Keeping records is an essential part of doing business, but it can also be confusing and even burdensome to small businesses, who are already trying to juggle demanding workloads. Although you can’t skip your records keeping responsibilities as a business owner, you can find effective ways to manage them. Here is what you need to know about business record retention in NYC for your small company.
Retain the Source Documents
Ideally, the records you keep should be the original, source documents, rather than copies. For financial records, this means keeping canceled checks, cash register tapes, credit card slips, and financial statements from your bank. Corporate documents, such as meeting minutes, property mortgages and leases, charters, licenses, and copyrights, should also be original documents. If you need to produce this information for tax purposes or a legal case, having the originals can be very important.
Know How Long to Keep Records
Some documents, such as those that are related to establishing your business, should be kept indefinitely. Records retention for tax purposes is different. Generally, you should hold on to tax records for as long as the IRS could request them. Employee records should be kept for four years. Keep records of taxes owed for at least three years. The IRS has different rules for a variety of different business documents, which can be found on their website . Your business accountant can also help you determine how long record retention is necessary for financial documents.
Use Off-Site Storage
Not only does retaining records off-site make sense from a space perspective, but it is also safer and more secure. An off-site records retention facility will provide your important documents with greater security from fire, flood, theft, humidity, and other issues. Your records will also stay organized so that they are easy to access when you need them, and tracking software will let you know when the records were accessed and who accessed them, adding an extra layer of security.
Your business needs to hold onto certain kinds of records in their physical forms. Business record retention in New York City is partially governed by federal law, so there’s certain patient and client information that your company might be legally required to retain. This might be tricky if you don’t have a lot of space to work with, and a cluttered office could also make it difficult to keep your documents safe. The record retention professionals can help you store your physical records, and they can help you destroy them when you’re done as well. Read on as we look at why you should use professional record retention and storage services.
Save Office Space
The proportion of paperwork your company generates to the size of your office space might not be favorable, which means you won’t have the physical capacity to store your records and important documents. You also don’t want to be tripping over boxes of files while you’re trying to conduct your daily business. You can save space in your office by working with professional record retention and storage services. The professionals can help you uphold your retention policy without taking up too much of your valuable office space.
Keep Your Documents Safe
Saving your important documents is a useless practice if you don’t keep them in decent condition. Physical documents are susceptible to threats that their digital copies are not, and these hazards are important to consider. Paper products can become damaged when they’re stored in the wrong conditions. Business record retention and storage professionals will be able to keep your records in perfect shape, so they’ll be ready and waiting for you when you need them.
Destroy Your Archive
Most records only need to be kept for a certain amount of time. Unless the documents are still useful to you or your clients after this period expires, you can destroy them. This frees up more space and makes sure that sensitive information doesn’t get picked up by the wrong people. Professional business record retention and storage companies can help you dispose of your records once you no longer need them.
Corporate relocation in New York City is exciting when it means moving to a bigger office and expanding your business. You might not be thinking about the furniture that you don’t need and how to dispose of it, but your lease might claim that you are responsible for getting everything out of the space at the end of your term. If much of your furniture won’t be coming to your new location, ask UMC Moving about our liquidation services.
You’ll need a company that specializes in corporate location in order to safely and efficiently relocate your business. When you choose a moving company to help you, choose one that offers office furniture liquidation services, like UMC Moving. Most leases require that the space is left in a “broom swept” condition when you move out, and we can help you satisfy this condition. Once we’ve moved everything you need from your original office to your new one, we’ll go back and see what’s left to be dealt with. We can get rid of your cubicles, file cabinets, and other office furniture so you don’t get stuck with premium charges from your landlord.
Offices have a lot of stuff to move, and professional movers need to know how to get the job done without injuring themselves. Even the most fit people can suffer injuries if they don’t follow the right techniques, and this can slow down the move in addition to sidelining an employee. Watch this video on rules to help your moving team avoid lifting injuries when preparing for relocation in New York City.
No matter how strong you are, you should use the right methods when lifting heavy objects. Always keep your back straight and use your knees and hips to lower yourself, rather than bending over the load with your back. Stay close to the object and use a wide stance for leverage. If an object appears to be heavier than 40 pounds, find a partner to help you move it, even if you think you can handle it yourself.
If you’re moving your office to a new building , you might be celebrating a recent success that has allowed your business to take the next step forward. As exciting as this is, you need to plan your move in New York City carefully to make sure everything works out. First, you’ll need to find a viable place to move to. Then, you can look for a moving company in your area that specifically deals with corporate relocation. Finally, either you or your moving company will go back and clean up the old space. Feast your eyes on this step-by-step guide to organizing an office move.
Look for a New Space
Once you have decided that moving to a new space is the right idea for your business, start looking at what’s available. It’s helpful to get an idea of what other places will cost, how advantageous the space will be, and the logistics of the move, even if you’re not quite ready to pull the trigger yet. No matter how close to being ready you are, you will need a landing spot before you can set the plan in motion.
Hire a Moving Company
You may have worked with moving companies if you’ve moved to a different home before. Corporate location is similar, but there will be more furniture, appliances, and files to transport. That’s why you should work with a corporate relocation specialist rather than a mover who dabbles in all forms of moving. Make sure your moving services actually specialize in corporate moving, as these are the experts who have years of experience in exactly the service you need.
Clean Up Your Old Office
Depending on what kind of moving services you end up using, you might be able to have the professionals go back to the old office and clean up. Your lease may require you to leave the old space in “broom swept” condition, meaning that none of your furniture is left behind. You or your moving company can go back and get rid of any file cabinets, chairs, and desks that you no longer need.
