Record retention in New York City is an important element of owning a business; your records describe the amount of money you have spent on your business as well as the amount of income you have earned. Thus, file retention is necessary for many interactions with the IRS, and it can also give you an objective overview of the status of your business. Continue reading for your guide to record retention.
What to Keep
While you may not be the type of person to keep every fast food receipt you get from the drive through window, business record retention should always be taken seriously . As a business owner you are required by law to hold onto certain important documents, and it is imperative that you know which documents meet this criteria. Every business that provides a service or product a cost to the consumer has income and expense information, and these documents should be retained. This information will help you in the event of a tax audit, and they can also help you get an idea of which business practices are truly improving your company. You must also retain any information you have regarding your clients; if you are a medical professional you are legally obligated to keep prescription records for ten years.
Where to Keep It
Although you are required to retain certain documents, the way in which you do so is up to you. However, holding records off site comes with a number of benefits. Keeping your records in an off site location prevents them from taking up space in your workplace, which is helpful if you have been in business for a number of years. Off site locations will also keep your files organized and will also document when they are accessed.
How We Can Help
U.M.C. Moving Co., Inc. will keep your business records safe, secure, and accessible at all times. Our storage space is climate controlled in order to extend the longevity of your documents, which are entered into our software system and tracked via barcode so that you can find exactly what you need in no time.