The accuracy of business records is essential to a company’s management of finances and compliance with legal requirements. Inaccurate business records could lead to incorrect financial statements and tax liabilities as well as missed opportunities to grow. The good news is, technology has enabled companies to store and analyse documents online in a secure environment. This is a major improvement over keeping paper files in file cabinets and has cut down on the amount of time, money and work required to manage and process information.
Receipts are among the most crucial business records. They are used to record transactions for commercial purposes and typically give a report of the status of a bank’s account at a particular date. Receipts also serve as trace of expenses as well as assisting companies in claiming duty benefits based upon legitimate business operations. Other crucial business records are sales data, customer information and inventory management. Analyzing these records enables companies to tailor their products and services to satisfy customers requirements, thereby increasing the loyalty of their customers and generating more revenue. Inventory tracking can help companies improve their stock levels and reduce storage costs.
Many states have included business record services which allow businesses to make incorporation papers and find corporate information online. These services are usually offered by the Secretary of State office or the corporation department and contain an online database that can be searched using the name. Some databases are open to the public, while others require a fee for access. A third-party provider offering an integrated record management and business filing system might be appealing to companies. This will eliminate the need for duplicate copies, postal services, couriers and transaction processing charges.