Managing business records means you are running a crystal clear trade. In Pakistan, people pay less attention to keeping records as they are often ignorant of the consequences or they use it as an excuse to avoid tax issues.
The economy is now improving with the revised legal and tax implications that no one will be left unnoticed by the higher authorities. Therefore, it is better to purpose best practices of physical records management to avoid getting into litigation.
Every document that your business generates has value. It testifies your purchase, sale, or agreement. Preserving it for a long is simplified by the technology-equipped data management services. This post discusses additional benefits your business can avail of from these services.
Comply with the law
Every business or company is required to retain accounts, sales, and income tax records for a specific period. The Government of Pakistan also requires businesses to pursue a reliable physical records management system to keep documents for long.
The Companies ordinance 1984 may want corporate entities to manage and retain records for at least 10 years. However, the time duration varies while complying with other business records. It is better to create standard operating procedures in line with the general rule of law so the documents will be managed better.
Prevent litigations
Every contract that you undergo or a project you intake needs to be documented and managed to prevent litigations. In Pakistan, you can start a project that may start well and end well, but an issue may arise after five years of its completion.
To prove yourself true and fair, you have to manage the record for a long so that it can be furnished to the relevant authorities when needed. Some contractors take benefit of the legal ignorance of their partner or vendor that’s why they want to draw monetary benefits out of it after years. Your rivals may also be looking into such matters to defame you in cases you have closed in the past.
Retain confidentiality
The document management companies put an effective system into your organization to ensure every document or file remains safe, secure, and confidential. They restrict access of important data to authorized personnel only.
If you opt for offsite archiving, your business records reach their secure premises that are monitored and guarded around the clock. The data archiving services are insured as they keep the records in multi-layered security cupboards in a purpose-built warehouse.
Carry a legacy of success
In Pakistan, almost every business claims to be a pioneer in the field or industry they operate. They are left with the record to prove their identity and service else they can easily be labeled as impersonators of other famous brands.
It is a common practice that when a business earns a reliable name in an area, other deceptive and fraudulent people come into existence. They try to make money out of the goodwill created by the oldest vendor. In such a scenario, the genuine owner of the business can produce the historic documents to prove he or she is operating the business for a long.
Improved performance
Finding a document at the right time is no less than a hassle in almost any of the organizations in Pakistan. Failing to skillfully manage the document leads to delays in modifying or updating the date hence it results in poor performance.
With professional record management services, the data is stored in a central location with a defined structure and path. Only a few staff members have the access to it so no one else can modify its location, status, form, and version. It becomes easier for the rest of the workers to get the document and start from where it was left.
Records Security
Effective records management practices enable business owners to maintain records security and confidentiality of the records. A lot of time, records in physical is usually prone to so many external vulnerable elements. For example, unauthorized personals can get their hands on your organizational valuable data and can damage the firm reputation. In addition, physical record’s condition varies under different environmental situations and can cause the decay of the records. While archiving your data with a professional records management company, you won’t have to see yourself falling into such fear of data loss.
Easy retrieval
If you try to visit the storeroom or record room of an organization in Pakistan specifically in the public sector, you may find a pile of files that are hard to view and retrieve. Common examples are the police stations and public hospitals. They use an obsolete physical records management system that is not easy for a layman to understand.
With complex numbering and folios, and the absence of archiving guidelines, no one else can easily retrieve the file. However, the modern mechanism has simplified the process to a great extent. It removes the unnecessary data, puts it on a halt in archives, and uses the space effectively for the significant section of data.
Physical records management is the need of the hour for any business in Pakistan. the technology is changing the ecosystem where every economy is focusing on paperless culture. The physical records must also be advanced to reduce the reliance on paper and make the documents accessible with the help of modern technology.
Conclusion
Effective records management has a lot of lucrative benefits for just about any organization. Businesses don’t need to pay attention to managing the piles of documents and may remain focused on other core tasks of the business. Effective records management practices enable people to preserve their organization data, both paper as well electronic-based documents for as long as they need it. Furthermore, it ensures utmost records security, easy retrieval, maintaining a company’s historic legacy, and confidentiality of the records. Also, records management allows business and enterprises to become more productive with business process and workflow as documents that stored electronically are easily transmissible from one end to another.