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Online business records are documents that document the activities and transactions of a company. They are crucial to ensure compliance with legal requirements as well as for economic planning and making decisions. Record-keeping accuracy helps businesses to comply with tax laws, prevent lawsuits and financial fraud. It can also help businesses examine trends and their performance.
Maintaining accurate records can be an overwhelming task for any large or small company. However, a recent study found that 74% of small companies had higher profits after adopting efficient record-keeping practices. If you’re planning to take your company to the next stage, then you’ll need to ensure that all data and information you’ve got is sorted out and accessible. That’s why a comprehensive online record management system like Onehub could come in useful.
A business records system will aid in establishing regular processes for organizing files and information. This involves creating file organization systems digital storage solutions and assigning responsibility for maintenance of records. It allows you to create uniform file and folder names and establish guidelines for records storage, access, and disposal.
A reliable record-management tool online will help you establish different levels of security for different kinds of files. For example, some files may require a higher level of security than others, including applications for jobs and offers that contain sensitive information or personally identifiable data (PII). This lets you regulate how these documents are utilized and shared by employees.