![]() For example, your incorporation papers should be among your permanent records, but you can delete employee payroll details after a few years. The period of time you keep documents may vary depending on type. Choose how long the retention period should be and also decide how they should be deleted at the end of the records life cycle. Decisions about how, which, and when records should be keptĭecide with senior staff, and with the input of the rest of the team, which vital records need to be kept. Records management is just as important as your finances, and you wouldn’t expect anyone to pitch in to “do their bit” for finances, you have a dedicated team member to serve as document manager and to be lead archivist. This should not be a blanket duty for anyone in HR, there should be one senior staff member who fully owns this process. A successful records management system will need: A senior member of staff who is responsible for records management It’s a company-wide process that will require someone at the helm and initial training for the whole team. There are important considerations to make before you go ahead and make a records management system. How to set up a records management system Receipts of paid utility bills, welcome emails for new software, and speculative job applications can all be handy to keep on file. There are also the less scary records that you should keep for your own peace of mind. The E qual E mployment O pportunity C ommission will require these records to be kept for at least one year. Hiring filesĪny files relating to the hiring of a staff member should be kept for around three years. Should an employee want to take action against you, you will also need to call on these records. ![]() This is important as proof that they did, in fact, work at your company but can also help you form references when requested. Keep these records for at least six years after your employee leaves. Generally, a retention period of at least three years should be sufficient. The FLSA will have different laws for different types of payroll records. You should aim to keep these vital records for at least four years. The IRS will require records of your tax. The big one for those in the United States. Here are just some types of records that need to be compliant with certain retention periods in the United States: IRS You shouldn’t assume inactive records are no longer important, either. Not only can they prevent you from getting into hot water, if your business is ever accused of anything unsavory, your records can also help you get back out. Why do businesses need to use records management?Īside from general admin, there are some vital reasons for a businesses to start managing records. These files need to be maintained, so you’re not only managing new incoming items but also archival management. It doesn’t stop with just hitting save, though. Dropbox serves as valuable modern update on the traditional records center. That’s precisely why it’s so important to have a regulatory process that can sort the wheat from the chaff and save key items to your vital records.
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