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Business Documents That Should NOT Be Shredded

Business Documents That Should NOT Be Shredded

There are some business documents that you should not be shredding, and we want to talk about those with you today.

There are files around your business that will eventually reach the point when they’re not needed anymore. When this happens, document shredding is required to ensure that the information on these files isn’t found by unauthorized personnel. However, this isn’t always the right thing to do with your files. There are some business documents that you should not be shredding, and we want to talk about those with you today.

Client and Employee Personal Information

According to the IRS, you’ll want to keep employee files on hand for a minimum of four years after they have stopped working with your business. Such information to preserve includes ID information, like name and address, social security number, pension plan payment, as well as their employee email.

For businesses that store personal/financial client data, you’ll want to think about how safely the information is stored, and for how long. A requirement by the IRS states that individuals must be capable of providing records that include deductions, income, and credit claims for as long as seven years from the return date. This means that, for clients who don’t have this information, they’ll be approaching you for the information they need.

Business Property Records

Your business is a property you own, and you also own different pieces of equipment that go with your business, and that means you’ll have documents pertaining to them. By holding onto your business property records, it’ll help you out when you’re trying to calculate relevant depletion deductions and depreciation. You’ll also have an easier time noticing any loss or gain you made on your property.

Applicable documents you’ll want to keep for later include the deed for that property, any vehicle titles you may have, and documents pertaining to the equipment that’s owned by your business. For vehicle and equipment documents, you want to keep them somewhere secure until your business doesn’t own them anymore.

Have Questions? Micro Records is Here to Help

If you have more questions about document management software, Micro Records is here to help you with all of your needs. We can help your business to transition to a paperless way of life with outstanding e-forms and technology. For more information about how we can help you implement your new document management software, visit us online or give us a call at 877-410-SCAN. For more tips, tricks, and to see what we have been working on, be sure to follow us on FacebookTwitterLinkedIn, and YouTube.

This entry was posted on Monday, July 3rd, 2023 at 9:51 am. Both comments and pings are currently closed.