Companies generate stacks of documents and managing them correctly is crucial. It can be complicated to balance organizational requirements, employee interests, and legal restrictions. Proper record retention is especially important for certain financial documents, where non-compliance results in stiff fines and possible legal action.
For most organizations, financial records make up the majority of their files and documents. These records must be kept safe but also accessible so that decision-makers can promptly get at the data they need. In short, proper record management is essential.
‘Financial records’ is a broad category containing many types of documents, each with accompanying regulations. Here are some of the main categories your business needs to consider when deciding how long you need to retain different types of documents:
Accounting records
Invoices, receipts, employee payroll, purchases, expenses, VAT reco ..
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