Every business has to follow record keeping requirements. It’s unfortunate, however, when a business discovers the need to destroy records when it’s least convenient or too late in the game.
There are several good reasons for developing and maintaining document retention policies:
- It’s required! According to federal and state laws, all businesses are required to have retention periods for records, regardless of format, including paper, electronic, maps and drawings, publications, email and databases.
- Removing records that are no longer needed from office space makes it easier for you to manage the records you need and use on a regular basis.
- Using predetermined retention schedules ensures records are not kept longer than needed, but also not destroyed too soon.
- Destroying records without authorization can result in fines or unfavorable legal action.
By working with your legal, accounting and document storage professional to develop and maintain your retention policy you can save your organization from litigation risks and costs.
Contact us for more information about document retention and business records management.
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