The Importance of Record Keeping For Your Business

If you have a chance to win a million dollars by presenting your business’s last year’s records, would you win it? Unfortunately, most small and medium business owners will miss out on this huge payout. The reason is that they don’t see record keeping as an essential part of managing a company.

Maybe no one will ever give you a chance to win this kind of money, but record keeping offers many tremendous benefits. Yes, it may be tiresome and boring, but it’s an integral tool for all companies.

Need convincing? Keep reading to see the importance of record keeping for your business.

Preparation of Financial Statements

To prepare financial statements, you’ll need to compile the business records for the period. It’s a headache doing this work without the proper records. In addition, you’ll have to estimate items like your purchases or sales for the year.

Proper record keeping simplifies this work and allows you to get an accurate image of your business’s financial position.

Identifications of Deductible Expenses

Did you know that the IRS allows you to deduct some expenses from your gross income? That means that you’ll reduce the amount of tax you pay for the period. However, during a tax audit, the IRS may request records on the deductible expenses.

Without these records, you may face problems with the IRS, which interrupts your business processes. To avoid these challenges, invest in proper business record keeping. The idea is to have documents that you can present to the IRS if requested.

Improves Business Data Confidentiality and Security

Unauthorized persons may exploit your loose record keeping system accessing sensitive business information. For example, they may access your employees’ payroll and other confidential information. Therefore, you must take measures to curb this data threat and enhance privacy.

So, what’s the best way to get rid of business paper records that you no longer need? Shred them. Simply throwing documents away can put your confidential documents in the wrong hands. Instead, work with a company that offers reliable on-site and off-site documents shredding services to ensure that company records and confidential information are protected.

Increase the Business’s Financing Options

The survival and success of your small business will depend on the available financing options. The idea is to get loans quickly for business expansion or other growth activities. However, to get the funding, you’ll need to present the business’s financial records.

The lenders want to evaluate your company’s creditworthiness and see if you can afford to repay the loan. Without the necessary financial records, you’ll miss out on chances to secure business financing. That’s why you should invest in a reliable data management system to ease record keeping in your business.

Reap the Benefits of Proper Record Keeping by Seeking the Help of a Professional Company

Your business records hold sensitive data that you can use to enhance growth and you must protect this data from people with ill motives. To ease record keeping, it’s essential that you seek the services of other top companies.

Call us today for document shredding services, to properly dispose of your company’s confidential paper records.

4 Reasons to Consider Offsite Storage for a Small Business in 2021

Keeping your company’s data safe is imperative when it comes to ensuring the long-term success of your organization.

Since even a short period of downtime could cost you thousands of dollars, it’s more important than ever before to take the necessary precautions.

Fortunately, using offsite storage is a straightforward way that you can do so. Let’s take a look at everything you should know.

1. An Extra Layer of Security

As you might guess, offsite storage provides an extra layer of security that can’t be obtained through other means. This is simply due to the fact that the information stored in this way will not be physically present at your organization.

So, you’ll never have to worry about situations that involve unauthorized access. This is particularly useful for industries that require a large amount of security, such as the tech or healthcare spaces.

Additionally, you could run into compliance issues if you don’t properly secure sensitive information.

2. Guaranteed Accessibility

By utilizing offsite storage, you will ensure that you have guaranteed accessibility to the information that you need when you need it.

For example, let’s assume that you need to procure certain financial records. Under many circumstances, it can be difficult to locate this information if you keep all of your important records at your facility.

With off-site storage, we can quickly recover your needed documents and securely deliver them to your office within hours.

No more digging through rows of filing cabinets trying to find where your documents were filed.

3. Disaster Recovery

Unfortunately, it’s not impossible for disaster to strike. This could result from hardware damage, software corruption, or even the malicious action of another individual.

Regardless of the cause, it’s imperative that you have a reliable way to restore your company’s data.

Otherwise, a handful of consequences could arise. For example, let’s assume that your company is severely damaged during a natural disaster.

