Despite the shift towards digitization, paperwork is inevitable to most businesses. No matter how bothersome this may seem, you have to rely on paperwork, and all records, documents and correspondences must be stored for a specific period, both for legal and premeditated needs. Record retention is not something new, and yet, many companies fail to recognize the importance of it. Having a business record retention schedule is an absolute must, and in this post, we are discussing some of the aspects that businesses need to know.
Decoding the need to keep business records
If you don’t go by the rulebook and legal requirements, you would still need to maintain and keep business records, considering lawsuits and cases often crop out of nowhere. You don’t want to end up in a situation where you cannot prove your case, just because the records were not maintained as required. To add to that, there are state, local, and federal laws that require businesses to have a records retention schedule. Compliance is an aspect that need foremost attention, because the consequences can be severe in most cases. Also, you may get requests for records from the IRS, creditors, suppliers, and other parties that may have some business with your company or the other. Eventually, if you someday decide to sell your company, you will need records, or at least some of it.
Managing a records retention schedule
More often than not, it is hard to maintain a records retention schedule, which is why there are new tools available now that businesses can use to keep up with the legal and strategic requirements. Also called retention managers, these systems are designed to simply the way you manage records and how these records are destroyed periodically. You will also have tools, guideline and other kinds of assistance, so there will be no lapses on your company’s part, and it is easy to avoid the consequences. Most of the retention managers are designed specifically for selected industries, which works as an advantage because you can stay up with compliance without trying super hard.
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