One of the keys to running a successful business is record retention. You will want to be sure that you keep the records that you might need on hand at all times. Knowing what to keep and what to discard can be confusing, though, so you may need some assistance with record retention in NYC. Utilizing a professional record retention and storage service will let you maintain more complete records without compromising valuable office space, should an audit ever arise. Here are some helpful tips as far as what you should keep:

Keep business income tax return records for at least seven years.

If you have the room to do it, you should try to keep income tax returns for as long as possible. Not only will they help you should the IRS ever audit your business, but they will also make it easier to complete future returns. If you are trying to save space, retain files for the past seven years, as this is as far back as the IRS may file an audit.

Keep employment tax records for at least four years.

When you have employees, you will need to provide them with tax records at the end of each year. These records will include names, social security numbers, wages, pension payments, and more. The IRS recommends file retention for four years after the date on which the taxes were due to be paid.

Keep all business ledgers, journal entries, and other documents for at least seven years.

This category is trickier than the other categories listed here because there are many different documents that could fall into “other.” For example, annual reports, Board of Director information, and even supportive tax records are included. In general, seven years is the guideline for record retention, but your accountant may advise you to hang on to these items for as long as possible in certain situations.

Keep human resource files for former employees for at least seven years.

Regardless of an employee’s reason for leaving your company, you should keep their information on file. You should also keep the information of any job applicants who were not hired at your company for three years for more complete record keeping.

Record 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.

Record retention is an essential step of every corporate relocation. When you are packing up your office for a commercial move, you should be sure to carefully file and process all of your records, bills, and other information. If you leave your important documents disorganized when you place them in a box, you will create additional hassle and stress during your unpacking. For the ultimate file retention, you can place file folders directly in your moving boxes. In addition, if you are in need of assistance with record retention, you can work with a highly rated company offering corporate relocation in NYC . For more tips on how to file important documents before you pack, check out this video from expertvillage.

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.

An organized and convenient records retention system is essential for any successful business. Holding onto so much paperwork can put a strain on your workplace, though. Sometimes outsourcing your document storage can truly benefit your company. Keep reading to learn about the advantages of storing your records at an outside facility.

They Already Have a Way to Organize Records

Instead of wasting time trying to figure out how to maintain order among your records, you can outsource your records storage to a company that already has a system that works. Whenever you need to access one of the documents that you place into storage, you can call the company and they know how to find the exact paperwork you need.

You Can Gain More Space in Your Office

If you are short on space in your office, outsourcing your records retention helps you open up more space you can use for other needs. Years’ worth of paperwork takes up a lot of valuable space in your office. If you outsource these documents, though, you can make the most of your workplace to ensure you always have the space you need.

You Know Your Documents Will Be Secure

A business cannot survive without important and confidential paperwork. Moving your records to an off-site facility helps you keep them safe. The professional file retention service offers state-of-the-art security features that give you confidence your paperwork will be there whenever you need it. The storage center is built to protect your documents from theft, fire, flood, and other issues that could destroy them.

You Can Store Documents Long Term

Another advantage of using an off-site records retention service is you can store your documents long term. No matter how long you need to hold onto certain paperwork, you can keep them in the storage center and know exactly how to find them when you need them.

Whether you have a large or small office, record retention is an essential element of running your company. As a business owner, it is your responsibility to hold onto certain documents pertaining to your company and your business practices. Keep reading to learn more about the importance of this service and why you should find a reputable company to help you store your records:

It gives you access to the files you need

When you operate a business, you might have to reference certain paperwork years after you create it. If you utilize record retention services, you can easily access these files when you need them. They will be stored safely at an off-site location that does not take up too much room in your office. These files are secure and easy to find when you need them.

It provides the ability to keep important documents

As a business owner, it is imperative to keep yearly financial statements, receipts for both purchases and sales, and all of your tax information. You also need to keep corporate documents that detail business incorporation, constitution and bylaws, charters, and meeting minutes. Hold onto licenses, patents, copyrights, or trademarks that your business or your employees have earned. You should also keep property mortgages and leases. Storing all of this paperwork in your office might take up too much storage space. When you use record retention services, though, you can hold onto all of this important paperwork without inconveniencing your staff or overcrowding your office space.

It offers more security for your business

Whether the IRS needs certain financial paperwork during a tax audit or a former customer is trying to dispute something, retaining your records helps you protect your business. When you have physical proof of how you conduct business, you can easily provide answers to anyone that might try to question your company. Document storage helps you keep your company safe no matter what happens.

Record Retention Services from U.M.C. Moving

Document storage is an important aspect of running a successful business. If you no longer have room for all of your paperwork, though, and you do not want to relocate your office, it might be time to take advantage of U.M.C. Moving’s records retention services. Keep reading to learn more about these services and how they can benefit your business.

By using a detailed barcode system, U.M.C. Moving can keep all of your documents organized. Our warehouse has plenty of space in which to store all of your archived documents. We also provide same day or next-day delivery services to ensure you have access to all of your documents when you need them. With strong security features, we help you feel confident that your documents are stored safely.

Optimize the space in your office without moving by taking advantage of these record retention services. When you no longer need the documents in storage, U.M.C. Moving also offers archive destruction to get rid of these documents safely and securely.