The accuracy of business records is essential to a company’s financial management and compliance with legal requirements. Inaccurate business records can result in incorrect financial statements, tax liabilities and missed opportunities for growth. The good news is, technology has made it possible for businesses to store and review records online in a safe environment. This is a major improvement over storing paper files in filing cabinets. It has also reduced the amount of time, expense and work required to process and manage data.
Receipts are one of the most important records for business. They are used to record transactions for commercial purposes and typically provide a summary status of a bank’s account at a particular date. Receipts also serve as expense trail which allows companies to claim duty benefits based upon legitimate business transactions. Other crucial business records are sales data, customer information and inventory management. These records can be analyzed to help companies customize their offerings and services to meet the needs of customers and build the loyalty of their brand. Inventory tracking allows companies to optimize their stock levels, which can reduce storage costs.
Many states have included business record services which allow businesses to submit articles of incorporation as well as search for corporate information online. These services are often provided by the Secretary of State office or the corporation department and contain a database searchable by name. Some databases are available to the public at no cost, while others require a fee to gain access. A third-party company that provides an integrated record management and business filing system may be of interest to businesses. This solution eliminates the need to purchase additional copies, couriers, and mailings, and reduces the cost of processing transactions.