If you do end up choosing a digital storage solution, make sure you don\u2019t need a physical copy or original document in the future. The last thing you want to do is shred something to save space, only to need it five years later. If you go the digital route, it may be a good idea to create multiple backup copies in case one of them is damaged or fails. Digital backups take up much less space than having multiple paper copies of your important documents.<\/p>\n
Before you begin indiscriminately purging them, know the guidelines for how long you should keep company records. Having a clear, documented record of how the project progressed is vital, especially if employees or other witnesses are unavailable, or have simply forgotten what happened and when. As a business owner or a manager, you probably have storage to keep various documents, such as employee records, timesheets, invoices and bills, tax returns, or bank statements. In fact, you can be downright inundated with records\u2026 from tax returns and expense receipts to invoices, canceled checks, payroll records, bank statements, meeting minutes\u2014the list goes on.<\/p>\n
Store files in a safe place, preferably in a location protected from fire, flood, theft and other loss. Someone other than yourself should also know where these important records are kept. This includes documents detailing contributions, rollovers and distributions.<\/p>\n