Intuit Small Business Blog, by Dave Clarke on March 3, 2014
Three little words can cost you a lot more money than you might imagine — and they have nothing to do with “love.” When it comes to keeping your business’s records, saving everything “just in case” can prove to be an expensive proposition.
Maintaining records — legal, financial, employment, etc. — beyond regulatory requirements not only costs time and money, but also may unnecessarily expose your business to litigation.
If you are keeping every scrap of paper or email simply because you may need it later, it’s time to change your M.O. A far better approach is to develop a record-keeping strategy and execute it according to plan.
What’s Required by Law
The records you should keep vary based on your business, industry, and location. But Diane Carlisle, executive director of ARMA International, a leading authority on governing information as a strategic asset, offers these basic guidelines: <READ MORE>