The paperless office is an admirable goal, but it usually isn’t possible to eliminate paperwork entirely. Certain important documents need to be preserved for a set period of time, but keeping them from taking up too much office space can be a hassle. If your company’s document retention policy has resulted in reams of paperwork, it’s time to start thinking about storing your important documents off-site in New York City.
Which records do I need to keep?
The answer can vary, depending on the specific industry you’re in. For instance, law offices must abide by more extensive document retention requirements than the average retail store. All businesses need to keep tax documents for a set period of time. Talk to your accountant before shredding old tax documents, and when in doubt, don’t throw it out. The following are some common examples of documents you may need to keep:
- Shareholder agreements
- Company bylaws
- Leases or mortgages
- Board minutes
- Formation documents
- Annual financial statements
- Licenses, copyrights, and patents
- Purchase and sales receipts
Why should I store records off-site?
When a business is young, a filing cabinet will typically suffice for records management. But these records will continue to grow, and eventually, you might find that a significant portion of your office space is dedicated to records preservation. This is inefficient, and you can find a better use for the space. You might need to add a new conference table instead, for instance, or a couple of new desks for new employees. If you see clients at your office, storing records off-site is particularly important. Optics is everything for customer-facing businesses: What would your customers think if they saw stacks of paper piled up everywhere? The off-site retention of files is an easy solution.
Will my records be secure when stored off-site?
It’s likely that your records will be far more secure off-site than they would be in your office. Professional records retention services have the know-how and resources needed to keep your records secure and in good condition.
How can I ensure easy accessibility of needed documents?
You can access your important documents at any time. If you’re concerned about getting instant access, consider scanning documents to your own secure database. Then, keep the originals in an off-site storage facility.
If you have been considering relocation for your business, now may be the time to make your big transition. When you hire a company that specializes in corporate relocation in New York City , you will be able to easily and effectively transplant your business into its new space. By hiring moving services for your relocation, you will be able to focus on keeping your company profitable before, during, and after your move. Let’s take a look at some signs that you are ready for that big relocation.
You are struggling to find qualified employees.
Hiring and training a qualified workforce is an essential part of running a business. When you find that it is very difficult to source qualified candidates for your open positions, your problem may lie in your location. Moving to a new city or neighborhood will open up opportunities to draw in new members to your team. After your relocation, you may find that you have no trouble finding and hiring the right workers.
You are having trouble managing your operating costs.
Location can lead to higher operating costs, such as high rent or steep shipping fees. To cut down on your operating costs, think about relocation for your company. As you are seeking a new location for your business, look for a space that offers affordable rent in a good location. Once you have made your move, you are likely to find that your operating costs are more manageable.
You are not reaching your desired demographic.
Whether you own a retail shop, or offer professional services, it is critical to find a location that is appealing to your target demographic. If you have started to notice that you are not drawing in enough customers, this may indicate that you need to relocate your business. A savvy relocation in an up and coming neighborhood could provide your business with the boost that it needs to become highly profitable.
Corporate relocation can be a stressful experience for any business. When you are counting down to the day that your movers arrive, you may find that your to do list is a mile long. Fortunately, your movers in New York City will be there to guide you throughout every step of the relocation process. By hiring a team of professional movers and packers, you can rest assured that you have made all of the proper arrangements, prior to your moving day. To help you avoid penalties or problems during your relocation, here is a look at what not to do during your office move.
Forget to Label Your Files and Boxes
Whether you have a small company, or you are a member of a large organization, chances are that your office will have dozens of boxes to move. As you are packing up your office, don’t forget to clearly label all of your boxes and files. An organized labeling system will help you to easily find your essential items and papers once you are ready to unpack.
Neglect to Inform Your Customers
Your customers will need to receive advance notification of your office move. If you forget to tell your customers in advance of your move, you may find that you have dissatisfied clients who are wondering what has happened to your old office space. At least one month before your big move, take the time to send out an email that notifies your clients of your upcoming relocation.
Decide to Leave Furniture Behind
Many office spaces are leased from property management companies. While moving your office furniture may seem like a hassle, you should never simply abandon your unwanted items in your old space. Leaving furniture behind can result in steep fines during your final walkthrough. Instead, you can ask your movers to assist you with furniture liquidation. Your liquidation will also provide you with funds that can go towards purchasing furnishings for your new office space.
Having a retention policy can help to protect your business from legal troubles. This video discusses the legal reasons for the retention process. In the event that your business is involved with a lawsuit, your important documents can protect you during the litigation process. If your lawyers are unable to produce the necessary documents, you may be in danger of losing your suit. A company that offers business record retention in New York City can help you to keep your papers safe.
If you are in need of secure record storage, contact a company that offers moving and storage services in your area. By outsourcing your record retention to a team of experienced professionals, you will have the peace of mind that comes from knowing that your documents are being kept safe at all times.
If your upcoming relocation is giving you cause to worry, be sure to hire a company that specializes in corporate relocation in New York City. By outsourcing your relocation services, you can free up valuable time and resources to focus on other aspects of your business operations. From packing up your boxes to liquidating your office furniture, a moving and storage company can provide you with every service that you need for your upcoming corporate move.
There are several reasons why it is important to hire professional moving companies for corporate relocation. Your movers will have the tools and equipment needed to safely and efficiently transport your furnishings, office furniture, and equipment to your new space. When you work with your professional moving company, you can also set up a timeline for every step of your move. A team of movers will be there to ensure that you are stress-free, throughout your entire relocation process.
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