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The accuracy of business records is essential to a company’s management of finances and compliance with legal requirements. Inaccurate business records can lead to inaccurate financial statements as well as tax liabilities, and miss opportunities for growth. The good news is that technology has allowed companies to keep and access their records online in a safe environment. This is a major step up from keeping files on paper in filing cabinets and has reduced the amount of time, expense and work required to manage and process data.
Receipts are one of the most crucial business records. They document transactions in the commercial sector and generally provide a summary of the bank account’s position at a specific date. Receipts are also used to keep track of expenses and allow companies to claim duty benefits for legitimate business activities. Other crucial business records include sales data, customer information and inventory management. Utilizing these records helps companies to customize their products and services to meet customers’ requirements, thus increasing the loyalty of their customers and generating more revenue. Inventory tracking helps companies manage their stock levels and reduce storage costs.
Many states have included business record services that permit businesses to submit articles of incorporation as well as find corporate information online. These services are typically offered by the Secretary State office or the Corporation Department and contain an online database searchable. Some of these databases are accessible to the general public, while others require a fee. A third-party provider offering an integrated record management system and business filing system could be of interest to businesses. This solution eliminates the need for extra copies, couriers or mailings and helps reduce the processing costs associated with transactions.
