Why Record Retention Is Important
Record retention is a valuable tool for companies and home businesses. A storage unit at a reputable storage facility is a safe, secure place to store important documents you may need later. Here are some key reasons why record retention is important.
It Can Prove Valuable in a Lawsuit
If you or your company is sued, or if you are listed as a plaintiff, witness, or custodian of record in any legal proceeding, the information contained in company and employee records might prove invaluable. You don’t need to store every piece of paper you’ve received since the founding of your company. Consult with an attorney with experience in records management for guidelines on what records are crucial and useful to store, and how long they should remain in storage before they can be destroyed.
It May Be Legally Required
Depending upon your business, retaining records for a specific time period may be legally required. All organizations are required by law to retain tax records and employment records. Typically, companies with 15 or more employees are required to keep employment records for 1 to 5 years, depending upon the document. Documents related to medical exams must be retained for at least 30 years. Tax records must be retained between 2 and 7 years, depending upon the tax document.
You Can Create an Inventory of Your Records
Sending your important records to a storage facility is a perfect opportunity to create a database or inventory of these documents for future reference. Each storage box should be numbered and contain distinctly labeled folders. As you add documents to folders, folders to boxes, and boxes to your storage unit, you should maintain and update your inventory.
If you or your company is in need of a secure storage facility in Orange County , Los Angeles County or San Bernardino County, contact a Self Storage Specialist at POUCH Self Storage. We have 8 convenient California locations, and offer a number of different self-storage unit sizes and services, including business storage, secure document storage, and on-site document shredding and destruction. For more information, call us today at (800) 378-4598.