A Business Owner’s Guide to Electronic Records Management

A business woman smiles as she looks at her laptop
Share on email
Share on facebook
Share on twitter
Share on linkedin
Share on print

When running a business, it is imperative that all documents related to operating and managing your business are stored, organized and efficiently arranged so that they can be retrieved when needed. Without the proper management of these critical documents, usually referred to as records, business owners are likely to find themselves enveloped by confusion and frustration when asked to provide documentation for any reason.

Managing records can be difficult for many individuals as not everyone is born with innate ability to organize documents effectively. However, if you are a business owner, it is important to adopt a managed solution for preserving and organizing this information.

Another critical consideration is backing up and protecting these records in the case of a natural or man-made disaster. One of the most helpful ways to manage records and accomplish these goals is to manage your records electronically. Here is a guide offering suggestions on how you can handle documents expertly.

Know What to Keep & Discard

When organizing documents, it can be challenging to sift through documents without thinking that you must keep everything. Also, when converting documents to digital files, the assumption is that everything should be transmitted and stored on the computer. The purpose of electronic records management is to reduce clutter. Thus, only relevant files should be kept.

In regard to relevant files, this refers to agreements, invoices, receipts, bills and other necessary documentation such as tax records. However, keeping bills or unrelated information from ten years ago or later is not necessarily required and most financial records can typically be discarded after 7 years. In addition, duplicate copies do not need to be retained, as they will only occupy space and do not provide any value. There are resources on the web, such as this website, that can be used to get a better understating of what to keep and for how long, but your accountant and attorney should review your final plan to be sure that it complies with all related laws and government regulations that your business is subject to.

Choose an Electronic Records Management Solution that Offers Accessibility

Once you have selected the right documents for electronic conversion, the next step is to find a document management solution that will provide you with convenience and flexibility for preserving and retrieving these digital records. A solution that offers these features enables business associates to access information effectively and potentially remotely. These features eliminate the need to be in one specific place in order to retrieve data. It also tends to expand the hours that data is available to employees and management from 8-10 hours a day to 24 hours a day and 7 days a week.

These beneficial features save money, time, and overall improve the operational efficiency of your business.

Choose an Electronic Records Management Solution that Offers Security & Data Backup

When switching from paper documents to the convenience of digital records, opting for an electronic records management solution that provides ultimate security is crucial. One of the primary purposes of converting to digital is the benefit of housing your documents in a secure environment. A solution that provides supreme protection is critical in maintaining the integrity of your records.

Also, opting for an electronic document solution with data-backup capabilities is essential. This will ensure that despite connection issues or any unforeseen events, your information is safely preserved.

Get started!

If tackling your archive of stored paper records seems too daunting, at least get started with moving to a digital records storage system for new records. With this approach, at the end of every year you will have two years fewer historical records to convert, the new year you did not store in boxes and the set of records that were in boxes that “aged out” are no longer required.

CASNET Offers Specialized Electronic Records Management for All Industries

Electronic Records Management is essential for any business seeking to improve in all aspects of their business. CASNET offers shared document and data repository that enables team members to have continuous and instant access to valuable information. Automation of tasks will enrich every area of your business.

Our services are reliable, and you can ensure that your documents will be safe from unauthorized access. Contact CASNET for further details on electronic records management solutions.

Recent Posts