Record Management Plans

By: Greg Cargin, CPA, Partner | email

One question I receive from clients is “how long we should keep our old records?” The issue of how long to keep business records is an important one, but the policy for the destruction of these records is just as important. The retention of these accounting and other records should be part of a larger overall record management plan. A good records management plan defines the practice of maintaining the organization’s records from the time they are created to the ultimate disposal, including the classification, storage, securing and destruction of our records. A record not only includes paper documents, but also includes e-mails, databases, spreadsheets and any other electronic data form. Information and examples of record management plans and record retention can be found on the internet, but should always be tailored to meet the needs of your company. In addition, please feel free to contact your GT professional for more information.