![]() When you’re storing your data electronically instead of on paper, it’s simple to leverage the data for your business. Online document management software makes the data you’re storing easy to search through, analyze, share with stakeholders, and use for forecasting. Plus, a top-quality electronic data storage and document management system lets you go beyond simply storing the data. You can look up the data and analyze it to budget, forecast customer demand, and answer other needs in your business, but a paper storage system doesn’t do anything to make those tasks easier.ĭigitizing data storage lets you store large volumes of data in less space than paper would take up. However, it doesn’t empower your company to use that data effectively. You can keep the important files on hand and if they’re organized carefully, you’ll be able to find what you’re looking for. Paper files meet the minimum requirements for data storage. The way you store your data plays a major role in how easy it is to access, use, and secure important records and business documents. For some companies, it’s one of the most important assets. Keep reading to learn more about how electronic data storage and online document management software can work for your business.ĭoes It Really Matter How You Store Your Data?ĭata is an important asset in any business. In this article, we’ll be answering questions like, “Is digital document management the best choice for every business?” and “Why should you choose online document storage for your business?” We’ll look at why it’s important to store business data electronically and the best ways to store digital data. As with any change that will affect your company’s business processes, it’s worth taking time to weigh the pros and cons of electronic document management and storage. Storing business data electronically doesn’t cause the same problems as physical storage, and it also comes with several benefits. ![]() You risk losing years’ worth of records if something like a fire or flood happens.ĭigital storage is the alternative. As you continue accumulating paper, storage costs go up, it’s harder to find the files you’re looking for, and the files take up more and more space. If you store this information on paper, it’s going to start taking up large amounts of space. ![]() The longer your business is around and the larger it grows, the more data you’ll be storing. And on top of all that, you’re also keeping records of files that are no longer in active use for tax purposes, legal reasons, and to help you plan for the future. You’ll need accurate data for budgeting and successful audits. Written policies, budgeting records, and other frequently used files must stay easily accessible. How you store all this information from your company’s everyday business processes affects your entire company.Īs you’re thinking of ways to store all this data, accuracy and accessibility are key concerns. Accounts payable, expense reporting, and other departments generate a ton of paperwork. Business Optimization, digital Data Storageĭata storage is a key component of a successful business.You should keep your records continuously for all transactions. It is possible to store a digital copy of your receipts through Revenue Online Service (ROS) on Receipts Tracker.How Important Is it To Store Business Data Electronically? Plus The Top 6 Reasons You Need To Digitize Data Storage These records are known as ‘linking documents’ and can include: You must keep anything that is used to calculate your Income Tax, Corporation Tax (CT) or Capital Gains Tax (CGT). You must keep the original of these documents for six years. If you are in a partnership, the precedent partner is responsible for keeping records. However, you are ultimately responsible for your record keeping. If your accounts are prepared by an agent or accountant, they may keep your records on your behalf. Your records can be used to confirm information contained in your tax returns and they should clearly show the accounting process. If you run a business, you must keep certain records for tax purposes.
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