Need to Establish A Business Record Retention Schedule for the Organisation
It is mandatory that the business records of the company have to be saved for varied reasons. The business begins with many documents, invoices and receipts that can take up a huge space in the company. So they all have to be protected and stored properly. It is also not necessary to store all the records, instead destroy the ones that are unimportant.
Requirements of business records
The records that are needed for a long period of time are determined by their importance in business purposes. You can dispose the ones that are not absolutely of no use.
The business records retention schedule is established by listing the types of records like:
- The financial records
- The personnel records
- The contracts and the operations
- The hand books of the employees
The list is actually endless but the main are the documents that identify legal requirements. The period of retention is also an important aspect. The work of retention is done by the professional records management company with the help of legal counsel.
- The business records retention schedule has to be implemented in the company so that:
- Everyone exactly knows the importance of it. This will also ensure that the important records of the company are kept safely.
- The maximum time period to retain the documents is usually six years, but you may dispose them after three years.
- The disposal of the records also has a particular management process. The records have to be noted for disposal and a proper documentation has to be created. The certification of the documents that are to be disposes is vital for any business.
The retention schedule is established and implemented for the betterment of the business. This will continue to happen ensuring that the company takes care to maintain them accurately. This is very helpful, in case your business gets caught up in litigation case.