Safe and Efficient Business Records Management Ideal for Every Modern Organization

Records management is regarded as both a management and discipline function that includes the secure document storage of the business records that any contemporary organization owns and keeps.

There are storage companies that also offer online document storage of essential business records at competitive rates.

Financial records are documented transactions that are needed and used by the organization in the regular course of business. They are also legally considered as evidence for every transaction entered into. Transactional records include, but not limited to, orderings, receipts, loans, contracts, notifications and schedules.

A record is defined as the business information that is created and received by a person or organization. It is also maintained as evidence pursuant to the legal obligations of the business.

A record is therefore something that can be taken into a court of law. If called upon, the record must be authentic, reliable and usable, complete and unaltered, so it can fully and accurately represent the facts that it attests to.

Records and Information Management

Records have a distinct life cycle that begins with creation or receipt, processing and distribution. The second phase includes maintenance and evaluation, and concludes with ultimate disposition.

The last phase of the cycle involves either destruction or transmittal of records for permanent housing. The company may either build its own vault, archive or another dedicated facility for the storage of the records or engage the services of an outsourcing storage company.

Recordkeeping systems include people who are directly involved in the creation and use of the organizational records, the policies related to such records and procedures that ensure optimum access to and use of said documents. They also include tools and technologies that are employed in the creation and storage of records in various formats.

An organization with a consistent recordkeeping program can conform itself to statutory requirements specifically for information retention. It has appropriate evidence of its transactions in case of audit and minimizes jeopardy at the discovery phase in case of litigation. There would be continuity of operation in the event of a disaster and costs can be controlled because of the timely disposition of financial information.

A recordkeeping system is required to have reliability, integrity, permanence, comprehensiveness and compliance. Reliability is about the consistent capture and access to organizational documents. Integrity involves no unauthorized alteration, removal and destruction of records. Permanence means that no record can be altered, tampered with or improperly deleted.

With comprehensiveness, it involves the management of all created and stored records that comprises the normal continuous activity that links all the units of the organization. Compliance is the creation and maintenance of the documents consistent with all of the applicable policies and procedures implemented in the organization.

Online Records Storage

Today, any type of financial record can be securely stored online and can be accessed via any web connected Mac or PC anywhere in the world.

As businesses now tend to go global, with employees assigned to various locations locally and internationally, online records storage becomes highly relevant and useful. Employees while travelling or telecommuting will be able to store essential documents and files online and instantly access them when needed.

There are online records storage companies that offer simplified online programs. Employees can easily drag and drop several files and folders and organize them in online libraries and folders. They can then share them with other team members.

There are also online storage systems with collaboration features such as version control, notifications, file locking, commenting and audit trails. Amazingly, there are no restrictions on the type of file to be used like MS Office, audio, images and pdfs.

Online storage programs allow only authorized users to gain access to the stored documents. Also, they save time and money, keeping IT costs low with easy to use online records storage solution that can be used with no software or hardware required.

Records management companies offer secure and efficient storage of documents in their vaults or archiving facilities. They have trained professionals who can handle the storage system, thereby keeping information in its strictest confidentiality. They are also experts in the legal aspects of secure document storage.

Small Business Accounting - How to Keep Good Business Records

Are you tired of scrambling at the last minute to get your financial records to your CPA? Or are you tired of wasting time trying to find an important invoice, or receipt? Or are you just fed up with being fined by the IRS, Worker's Comp, the State Employment or other agencies because you don't have your papers in order?

Then it is time you got organized.

Now I know that finding financial paperwork can be difficult, especially if you don't have a good system in place.

Or if you have the wrong system, you make it worst, by making it really hard for anyone in the business to locate any of your important papers.

Well, here is a system you can use that will help you stay organized, so that you and your team can find your important financial paperwork in a jiffy - or when you really need them.

1. File paid bills, canceled checks and/or bank statements, and other business documents where you can easily find them. Some people use manila folders or an accordion file divided into types of expenses, i.e. "car', "utilities", "entertainment", and so on.

2. At a minimum, stuff receipts in the proper folders throughout the year and total them up at tax time. Staple the adding machine tape to each folder or stack of receipts. If this works, good for you!

3. An adequate record-keeping system for a small business typically includes:

- Check register - preferably from a separate bank account for your business.

- Summary of receipts of gross income - totaled either daily, weekly, or monthly.

- Monthly summary listing of expenses.

- Disbursements record (check register or actual expense journal) showing payments of bills.

- Asset purchase listing (equipment, vehicles, real estate used in business), and employee compensation records (if you have workers).

4. Every time you spend money in the business (or once a week or month), note in your records the following:

- A brief description of the business purpose of the transaction (office rent, new stapler, gas, etc.).

- The amount.

- The date, and

- Whom you paid (Chevron, Kinko's).

5. Keep all business records for at least six years, then make sure to properly destroy any sensitive information before disposal. You may elect to keep records longer, but the minimum required by the IRS is 6 years.

Now, this is a minimal system for a small business, especially in start-up phase. As the business grows, it will need to migrate to a more structured accounting system to track their financial records.