Archiving and Records Management for Businesses

Archiving and Records Management for Businesses

The exchange of data is one of the key roles of every business. From invoices to product history and client’s information, companies deal with tones of data on a daily basis. This frequent production of data needs to be controlled and stored systematically and efficiently. For this purpose, businesses hire third-party organizations for their archiving and record keeping.

Archiving is the process of storing business records that are no longer needed, however; these files may be required for future reference special in case of a legal activity. A company’s archives retained for regulatory compliance, should be arranged n such a manner that they can be easily accessed. At the same time, the integrity of sensitive information should remain intact.

Document management:

Maintaining business records requires a secure environment where the storage and classification of corporate documents can be carried out easily. From the creation of data to their disposal, record management facilities are responsible for every action taken on these files.

A reputable archiving facility follows international standards and record management policies. This makes it easier for companies to retain information for internal and external audits and other legal and financial procedures. Old files can also be preserved by digital data conversion through document scanning.

Benefits of Records Management:

The demand for records management and archiving facilities are increasing rapidly in the corporate sector due to their many benefits. Here’s how your company can make the most of document archiving services.

  • Guaranteed safety of sensitive information leading to improved compliance
  • Improved to access unwanted old records in case of emergency situations.
  • Easy retrieval of digital data and intellectual property.
  • Strategic preservation to enhance document classification.
  • Cost effective storage of large files
  • Reduced risk of data theft and mismanagement.

To make the most of the above-mentioned features, an experienced and reliable third-party organization is all you need. Not only this will be budget-friendly for your business, but it will also eliminate the need for extra storage space.

Best record management and archiving solution in UAE:

If you’re searching for the perfect business management partner for your company, BackOffice is the ultimate solution to all your record management problems. Our record management services and archiving services are on the best in the entire UAE. The storage facilities are well equipped with cutting edge technologies to keep your document secure. There is ample space to keep your paper-based as well as electronic files. Our custom fitted facilities are spacious enough t facilitate both large and small scale business data. We follow international protocols to avoid all sorts of legal issues. With all the latest technology, we also invest in professional and skilled staff to handle your files with the utmost care. To know more about us give us a call at 044 327 666.

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How Long Should You Actually Keep Your Business Records

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How Long Should You Actually Keep Your Business Records

In the modern paperless era, record management looks extremely boring. However, documents such as sales invoices, tax returns, bank statements, expense receipts, and payroll records come with a lot of legal responsibility. Even if you don’t use them for future reference, businesses are legally obliged to save essential data for a certain amount of time. it is imperative for every business to understand the process of business record management and store corporate files methodically.

Conventionally, there are a few basic guidelines that are followed internationally to ensure the effective storage of sensitive information. The Internal Revenue Service has established some rules and regulations which describe the length of time to keep documents. These rules vary depending on the type of information stored by an organization. Documentation related to tax returns should be kept until the due date of tax returns runs out. Most lawyers and bookkeeping services recommend a time period of seven years to store original documents related to tax audits and lawsuits. It is also advised to keep extra copies of your tax returns in order to ease the process of taxation in the future.

Apart from the general rules, the following are some additional instructions to store specific documents.

Record Management Dubai

Payroll tax records:

Tax deduction upon the salaries of your employees might seem like a monthly or annual task but it shouldn’t be taken lightly. This process includes all information regarding sheets, employee information, and benefit payments. Therefore, according to experts, employee tax records should be stored safely for almost four years from the date you paid the taxes.

Employee records:

Collecting and updating information about your employees is significant for every company. The information of your staff includes all sorts of personal data, resume, performance reviews and other human resource files. However, you don’t have to keep them for decades after they’ve left your company. According to IRS, the recommended timespan to keep records of a former employee is seven years. Additionally, if a worker is injured during their stay at your organization, it is advisable to store any relevant data after making the compensation. This will help you avoid false insurance claims in the future.

Recruitment information:

According to international standards, if your business has more than 15 employees, there are certain laws that must be kept in consideration such as the Age Discrimination in Employment Act (ADEA). These laws shed light on how an organization should be managing their hiring records. Therefore, if you fall under a certain category, it is mandatory to keep an eye out for legal obligations while managing recruitment information.

Ownership Records:

Every business owner is well known about the importance of ownership documents. Formation documents such as articles of organization (for LLCs) and articles of incorporation should be kept for an indefinite period of time. In addition, every organization should keep property records and valuable contracts permanently to avoid legal problems in the future.

Accounting Services Records:

Financial records include bank statements, canceled cheques, credit card statements, and paid invoices. Such type of sensitive data should be secured for almost 7 years. Other monthly statements may be properly disposed of or shredded after a year.

If keeping track of bookkeeping rules and regulations is hard for you as a business owner, it is better to leave it for a professional. BackOffice is an experienced records management services in Dubai. We have been serving in the records management industry for more than a decade. Give us a call today to learn more about our services.

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