Summer: A Time to Address Five Records-Related Questions

By Marshall Stevens

The summer months are a time for business owners to assess goals and make mid-year business improvements. One area owners should review is information – how it’s being managed, as well as completing a mid-year paper purge.

No matter the size or industry of a business, information grows quickly, so keeping a handle on it can be a daunting task. It’s time-consuming and often business owners don’t know where to start so the job gets avoided. That means file boxes are put in back rooms and eventually are forgotten. This is a very dangerous situation to be in, regardless the size, industry or location of the business.

There are many state and federal regulations relating to document retention periods and security of stored information. Not only must information be kept, it must also be readable. When files aren’t properly retained or are kept past their “shelf life,” the business is putting itself at risk in the event of an audit or court case. By not keeping track of information, your business may also be at risk of identity theft, a theft that you might not even realize until it’s too late.

To have a successful second half of the year, businesses should place getting and keeping information organized at the top of their “to do” lists. The following questions and answers will help companies know how to get started with their records management improvements:

• Keep or toss? – Make the job more manageable by completing a mid-year paper purge, but don’t go too crazy when tossing information. To make sure you’re complying with your industry-specific records-related regulations, consult your legal, financial and accounting staff as each business’ situation is different when it comes to retention periods.

• Should we keep everything forever just to be safe? – This is a common records-related myth. During an audit, all files can be examined, regardless the type or age of the document. When you’re deciding what can be tossed, protect your business by determining how long the files need to be kept, again with the help of your legal, financial and accounting staff as well as records management professionals. Then, develop a program to monitor specific retention periods.

• Are we storing information in the right location? – A business wants to ensure that records are safe from theft, fire and environmental damage such as water, heat and dust. Most business owners will want to consider an off-site storage facility that specializes in records management services.

• Can we toss unneeded documents like any other piece of trash? – Dumping business files into the trash can put your business, employees and clients at great risk for falling victim to identity theft. Shred all documents before tossing them, including electronic media that contains information.

• Is there a cost-effective solution to simplify things? – Many businesses choose to transition records to an electronic file format. Through this technology, all files can be hosted through a secure website, so rather than digging through a box of files to find a document; you can find the information with a click of a mouse. The best part about this solution is that these programs can be customized so they can meet any business’ goals while staying within individual budgets.

There’s no one-size-fits-all solution when it comes to records management programs, so when you’re getting information organized to head into the second half of the year, take time to speak with a records management expert. Find an expert at a local firm that understands your industry’s records-related regulations, can answer questions about proper storage, retention and destruction and can also provide options to help save your business time and money.

By staying one step ahead of growing information, you can rest easy knowing you’re complying with regulations, you’re protecting yourself from fraud and you won’t have to spend the entire last quarter getting ready for next year!

About the Author
Marshall Stevens is Co-Owner and President of Stevens & Stevens Business Records Management, Inc.,a full-service records and information management company, providing services throughout the Southeastern United States. He has nearly 20 years experience in the records management industry and holds a master’s degree in finance and international business from the University of Florida. Stevens and his company are active members of the Association of Records Managers and Administrators (ARMA), Professional Records and Information Service Management (PRISM), Association of Contingency Planners (ACP), Association of Legal Administrators (ALA), Association of Imaging and Information Management (AIIM) and Tampa Bay Technology Forum (TBTF) and National Association for Information Destruction (NAID). Visit www.ssbrm.com and follow on Twitter (http://twitter.com/StevensBRM) or Facebook (http://facebook.com/ssbrm).