Spring is Here—Time to Tidy Up Your Financial Records!
As we welcome the new season, it’s the perfect time to refresh your approach to recordkeeping. A well-structured records retention policy ensures you keep essential financial documents while eliminating unnecessary clutter.
Why You Need a Records Retention Policy
- Compliance & Audit Readiness: Keeping the right documents for the correct amount of time helps avoid penalties and simplifies audits.
- Better Organization: A clear policy prevents lost records and makes tax time stress-free.
- Space & Security: Retain only what’s necessary, keeping records safe and accessible while reducing storage overload.
How Long Should You Keep Your Accounting Records?
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3-5 Years: Payroll records, invoices, and general business expenses.
7+ Years: Tax returns, supporting documents, bank statements, and credit card statements.
- Permanent: Business formation documents, annual financial statements, and ownership records.
- Check out our Sample Records Retention Policy
Quick Tips for Digital & Paper Storage
- Scan and back up records using secure cloud storage.
- Shred documents you no longer need to protect sensitive information.
- Use a consistent filing system to make retrieval easy when needed.
Take Action This Month!
Set aside time to review your records and establish a retention schedule that works for your business. Need help organizing your bookkeeping? Big E-Z is here to guide you.
Stay on top of your finances with a solid recordkeeping system!
Contact Us to learn more or get expert bookkeeping support.