If you don’t utilize offsite storage to secure certified copies or original documents, you might find yourself experiencing crippling data loss.

4. Highly Scalable

As your organization grows, so will your data storage needs. In fact, it’s often impractical to keep all of your business records on-premise.

This is especially true for companies that have operated for a long period of time, as these records can quickly accumulate as the years go on.

You can work with your service provider to increase or decrease your level of storage depending on your needs. Additionally, there is virtually no ceiling on how high you can scale this level of service.

So, there’s no need to worry about running out of space.

Offsite Storage Can Be Invaluable

It’s essential that you keep the above information in mind. From here, you can ensure that you get the most utility possible out of offsite storage and keep your organization sufficiently protected.

Want to learn more about what we have to offer? Feel free to reach out to us today and see how we can help.

Our COVID-19 Response Plan

covid-19 update

With the Shelter in Place order issued by Governor Holcomb going into effect at midnight tonight, we wanted to keep our customers up-to-date on our operations during the COVID-19 shutdown.

We know that many of our clients will still have confidential information through this time and our objective remains to keep your corporate information safe through confidential records management and destruction services.

In an effort to keep our clients and employees safe, we have made the following necessary operational changes.

Records Management Services

We know the files and boxes we store for you are essential to the operation of your critical business and medical facilities. We will continue to take requests for file and box deliveries however we will not be picking up new files or boxes during the shut-down period.

We have instructed our staff to frequently sanitize all supplies, containers, and trucks and will practice safe social distancing in order to keep everyone safe.

Shredding Services

Shredding service is limited, please email or call (260) 267-9652 regarding your individual business. We will return your call within 24-48 hours.

Drop-Off Shredding Services

We will not be accepting drop off shredding until the mandatory shut-down period has lifted

Shred Events

All shred events have been canceled through June 1st and we will re-evaluate this service at that time.

Stay Safe During the COVID-19 Shutdown

If your employees are working from home, please remind them that the safety of their documents is always critical and ask them to store any printed papers or notes in a bag or box at their home. Once they are able to return to work they can bring them to your office and place the contents into our shred containers.

We will continue to closely monitor developments and recommendations from the CDC and our state and local governments and take appropriate measures as needed.

We wish all of our clients good health and appreciate your patience and understanding as we navigate this uncertain time.

The 12 Things that Federal Record Offers You

Looking to get your business more organized in the new year?

Did you know poor record keeping and bad accounting are two issues that cause a small business to lose money?

To help you get your business in order in 2018, here are 12 things that federal records can do to help make your business run more efficiently!

1. Federal Records Offers Peace of Mind

Knowing that important records are in safekeeping and within reach is a huge weight off the shoulders of many business owners.

You won’t have to worry about natural disasters (fires or floods), theft, or misplaced documents with a record management and offsite shredding services.

2. Compliance

Certain federal and state laws require secure management, accessibility, and destruction of company data pertaining to employee and customer privacy, for example, HIPPA compliance laws.

3. Confidentiality

Utilizing a records management service offers a level of professional confidentiality and trust that sometimes can’t be found in administrative staff, which will help you avoid a confidentiality breach.

4. Offsite Shredding

Offsite document shredding is a cost-effective way to destroy documents containing sensitive information. You’ll also save precious money and time on shredding equipment and added labor costs.

5. Serious Organization

Federal records help you gain control of your records through proper labeling and indexing.

6. Optimized Space

By storing your records offsite or in the cloud, you’ll be able to throw out messy filing cabinets and free up extra space at the office.

7. Cut Down on Costs

Speaking of office resources, you’ll be able to cut down on the time that employees spend handling documents and records, allowing them to do the jobs that they’re meant to do!

8. Efficient Record Retrieval

With federal records, accessing and retrieving the information you need is quick and easy. No more time spent digging through folders and piles of paper!

9. Increased Security

An offsite record storage facility will offer increased security such as alarm systems, fire alarms, locked cabinets, and security personnel.

