The accuracy of records is essential to the management of a business’s finances and their compliance with legal requirements. Inaccurate business records can lead to inaccurate financial statements as well as tax liabilities, and miss opportunities to expand. The good news is, technology has allowed companies to store and analyze records online in a safe environment. This is a huge improvement over keeping paper documents in filing cabinets. It also reduces the time, costs and time needed to process and manage information.
One of the most important kinds of business records is receipts. They are used to record transactions in commercial transactions and often give a summary of the account balance at a particular point in time. Receipts are also used to monitor expenses and assist companies claim duty benefits for legitimate business activities. Sales data, customer information and inventory management are also important business records. These records can be analyzed to help companies customize their offerings and services to meet customer needs and increase brand loyalty. Inventory tracking helps companies improve their stock levels and reduce storage costs.
Many states provide online services for companies to access information on their companies and to create articles of incorporation. These services are usually offered by the Secretary of State office or corporation department, and include a database searchable by name. Some databases are open to the public at no cost, while others require a fee to gain access. A third-party service that offers an integrated record management system and business filing system could be of interest to businesses. This option eliminates duplicate copies, couriers, mailings and transaction processing costs.