The Importance of Maintaining a Current Document Retention Policy

There are certain articles of information that should always be kept on file. These can include certain IRS paperwork, articles of formation, corporate resolutions, partnership agreements, etc. The problem is, when “cleaning house” these important papers sometimes get sent to the shred pile; never to be seen again. Destruction of these vital documents can cost your firm time and money to replace – if they are even replaceable. This is we recommend maintaining a current Document Retention Policy.

A Document Retention Policy should be designed by the managing individuals within a business. The policy should include what documents should be kept indefinitely, the location of these documents, and should require a chain of custody during each document destruction process.

The Document Retention Policy should be given to each individual within the firm that handles office duties. This way, when it comes time to shred, these individuals will have a clear, current, and comprehensive list of important documents and records that should be kept.

In some cases, some records must be kept for only a certain period of time and then they can be destroyed. The Document Retention Policy should include these documents as well, and the date in which these records can be discarded. For instance, the IRS recommends keeping financial records for at least 7 years. After the seven years has passed, these documents and records can be safely and securely destroyed.

When designing your retention plan, following a basic template for a standard retention policy is a good start, but be sure to tailor the policy to suit your specific business needs.

If you are interested in learning more about how to ensure your important documents steer clear of the shredder, please contact us. At Secure On-Site Shredding (SOS) we pride ourselves on providing our customers with the utmost in customer service. Call today to speak with one of our document destruction experts.

 

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