Paul Ravey, Manager, Access Records Management
While the world is becoming more and more digital, the majority of small businesses still generate large quantities of physical records – many which they need to retain in that form for organisational and legal reasons.
Whether you choose to store your documents onsite or outsource them to a records management company, it is essential to ensure that whichever document storage facility you use is well-organised, secure, and cost-effective – either in terms of your financial outlay, the space you use to keep essential records, or the time spent by employees on admin.
You need to be confident that your files are being kept confidential, and that they’re being protected from environmental dangers. And, you need to know that you or your employees can easily and quickly access your records when needed.
We recommend any document storage facility adhere to the following standards.
Use a fireproof, waterproof space
Fireproofing and waterproofing may seem like a basic requirement, but it’s important to consider whether your document storage facility will adequately protect and preserve your physical records in event of an accidental man-made or natural disaster. This is particularly important if you have not converted your documents to an electronic form, or if you are required to keep physical versions of particular records intact for legal reasons.
Facilities should have fire-detection systems and flood protection as well as a temperature-controlled environment that offers optimum storage conditions in order to prevent against damage from natural disasters.
Use high-quality boxes
Skimping on boxes can render the rest of your efforts pointless. The materials should provide maximum strength and durability. They should also be reinforced so that they can support heavy files and documents.
When using high-quality materials, it is easier to complete tasks like heavy loading, stacking, and as a bonus, these boxes are often 100% recyclable.
Implement a cataloguing system
To ensure that your document storage room is well-organised and people-friendly, make sure you have a comprehensive record cataloguing system in place. We recommend at minimum a unique reference code for every box. For businesses that require additional detail and tracking, a barcode for every file can be useful as well.
Records management software created by organisations like O’Neil Software often uses state-of-the-art RS-SQL programming that allows the rapid identification and retrieval of files. It also offers easy options for granting or removing access for users.
Outsource storage and save office space and time
Because storage can be complicated and compliance can be tricky, it’s often easier to outsource storing paper and digital records to a records management company. These providers are able to store your important files securely and ensure 100% adherence to statutory regulations and your internal policies.
Example record retention regulations
Some of these regulations include:
VAT records: Every company is required to keep VAT records on hand in hard-copy form for at least six years from the date they were created. Not doing so will have your business in breach of the VAT Act 1994 (Schedule 11, Paragraph 6). There are no hard and fast rules about how you store these records, but they should be accessible and within easy reach.
Contracts and agreements. It’s worth mentioning that holding on to these is pretty much simple, intelligent practice – you never know when a dispute might arise, after all. But holding onto them is also a legal requirement, per Section 5 of the Limitation Act 1980, so keep them in a safe place for a period of six years, not including the length of the contract.
Pension records: These have only become more numerous and more complex since the introduction of the government’s auto-enrolment scheme, so make sure you’re storing these records correctly in accordance with the Registered Pension Scheme (Provision of Information) Regulations 2006.
In-house storage and management are often not the best solutions due to privacy and efficiency concerns. It can be very difficult to provide the level of security, environmental protection, and cataloguing that can be found in dedicated facilities.
Take the burden off of your administrators and management by reaching out to an experienced, professional records management company. Records management plans consistently save companies time, money, and space that could otherwise be used on strategic tasks that support business growth.
