Every business we talk to is well aware of the dangers lurking when it comes to their handling of stored information. Even though we are well into the computer age, the need to maintain hard copy records is still customary. There is a software package that allows secure electronic storage which is becoming more popular. If you are maintaining hard copy records, here is a guideline for the length to retain them.
7 Years for:
- Canceled or Substitute Checks
- Credit Card Receipts
- Paid Invoices
- Bank Deposit Slips
- Bank Statements
- Tax Returns & Employment Tax Returns
- Expense Records
- Financial Statements
- Meeting Minutes
- Inventory Records
Employee Records= Period of employment plus 7 Years.
Depreciation Schedules= Life of Asset plus 7 Years
Real Estate Records, Investment Records, Home Purchase and Home Improvement Records= Ownership Period plus 7 Years.
Journal & General Ledge= Life of Business plus 7 Years
Corporate Stock Records= Permanent.
Our part in this process is aiding in the removal of outdated hard copy records. We placing free secure containers and providing on-site shredding on a scheduled basis. Or perform annual or by-annual record purge services.
There is a significant environmental impact by shredding sorted office paper vs. conventional recycling methods. Sorted Office Paper, (SOP) is paper that is kept separate from newsprint, magazines and cardboard. The micro-fibers in SOP have much more value, (800%) to the recycling industry than mixed office paper, (MOP) which cannot be economically sorted once it is all mixed together. SOP is baled and stock-piled at a recycling center and shipped to paper mills for processing into tissue paper. This year to date we have processed approximately 160,000 pounds of paper.