10. Accurate Financial Statements

Having documents properly labeled, organized, and stored will allow a business to keep more accurate financial statements, which is crucial to tracking progress and monitoring your bottom line.

11. Storage of Important Tax Forms

Holding onto employment records and tax documents, such as W2, W4, and 1099 forms, for at least 4 years is crucial in case of an audit. Secure storage of this sensitive information can be handled by an offsite facility.

12. Expense Documentation for Tax Benefits

Speaking of taxes, records management services can help your business keep track of receipts for purchases, expense reports, and outgoing invoices.

It’s important to keep track of this kind of documentation each year when it comes time to file a tax return.

Having accurate records can save a business a lot of money in the form of tax deductions!

Get Your Business Up To Speed!

Just like the classic Christmas tune “The Twelve Days of Christmas,” Federal Records Management offers 12 immense benefits for your business.

Now is a better time than ever to get your business records organized.

If you need help getting started, let us know!

5 Ways Your Business Can Avoid a Confidentiality Breach

It seems as if every morning we wake up to news of a new confidentiality breach. And every company lives in fear that one day, it will be them.

Every business has sensitive data, but some industries are particularly high-stakes. Healthcare companies, for instance, need to know how to be HIPAA-compliant. If they don’t, they face legal penalties along with a PR nightmare.

While it seems terrifying (especially if you don’t understand data security), there’s hope.

There are many steps a business can take toward making their information more secure. If you’re getting started, these tips below are a perfect first step.

Tip #1: Prohibit the Use of Personal Emails

To an employee, it may seem harmless to send a client an email from their personal email address. But this can open quite the can of worms.

First, when an employee uses their personal email, they have that information forever. If they leave your business, you can remove their access to their company email.

But you can’t do the same for their personal email address. You can’t even know what information the employee may have in their emails.

Second, you cannot control the encryption their emails are using. Strong encryption is crucial for keeping data safe, but most personal emails are less than airtight.

Tip #2: Use the Cloud, but Use it Wisely

“The cloud” isn’t a dirty word when it comes to business record security. In fact, it makes it easy to keep ex-employees out by changing the log-in information. Make sure you’re using precautions, though.

Before you choose a cloud provider, research the security the company offers. If possible, talk to other business about their cloud providers and why they chose them.

Tip #3: Use Caution When Allowing the Use of Personal Devices

Many businesses offer employees the convenience of using their own devices like laptops. But what happens when an employee leaves? This can be a major vulnerability in your confidentiality breach prevention.

If you do choose this route, consider installing wiping software on the devices. If/when the employee leaves, you can target and remove information about the business. You can even do this remotely

Tip #4: Have a Security Checklist in Place for Employee Exits

A 2014 study found 89% of knowledge workers had access to an ex-employee’s sensitive information.

With all a modern office’s technology, it’s easy to forget an ex-employee’s access to one or two sources. To prevent this, take the time to create a comprehensive checklist. Make sure to follow the list to a tee every time an employee leaves.

Tip #5: Bring in the Confidentiality Breach Prevention Professionals

If you’re dealing with more information than your company can handle, call the experts.

If you’re concerned about your digital data, a cybersecurity consultant can help. If it’s physical documents, a records management company can keep them secure.

Whichever type of professional you need, be sure to research their own security.

Take Nothing for Granted

Business can’t keep up with all the ways their data can be compromised with today’s technology. But the bottom line is to never assume something is unbreachable.

Do a security audit to find out what holes you may need to fix and how you can improve. If you have questions about data security methods, like document shredding, record storage, or hard drive destruction, call Federal Records Management & Shredding. We’ll be happy to give you some peace of mind.

Offsite Record Storage: Saving Space, Time, and Money

Did an employee throw sensitive documents into the public dumpster last week?

Is there a 4-foot pile of paper next to the office shredder waiting for someone, anyone, to destroy old records?

