seven years whereas there may be other paperwork that have to be maintained as permanent records.
- There is a method in record retention requirements which is known as information requirements clearing house that is very cost effective as compared to the traditional methods of storing documents. They implement document retention software which eliminates the need to have a separate storage location
This is a method that also eliminates the time that is wasted in searching the documents. You do not have to make copies and travel from the storage facility. It also involves less risk of either destroying or losing the records.