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Achieving accurate business records is crucial to a company’s management of finances and compliance with legal requirements. Inaccurate business records could lead to inaccurate financial statements, tax liabilities and missed opportunities to grow. The good news is, technology has enabled businesses to store and review documents online in a secure environment. This is an enormous improvement over keeping paper documents in filing cabinets. It has also cut down the time, costs and labor required to process and manage data.
Receipts are among the most important business records. They document transactions in the commercial sector and typically provide a summary situation of a bank account at a particular point in time. Receipts can also be used to track expenses and help companies claim duty benefits for legitimate business activities. Sales data, customer information and inventory management are also important business records. Analyzing these records enables companies to tailor their products and services to meet customers requirements, thereby increasing the loyalty of their customers and generating more revenue. Inventory tracking can help companies improve their stock levels and cut storage costs.
Many states have implemented business record services that allow companies to create articles of incorporation and locate corporate information online. These services are typically provided by the Secretary State Office or Corporation Department, and come with the ability to search databases. Some databases are available to the public, whereas others require a fee to gain access. A third-party provider offering an integrated record management and business filing system may be of interest to businesses. This solution eliminates the need for extra copies, couriers and mailings, and reduces the processing costs associated with transactions.
