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How Long Should You Keep
Business Records?
By Pamela Mims, PilesIntoFiles.com
Are your filing cabinets bursting at the seams? Then it is time to weed through your files, retire outdated documents, and put them into storage. Good organization and records management of your documents and files will keep you on top of your business. More importantly, it will keep your company in compliance with legal and regulatory requirements.
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Records Retention Schedule |
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Permanently |
7 Years |
3 Years |
1 Year |
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Stock and bond certificates General ledgers Profit and loss statements Audit reports Minutes from board of directors meetings |
Bank statements Credit and collection correspondence Uncollectible accounts Expense reports Accident reports, injury claims, and settlements |
Cash slips Budget worksheets Commission reports Petty cash records Expired insurance policies |
Sales and service correspondence Requisitions Lease records Sales and marketing correspondence Employee travel information |
If you would like a more detailed "Records Retention Schedule" for the office and home, request a copy from Pam, at info@pilesintofiles.com.
Storage of Documents and Files
Retain in your office your most critical records for daily operations, along with your prior year's records. The rest can be stored away in file storage boxes (with lids); be sure to number the boxes. With your word-processor, compose a list of the titles of all the files that are in the box, identified by number; then place a hardcopy of this file list inside the box and keep another copy in your current file drawer.
Discard Outdated Records
Discard documents that are outdated or otherwise no longer needed. Be sure that you shred documents with any personal information!
About the Author
Pamela Mims is a professional organizer specializing in small office and law firm filing-system set-up and paper workflow systems. You may visit her Web site, www.PilesIntoFiles.com, for more information or e-mail Pam, info@pilesintofiles.com.
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Introduction (January 2008): Business Change: Do It Yourself of Get Help? |
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How Long Should You Keep Business Records? |
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From My Favorite Quotes:
"When so great a wave of change crashes into the society and the economy,
traditional managers -- accustomed to operating in safe waters --
are vulnerable to being thrown overboard. The habits of a lifetime,
the very habits that helped them succeed, now become
counter-productive.
-- Alvin Toffler
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