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Storing business records properly

Storing business records properly

Many small businesses fall into the trap of storing day-to-day business records on spreadsheets and other files across multiple apps and multiple devices. The end of this is never good. If this is you, you are heading for a complete mess that can lead to missing data, customer issues, penalties and huge fines.

Business records take many forms, the common ones being customer and financial data. Depending on the type of business or organization you manage, there will very well be other forms of documentation you maintain such as legal documents and other operational documentation, specific to your industry or business activities.

It is common for small businesses to keep abreast of daily data management particularly if the volumes are low. For retail businesses that trade in more volumes, or businesses that exchange a lot of documentation with customers and trading partners, cultivating an efficient record-keeping practice is more difficult, but important regardless.

Customer records include data such as personal details, addresses and other information associated with customers. Because a lot of this information is personal, it must be handled correctly. If not, you may be violating the law or risking data loss. Customer data must be protected, hence the need to ensure you are using a secure system to store customer data correctly. While spreadsheets may present a form of data storage, what must be considered for serious businesses is a digital solution that is securely accessible. This is exactly what a cloud solution provides. Thankfully MyCo provides a good platform for storing your customer data, allowing secure access from your computer, tablet or smartphone.

Financial information is also important especially for measuring business performance and fulfilling legal obligations such as tax fulfilment. Without proper record keeping, these activities are only a dream and will eventually land you in penalties. Regardless of your legal obligations,  your business will be at risk if you are unable to monitor your business finance, due to lack of proper documentation. Documentation such as quotes and invoices should be stored centrally for future reference. MyCo provides bookkeeping tools, making it suitable for creating quotes & invoices, distributing them to customers and storing them for future reference.

The importance of proper record management cannot be overemphasized. Avoid jeopardizing the growth of your business due to poor documentation practices. Get your business records on a trusted platform like MyCo giving you the confidence that your business records are safe, secure and organized.