In Pursuit of Profit
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 Previously, we put together a business record retention resource to answer the question, “How long do you need to keep business records?” It gave clear record retention recommendations based on standard business practices for tax filings, audits, property ownership, insurance, employment records, and permits/licenses. And yet, only five years later we’re revisiting the topic because there is growing confusion around how long companies and nonprofits should retain their records now that so many of them are digital.
The question we’re being asked today is, “How long do I need to keep digital business records – are the rules different?”
I have a lot of respect for accounting leaders who take pride in the way they manage every aspect of their company.
Let’s take a look at a few reasons why maximizing efficiency in your accounting department is important.
In fact, the adoption of technology seems to be quickening across the board among consulting accountants, for-profit companies, nonprofit organizations, and the government alike. (Yes, even the IRS is now using video visits to oversee tax preparers!) In an interview with Accounting Today Twyla Verhelst, head of the FreshBooks Accounting Partner Program, explained, I've heard it said that the last 30 years of technology and accounting have been taking what accountants used to do on paper and digitizing it. This is a very broad oversimplification of the advance of technology over 30 years, but I think there's some truth to it… Now, of late, we're starting to move away from that and move to creating new things based on what the technology can do as opposed to recreating what paper could do. |
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