Record keeping is an essential part of any effectively business operation. It’s a system that is used by an organisation to capture information, efficiently manage it and should be easily accessible by the right people.
It can be electronic or paper-based. Ideally, it should be simple to make sense of. The records should also be organised in a clear manner.
The system should also ensure that the records are protected from being altered by unauthorised people. They should also be stored in such a manner that they security cannot be breached.
A good record keeping system also ensures that an audit trail is provided.
It should also include accurately documented policies.
There are numerous types of record keeping systems available, which companies can choose from based on their needs.
Cloud-based systems
These are useful for keeping documents in one place. As a digital storage system, the documents are easily accessible on-the-go.
Ideal for remote teams, this option is also less vulnerable to cyber-attacks.
Enterprise Records Management Software
These are essentially programs that can process large amounts of data. Several categories can also be created.
Manual Recordkeeping
This method is still in existence-, especially for smaller entities. The key to making this work is ensuring that all of the information is accurate. Descriptions of expenses must be recorded as specifically as possible. If any income is recorded it should be backed up by the relevant invoices.
Quicken Software
The use of this software eliminates the need for handwritten books. It also eliminates errors. A further benefit is that there is no need to re-input data during tax time as the interface is compatible with tax systems.
Bring Up Systems
This is a systematic method used to regularly check files and to review policy. Ideal for quality assurance, this record keeping system is simple to use.
