5 Ways Record Control Can Potentially Save Your Company Money
Saturday, March 14, 2015, 6:00 AM | Leave Comment
Controlling your company records is not only a good legal move, but also a good financial move. Here are five ways that record control can potentially save your company money.
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Record control keeps you out of legal hot water
If your company is in possession of the personal and financial records of your customers, mishandling of this information may be cause for legal concern.
As the steward of these records, you may be held liable if they fall into the hands of a malicious third party. Centralizing control of your records reduces the chances of this happening immensely.
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Record control protects your intellectual property
You never know what kind of information a competitor or a malicious user may glean from any of your documents. If they are able to discern what makes your business tick, they can drive customers away from you by copying your process. Controlling your documents will keep them out of the hands of these people.
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Record control keeps you in control of old receipts
If you rely on any kind of hardware, then you know exactly how frustrating it can be when that hardware malfunctions. You also know how unhelpful customer service will be if you do not have the documentation for your warranty or any insurance agreements that you may have signed.
If you do not have these records, you may have just wasted money on a warranty or insurance package that is now completely useless because you cannot find the paper that created the agreement. Record control keeps you from wasting money in this way.
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You will be able to deal with Uncle Sam much more readily
The reason that many companies go out of business within the first five years is not because of bad revenues – it is because of an overbearing tax burden. Uncle Sam requires proof of every detail, so be sure that you have it with an organized record structure.
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Records create value for your company that can be used for loans
Instead of going into debt in order to expand, move or take care of an emergency, you may want to leverage some of the equity in your business. Organized records create equity in the mind of a business appraiser, saving you from potential interest payments.
There is absolutely no need for you to try to organize your records yourself. Third-party companies such as Vital Records Control in Florida or other companies around the nation with a good reputation will provide you with this service, leaving you more time to focus on your business and your customers.
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