Online business records are files which record the company’s activities and transactions. They are essential for compliance with legal requirements, economic management, and decision-making. Accurate record-keeping helps businesses to comply with tax laws and also prevent lawsuits and financial fraud. It also helps businesses analyze trends and performance.
Maintaining accurate records can be an overwhelming task for any large or small business. A recent study showed that 74% of small business owners saw their profits rise after implementing efficient records-keeping practices. If you’re planning to take your company to the next level, then you need to ensure that all the data and information you’ve got is organized accessible, safe, and secure. This is where an online record management solution like Onehub can come in useful.
A business records system can aid in establishing regular processes for organizing documents and other information. This includes creating file management systems, digital solutions for storage and assigning responsibilities for maintenance of records. It assists you in creating uniform file and folder names and create policies for record storage, access, and disposal.
A reliable record-management tool online can help you identify different security levels for different types of files. Some files, like job applications or offers that contain sensitive information or personally identifiable information (PII) might require more security than other types of documents. This lets you decide how these documents are used and shared by employees.