Owning a business\u00a0requires a vast amount of documents and paperwork. This may include paper documents, electronic data, financial statements, and\u00a0personal information. Organising all your business data may seem like a daunting task.\u00a0A document retention policy gives your business a plan for organising, storing, and discarding paper and digital records and information. This article will outline:<\/p>\n\n\n\n
There are three key benefits that accompany having a well-drafted document retention policy from the beginning of your business.<\/p>\n\n\n\n
In New Zealand, businesses and companies legally have to keep an array of documents for fixed periods. The retention period of certain documents or records will depend on the document type. <\/p>\n\n\n\n
For example, if your business has employees, you must keep: <\/p>\n\n\n\n
Doing so ensures that your business can produce these records should an employee or their representative from a union request to see them. Documents must also be retained if a government agency, such as the Ministry of Business, Innovation and Employment, wishes to examine them. <\/p>\n\n\n\n
A document retention schedule ensures that your business complies with these retention requirements. <\/p>\n\n\n\n
A disorganised filing system can make finding a document or file incredibly time-consuming and challenging. This disorganisation can be particularly frustrating if you must give a particular document to a client or agency.<\/p>\n\n\n\n
A document retention policy ensures you know where each document type is when you need to produce it.<\/p>\n<\/div>\n\n\n\n
Also, a well-structured system improves efficiency and reduces stress in the workplace. It minimises the risk of losing crucial information and helps maintain compliance with legal and regulatory requirements. By implementing a clear document retention policy, businesses can streamline their operations, enhance productivity, and ensure that important records are readily accessible when needed<\/a>. This approach saves time and protects the company from potential legal issues arising from misplaced or destroyed documents.<\/p>\n\n\n\n Failing to discard documents can, over time, be incredibly costly for your business. As more documentation comes into your business, you must purchase more in-person or digital storage systems to accommodate it.<\/p>\n\n\n\n A document retention schedule gives your business the tools to eliminate unnecessary documents, thus creating space in your current systems for incoming documents.<\/p>\n<\/div>\n\n\n\n A document retention and disposal policy should deal with all classes of records that your business deals with. These documents may include:<\/p>\n\n\n\nMinimise Storage Issues <\/h3>\n\n\n\n
What Documents Should Be Included?<\/h2>\n\n\n\n
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