Establishing a Record Retention Policy

record retention in nycRecord retention policies can be important for a variety of reasons. Not only are minimum retention periods required by law, but they can also be helpful for resolving legal disputes should the need arise. Unfortunately, retaining too many records for too long can actually be somewhat detrimental, as storing them will require a lot of space that you might not have. The longer you stay in business, the more records you will be required to store, making record retention in NYC somewhat difficult. If you’re trying to find a good balance for your record retention policy, there are a few things to keep in mind.

Group Your Records Into Categories
One of the easiest ways to take control of your record retention is by grouping them into different categories. There are three basic categories that you can use to keep everything organized: Those you need, those you want, and those that are no longer important. By separating records in this manner, you can ensure that files you no longer need to store do not cause storage problems for your office.

Legal Requirements For Record Retention

Depending on the business your organization conducts, you will may have unique legal requirements when it comes to record retention. That being said, there are general legal requirements that pretty much every organization must follow. The two most common records that require retention are tax and employment records. The length of time that is required for retaining these records will depend on the industry you are in, so if you aren’t sure about the legal requirements for your industry, be sure to study them further.

Implementing the Policy

As you may have guessed, it will be important to make sure that everyone in your office is informed about your file retention policy. If even one employee isn’t aware of the policy, you may end up with misplaced or poorly organized records. With that in mind, you’ll want to make education about any record retention policy a high priority.

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