How Long Do You Have To Keep Your Business Records Legally?
Apr 16, 2024
All businesses, irrespective of what sector they deal in, majorly generate huge amounts of paper as well as digital documents and records. As they are not managed properly, they tend to accumulate more quickly, and hence, there arises a need to store them securely and safely. In order to manage the documents and records effectively, you need to be aware of what documents you need and in which format.
Records management is undoubtedly one of the most fundamental functions of any business organization, and it is the responsibility of the entire staff. Generally, records management has three major functions to fulfill, and they are:
Providing information to allow agencies in order to conduct their business hassle-free
Extending support to agency communications, taking care of the actions and decisions, and enhancing public accountability
Storing and maintaining historically and culturally crucial documents.
If you are struggling with the hassles of managing your records and documents, then you must incorporate the best records management systems. Just get in touch with Dox and Box to make sure you are in compliance with the regulations and that all of your documents and records are stored securely and safely.
The end of the year is certainly the busiest part of the year for agencies and businesses as they struggle with the end-of-year accounting procedures. That's where you need to utilize a year-end accounting checklist to organize the way you wrap up the financial year.
5 Year-End Records Management Checklist
Gathering and Analyzing Financial Statements
This goes without saying that the financial statements of your company are the lifelines of your business and shares the information related to your business's current levels. With the presence of both the past and present financial statements, you can plan for the new year to come. You can gain insight into the financial standing of your business.
Contact the best document management company in India, Dox, and Box, to let the experts take care of your organizational records in the most efficient way.
Collection of Past Due Invoices
Start with collecting the money that the customers and clients owe to your business in order to wrap up the books for year-end. However, you need to take care about how you reach out to your customers and clients, and being patient is the key to ensuring long-lasting relationships. Consider offering your clients and customers a better payment plan if the process of collection of payment seems difficult to you.
Dox and Box, one of the best document storage companies in India, will provide you with everything you require in order to manage your documents and records management needs.
Organize Business Receipts
You understand that storing your business receipts in a shoebox is not as professional and efficient as it would be in other ways. These business receipts that are disorganized can lay an impact on your business and bring risk to your business in terms of sloppy and inaccurate books.
In addition to this, disorganized receipts and messy records are more likely to increase the chances of errors on your business tax return.
Back up Information
One of the most important things to add to your checklist is backing up the information in order to ensure the safety of your accounting data. You need to have a reliable backup system in place if you want to make sure that your data is safe. Back up your accounting information on your computer, or let the experts from Dox and Box do it for you.
We will digitize all your organizational records and documents as we are known to have the best documents scanning services. Go paperless with our digitization services and contribute to a greener environment while improving ease of access to your documents.
Get Crucial Documents Ready
Figure out what are the important documents that are needed crucially in order to maintain your business in shape. The documents should be ready for your accountants before year-end. However, it also depends on the documents that are being handled by your accountant for your firm.
Integrate the best documents and records management system from Dox and Box and improve your business efficiency.
