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Achieving accurate business records is crucial to a company’s management of finances and compliance with legal requirements. Inaccurate records could lead to inaccurate financial statements, tax liabilities and missed opportunities to increase profits and growth. The good news is, technology has allowed businesses to store and review documents online in a secure environment. This is an enormous improvement over keeping paper files in filing cabinets. It has also cut down the amount of time, expense and time required to manage and process information.
Receipts are one of the most important business records. These record commercial transactions and generally provide a summary of the bank account’s position at a particular date. Receipts also serve to record expenses and aid companies claim duty benefits for legitimate business activities. Other important business records include sales data, customer data and inventory management. These records can be examined to help companies customize their offerings and services to meet the needs of their customers, increasing the loyalty of their brand. Inventory tracking helps companies manage their stock levels while reducing storage costs.
Many states have incorporated business record services which allow businesses to submit articles of incorporation as well as search for corporate information online. These services are usually offered by the Secretary State Office or Corporation Department and contain a searchable database. Some databases are open to the public at no cost, while others require a fee for access. Companies may also want to think about a third-party service that provides an integrated business recording and filing system. This solution eliminates the need for extra copies, couriers and mailers and reduces the cost of processing transactions.