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Businesses produce many different kinds of records, including financial receipts, invoices, paystubs, legal contracts, time sheets, tax documents, internal and external correspondence, and more! These records hold important information related to the business’ processes, finances, and legal standing. Some large companies employ entire departments dedicated to managing the records produced through business operations. As a new small business owner, however, it is likely that much of the responsibility of documentation will fall on your shoulders.
Records management may seem to be a daunting task at first, but do not worry! By establishing a clear and well-organized records management system business owners and employees will be able to quickly file, retrieve, and access important information held within documents.
Other Useful References:
Fulfilling Legal Obligations (VPL Guide)
SBA Legal Assistance & Management & Human Resources Page
BC Government Starting a Small Business Guide
Disclaimer: Not Legal Advice
The information provided in this guide is for general informational purposes only and is intended to serve as a resource for best practices in business records management. This guide does not constitute legal, tax, or professional advice. Laws regarding record retention, privacy, and compliance vary significantly by jurisdiction and industry and are constantly changing.
You should always consult with a qualified legal professional, accountant, or business advisor to address your specific legal and business needs. Reliance on any information in this guide is solely at your own risk.