Information Management: The Key to an Efficient Staff and Effective Business

information management

Almost all businesses or organizations have records, documents, and other types of information that need to be retained. The right information, at the right time, is essential for staff, clients, and management. Managing information so that it is accessible, usable, accurate, and complete — all in a timely and cost-effective manner — is no small feat. However most businesses do not have an organization-wide system is in place and managing records and information becomes the responsibility of “everyone” … which — as anyone working in today’s hectic, multitasking workplace knows — likely means “no one”.

Why Your Business Needs Information Managment

All too often, the importance of records management becomes clear only AFTER one of the following problems has occurred:

  • managers are spending too much time waiting for records or crucial pieces of information
  • staff is spending too much time searching for information files or information needed by customers or clients
  • filing systems are strained and costly office space is being taken up to house no-longer-needed files
  • important, private, or confidential information is accessible to unscrupulous people and exposed to theft or fraudulent use
  • important records are improperly stored — exposing them to humidity, mold, dirt, rodents or insects — and permanently damaged
  • there is a crisis — either physical (e.g. broken water pipes, fire, smoke damage) or professional (e.g. an audit, a lawsuit) — ruining crucial records and exposing to the public the organization’s poor level of records management

Avoiding these problems just makes sense. It also makes sense to allow your staff and business to run as effectively, productively, and efficiently as possible. Leave the records management to the professionals! Federal Records Management & Shredding in Fort Wayne offers all the services, security, and cutting-edge technology to manage and protect your information for you — saving you time and money, and giving you peace of mind.

How Long Should You Keep Business Records?

how long to keep business records

Business Record Retention

Many business owners and office managers wonder how long records need to be kept — and which ones, specifically? The answer generally depends on the aspect of your business to which the record pertains; e.g. taxes? hiring? regulations? etc. There are a wide range of legal, accounting, and regulatory guidelines for records retention. The answer can also vary depending on your specifics business type or industry.

Keep in mind that electronic communications and documents also need to be included for preservation.

Here are some basic guidelines:

Business Income Tax Returns and Supporting Documentation

Income tax returns for your business and their supporting documents should be kept for 7 years (the period of limitation by which either you may seek to amend your tax return, or the time in which the IRS may audit your tax return).

Employment Tax Records

Employment tax records should be kept for 4 years (including information such as your employer identification number; amounts and dates of wages paid; annuity and pension payments; names, addresses, social security numbers, and dates of employment of employees)

Business Asset Records

Business asset records should be kept “until the period of limitations ends from the year you disposed of the property” according to the IRS (to help you calculate depreciation, amortization, and gains or losses on that property)

Business Ledgers and Other Key Documents

Business ledgers and other key documents including financial statements, annual reports, corporate by-laws and amendments, Board of Director information, and annual meeting minutes should be kept permanently.

Human Resources Files

Human resource files should be kept for 7 years after an employee has left or been terminated (for job applicants who were not hired = 3 years; for an employee who suffered an accident on the job = 7 years)

Other Business Records

  • Canceled Checks = 7 years
  • Bank Account and Credit Card Statements = 7 years
  • Ownership Records = permanently (including articles of incorporation, director and shareholder meeting minutes, stock ledgers, etc.)

(Note: These suggestions should not take the place of consulting with a professional to make sure you are in compliance with requirements specific to your industry and organization.)

Business Document Storage and Management in Fort Wayne

It’s understandable why business people everywhere feel confused by requirements and regulations AND swamped with paperwork. That’s how Federal Records Management & Shredding can help! Business records management is important that’s why our staff is always up-to-date on the latest requirements for records retention. We can train your staff to understand these requirements and regulations, too which can reduce your liability. And, we offer state-of-the-art records retention storage, databases, and one-day record retrieval services — all right here at our convenient to downtown Fort Wayne location.

To avoid identity theft and protect sensitive business information, be sure to properly destroy business records that you no longer need to retain— another important reason to use Federal Records Management & Shredding!

New Year’s Resolutions for the Workplace

new years resolutions for the office
The New Year is a time to give some thought to more than just personal goals for the upcoming year. It’s also a great time to set goals for improvements in the office (where we spend so much of our time, after all).

Business articles this time of year are rife with suggestions for how to make the workplace better. The most popular suggestions?

  • take breaks — leave your desk for lunch; get up and walk around the office (or outside) a couple of time a day; or, at the very least, get up for a stretching and deep breathing break every hour
  • be more positive — look for the good in other people; appreciate the efforts of others; give compliments; don’t be so hard on yourself
  • declutter and get organized —  desks, filing systems, computer files; now is the time of year to set up systems that will be easy to stick to for the rest of the year such as a clean desk policy.

Our personal favorite? Strengthen your organization’s information security. Even if your business doesn’t require compliance with information security regulations, every business needs to be aware of the risks of identity theft or other types of information fraud. No one wants to be responsible for clients, employees, or your company’s intellectual property being put at risk by not properly securing information at your workplace. The professionals at Federal Records Management & Shredding are experts in helping you and your employees understand:

  • what information should be protected
  • how best to protect it
  • how to dispose of it in a secure manner

Put information security at the top of your resolutions for 2017! It’s the resolution that will protect you, your business, your customers, and your employees for years to come.