Do you dread trips to your overloaded file room because you know it will take over an hour to find the documents you need?

If you answered yes to any (or all) of these questions, it’s time to switch your DIY record keeping to a professional off-site record storage company.

Not sure what this means? Read on to find out!

What is Offsite Record Storage and Why Do You Need It?

Privacy and security are essential in every business. Your clients want and expect their information to remain private.

Are you sure your business records are protected? Think about fires, floods, theft, security, medical regulations, legal and financial rules, and privacy.

You have a legal obligation to protect the privacy of customers and employees. Offsite record storage preserves and safeguards your documents.

When you move valuable paperwork and data to a secure offsite location, you protect your business, plus save space, time, and money.

Create More Office Space

Your business is growing, and so is that disorganized file room. You have more clients, more employees, and more sensitive records to manage and maintain.

Instead of clogging valuable square footage with records you’re required to keep, but seldom use, you could store them offsite.

Professional record storage facilities safeguard any type of media, document or file. It’s a smart solution for

  • Legal offices
  • Medical facilities
  • Financial institutions
  • Brokers
  • Any confidential records

Regulations determine how long businesses, hospitals, doctors, lawyers, and banks, must keep records. Once the required time passes, you can declutter by securely destroying outdated records.

Choose an offsite records company that’s AAA certified in records destruction, including hard drive destruction. Then you can permanently eliminate any sensitive personal or business information stored in files or on hard drives at the end of its life cycle.

Save Employee Time

Once you remove extra documents from your file room, you’ll have easy access to files you need daily. Your employees will save time because record retrieval and reference will be more efficient.

If you choose to store records offsite, they’re readily available, too. You can arrange secure pickup or delivery of your documents whenever you need them.

Another way you save time is by knowing where your files are at all times. Every storage box uses our barcode tracking and index system for fast retrieval.

You can save time with a one-time purge to reorganize your space, or with regularly scheduled services (onsite or offsite). Both options save you hours and lots of effort.

Reduce Risks to Save Money

Climate-controlled secure storage facilities keep your records safe from damage and theft. Lost records are expensive to restore or replace.

Additionally, certified record storage companies can advise you on the legal regulations for record keeping, which can save you money on compliance issues.

Secure document transport, shredding, and storage means you don’t have to worry about security breaches or the cost of resolving them.

An offsite record storage facility saves you money because it protects your data, frees up valuable office space, and reduces the time your employees spend on record retrieval and review.

Whether you do an annual purge, a special project, or routine document management, contact Federal Records Management to save you space, time and money.

Information Destruction Training Program

employee compliance training

Training for You and Your Staff

You know that Federal Records Management and Shredding can take care of all of your document shredding (or records storage) needs. We are a AAA Certified member of the National Association for Information Destruction (NAID). This means that by hiring us, you are taking crucial steps in protecting your business from non-compliance with HIPAA and other confidentiality regulations.

But, did you also know that Federal Records Management and Shredding is certified to train your staff on the requirements and procedures for proper information destruction? This service provides extra protection to your business (and your staff and clients). Should your information protection policies ever be questioned by a regulatory agency, you can prove that your staff has been properly trained by our certified facility.

“Every data protection regulation in the US requires that organizations properly train employees on proper information protection, including proper information destruction,” says NAID. “Just as important, regulators say that organizations who do train their employees on proper information protection will be held less responsible than if the training is not provided in the first place. So not only does the training increase employee compliance, it also reduces the fine.”

The training program offered by Federal Records Management and Shredding to its clients is easy!

  1. Employees watch a short video that shows why proper document destruction is crucial to the organization and their continued employment.
  2. Employees are given written instructions of your company’s destruction procedures.
  3. Employees sign an affidavit that they have received the training, understand their responsibility, and agree that ongoing compliance is a condition of their employment.

These simple steps protect you, your business, your employees, and your clients or patients! Contact us today to learn more about how we can help your company stay in compliance!