Top 5 Cost Effective Ways to Record Your Financial Documents and Information

Maintaining financial records and business documentations is a backbone of any business and also play an important role in your personal life because these documents can provide you the evidence about your financial health and expected growth prospects. Therefore, managing financial documents and information on an ongoing basis is as important for you as making a financial decision in your personal life or for your business.

Importance of Recording Financial Documents & Information

Keeping proper financial records and documents enables you to carry out your day to day business activities successfully and improve your operational efficiency. If you really want to make sure that all your financial data is being effectively managed and is safe, you really need to have a good data recording system in place, otherwise, you may have to spend extra time in finding the required information, which will not only cost your business but may also result in losing a client due to poor management of your financial documents. Financial records, such as, company policies, receipts, invoices, expenses, tax records, and client agreements, are the supporting evidence of your business activities. So, if you do not maintain them properly, it will cost you extra time and money.

5 Ways to Store Financial Data & Business Documents

There are various methods to store your financial records and to keep them safe. You can use archive-storage boxes, off-site tapes, discs and media back-up storage, fire proof storage to secure your deeds and legal documents, and online archive and document storage for data storing. Each one of these data storage facilities has been designed by keeping in mind the specific storage requirements of every business.

Many BPO (Business Process Outsourcing) firms have started providing these facilities as well because they understand the value of maintaining proper financial documents and how important they are in business. Saracen Document & Archive Storage is an example of such BPO firms. Records management with Saracen Data Store is more effective than hiring a store manager because he may forget to record certain files or misplace important documents, but Saracen has experienced account managers who store your financial documents and make sure that they are being maintained properly over a period of time. Let’s discuss top 5 ways of recording your important financial data and see how these firms can be helpful for your business.

1.       Archive Storage Boxes

Archive storage boxes or document storage boxes are designed to secure your tangible financial records so that you can keep your critical information in a safe location where no one can access it other than you or your executor. These boxes are made of solid material to protect your documents, in the paper form, from any damage and usually have clear panels for recording the document and archive contents.

Data storage firms, like Saracen, also take the responsibility to deliver these documents safely to your business location whenever you need them. Therefore, you can pile up all your critical documents and put them in an archive storage box to keep them safe.

2.       Off-site Media Storage

Films, tapes and discs have been the lifeblood of businesses across the UK. Therefore, data storage companies offer an off-site media storage to help protect your critical information recorded in those devices. Companies like Saracen provide their clients a secure environment to store their media files off-site and to transfer them between your data centre and off-site storage locations without any risk of theft or loss. One of the best things about these facilities is that they provide a cost effective solution and take away the risk of losing critical financial & business data.

3.       Fire Proof Storage for Will & Deeds

Although, you are not formally required to secure your will or legal documents in a special storage facility, yet these sensitive documents should be kept safe because your will is of no use if it is tampered with or if it is lost. People usually store such documents at solicitors, banks or with reputable storage firms like Saracen. Records management with Saracen Data Store has an outstanding feature of providing fire proof storage to secure your legal documents.

Fireproof storage facility allows you to keep your deeds, will and other legal documents in a secure place where they are not lost, burnt or tampered with. This facility can also be used to store other documents, such as, share certificates, property deeds, and insurance policies. A ‘secure location’ is provided to your important piece of papers with a secure on site and off site back-up to avoid the risk of fire. They are subject to regular review and updates, and you can access them whenever you want.

However, never save the documents of this nature in a safety deposit box because your executor may not be allowed to open that box without the court order. This is why you should keep your important documents where you and your executor can access it.

4.       Document Storage

Companies, particularly large businesses, usually need professionals to handle their document storage and record management. This is because they want to have an easy access to their documents whenever they need them. Data storage companies, such as Saracen, provide this service and help you to collect, organize and store all your documents. These companies accurately manage all the documents and data and do not mix them up or misplace them. They maintain a full inventory of boxes and files on an off-site location, which can be easily accessed online. This enables you to retrieve your documents without any complication.

5.       Archive Storage

There are many business documents that are only kept for legislative or compliance purpose and you do not need them quite often. Such documents should not occupy your expensive office space just because you need them once every two years or so. Data storage companies, such as Saracen, offer a unique archive storage facility that carries these documents because if you rarely need them, you really have to take cost effective measures and increase your office space so that it can be productively used.

Archive storage usually splits the archive into different sections so that you can easily locate the document you need. There is a deep archive, a standard archive and active storage, so you can arrange your documents accordingly and place them in a desired category without making much effort.

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January 17, 2014 Top 5 Cost Effective Ways to Record Your Financial Documents and Information