The Changing Face of Records Retention Today

Records Retention

Records retention is an important requirement in any business that involves records, documents and transactions, isn’t it? Indeed, there are many such record retention requirements from many companies, even non-profit organizations that has legally obtained documents, bank statements, lease documents, tax related documents, invoices, etc. Records retention practice and records retention policy is the best way to execute a business. Not retaining one’s right records might definitely lead to many issues in future.

There are companies that have software products and consultation services for records retention, with flexible control levels to create and maintain a proper records retention schedule. One can also fix data retention policy template for day-to-day maintenance and also, set a document retention policy for that matter. These software’ are usually easy to navigate and to work on, one can easily make changes and update as per their requirement and make changes any number of times.

One has to decide and work on the record retention schedule and records retention guidelines to allocate the set of records that are to be maintained and the period of maintenance. It is important to have the team thoroughly work on the record retention guidelines that are to be followed and to formulate a proper document retention policy template for smooth functioning. An organization has to decide on the master list of all the necessary records, work on the time period and come up with data retention policy template, create an agreed protocol to replicate the documents and create a separate maintenance for all these duplicate copies accordingly. These protocols ensure to secure the records from untimely destruction.

Industry experts have a proper master record retention plan, which is reviewed every now and then by the team, revised accordingly and shared with the accounting firms and the other parties involved. There are great benefits that one can reap with proper record retention schedule and its implementation; this would save all involved from the heavy work required before an audit or hunt for a document before the lawsuit, if there are any such situations. This also gives a chance to rescue/ retrieve the documents even when there are any natural calamities or fire accidents, as you would not need to hunt the entire place and would know exactly where to look for important documents.

Record retention is any day less complicated than having to check the records thoroughly to find one single factor paper; it is less time consuming and moreover cheaper than finding a lost document with respect to the cost involved. It is important to ensure that everything related to the maintained documents should also be maintained with the accounting firm and this is where retention software makes life easier for all concerned with its easy communication and syncing options. Though one thing to keep in mind while considering purchase of the software is buying only from trustworthy companies to maintain and retain the records properly. It is vital to keep the business’s critical records secure and in a separate or a proper professional document storage company.

About The Author

Brielle Lawson is a member of the board of directors for a multinational. Policy formulation and efficiency improvement of organizations has been her forte. She believes records retention is a very important part of growth, and recommends www.irch.com for professionalism.

IRCH provides market-leading products and services enabling customers to reduce costs and risks through implementing legally-defensible records retention and destruction practices.