What Records Should I Store in My Document Storage?

.What Records Should I Store in My Document Storage?

Successful businesses have many things in common and one of these is a well-managed business record. Successful businesses understand the importance of keeping good records as it is fundamental to their success. Other than keeping documents organised, it is important to keep them in a secured place, since these documents may contain sensitive information. This article will help you determine which documents should you keep:

1. Business Organisation Documents
Charters, bylaws and the constitution of the business should be kept as long as the business is in operation. These organisation documents need to be kept permanently as this is the basis of the organisation’s structure. Aside from that, keeping these documents readily available will lower the risk of facing lawsuits and legal issues when questioned about the business’ ownership and structure.

2. Annual Reports
Annual business reports should be kept indefinitely as these reports summarise a business’ activity for that year. It also helps prove the business’ position in past years and it can be used to back up tax return statements and audits.

3. Meeting Minutes
If you own a business that regularly has board or board of director meetings you need to keep the minutes of these meetings indefinitely. As these records provide detailed information on what transcribed in the meeting. Whatever decisions were made during the meeting can be easily reviewed and implemented.

4. Stockholder Shares
All companies should keep their records of stock. All pertinent information such as stock transfers, stockholder information and stockholder shares should be kept permanently. This way, it is easy to settle legal disputes over ownership.

5. Financial Brokers or Investors
If you own a business that deals in the stock market, it is a requirement that you keep a detailed record of all the transactions that took place. Account statements, trade confirmation, cancelled checks and all other documents that are necessary for investment and trading.

6. Financial Statements
Businesses should also keep their financial statements as this is used to prove the overall expenses of the company. This is generally used to prove tax returns to avoid unnecessary fines and penalties.

7. Business Receipts
Aside from financial statements, businesses should also keep copies of all their expenses such as travel expenses, employee reimbursements and food expenses.

8. Employee Records
Employees are vital in any business and this is why it is extremely important that you keep employee records permanently. This includes their payroll record, tax record, social security number and medical insurance records. By having this on hand you avoid any record issues that may arise that is associated with the employees.

9. Bank Statements and Check Registers
Bank statements and check registers should also be kept as long as the business remains operational. You should only destroy these records if and only if you decide to close the business.

These are just some of the important business documents that should be kept in an extremely safe and secure environment. If you are running low on filing cabinets in your office space, then it is time to consider hiring an offsite document storage system that will help you in keeping your business records well-maintained and well-managed.

Archive This offers secure and efficient document storage. Our facility is accessible from 7 am to 7 pm, seven days a week. We maintain strict onsite security regulations, which include CCTV of the premises and physical security presence throughout the night. Do not hesitate to contact our friendly team on 01179 516325 to see how we may help you. You may also continue browsing our website to know more about the services that we offer.