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.
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.
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!