July 2023 Newsletter – Lets Talk Legal Retention
Let’s talk about legal records retention. But what exactly is records retention? Records retention pertains to the practice and organization of safekeeping important records for a set amount of time. The length of time differs depending on the country, content, industry regulation, business needs, but above all to be in accordance with the law.
This applies to both paper and electronic records. These records include proof of transactions (ie. invoices, receipts, purchase orders), contracts, general correspondences, evidence in legal matters, medical records, financial statements, and tax returns. Record retention processes help businesses and organizations stay compliant with laws so these records are not kept for too long or discarded too soon.
These records should be stored or scanned and safeguarded for the future. Most retention schedules require records to be held between 6-7 years. Other records, such as district court records, require permanent safekeeping. Click here to download our Minimum Records Retention Court Schedules list. This list includes information regarding retention schedules for Municipal, Justice, and District courts.
What does someone do with all those paper records for 6-7 years, let alone permanently? There are two options: store them or digitize them. Storing them can take up a lot of space and therefore an additional cost for storage. Security costs also need to be factored because the records do need to be safeguarded. Digitizing them allows you to save space and monthly cost on storage. Digital storage will most likely need to be purchased but the monthly and overall costs are less than physical storage space.
Scanning and digitizing your records with the document management software that makes the records searchable will help save time and money when those records need to be pulled out for reference or a case.
Some form of records retention is required by law for most businesses. Educate yourself on the legal retention schedules for your industry. Contact us today to get information on digitizing your records.