Records retention schedule tools are beneficial for all types of organizations. They can be helpful when it comes to organizing documentation that will need to be available to access during certain times (i.e. documents for tax purposes,  policy updates, and gathering financial material) and they can keep your company compliant, avoiding costly legal issues. But what is a records retention schedule, and where do you start?

How to Develop and Update a Records Retention Schedule

When developing a records retention schedule, companies should review the rules of the particular reporting agency or organization ensuring that the company will meet all necessary state, federal, and/or agency requirements. A meeting should be conducted with each main business function to determine any business retention needs that may lengthen the statutory requirements, and a risk discussion should take place with the legal and compliance functions (e.g. environmental, regulatory, safety, etc.). The greatest retention requirement should rule. This process will also give you an opportunity to discover and add any records that are not on the schedule. A round of approvals from the groups mentioned above will bring out a few discussions of a leaner approach or a more conservative approach to retention, with the regulations defining the minimum retention requirement. This method will not only create a more robust and complete retention schedule; it will go a long way in the change management needed for acceptance and implementation. An annual review process of the Record Management Program materials will help with any needed updates if changes within the policy, regulations, and requirements occur or if the way in which the records are used changes. This will ensure each company is up-to-date with all of their information as they move forward.

The Benefits of a Records Retention Schedule

Government agencies and commercial operations will find that customizing a records retention schedule will be very beneficial because there are many documents that need to be kept for legal and business reasons. By using a records scheduling tool, companies and government agencies will find that the information is better organized and easier to access. Every piece of important documentation will be maintained and the documentation will be at hand in case of audits, questions, or legal actions. It can also help to preserve documentation for historical purposes as well as for future research projects that may arise. Businesses will find they are able to save more money and available computer space by moving information into different forms of backup, such as off-site storage and cloud or digital reserve. The records retention schedule also helps the company know what is permanent.

Access

The customized records retention schedule will make it easier for documents and information to be found by organizing every piece of important information in one central location. The tool can display the documentation through different categories such as business processes or who owns the record. Government agencies can also have their information categorized by geography, law category, or industry. Records retention scheduling tools can also categorize all forms of information a company would like outside of legal or financial documentation such as events. This could be beneficial for libraries when it comes to reading programs or other events.

Closing

Organizations that adopt  a records retention scheduling tool will realize just how helpful such a tool can be as they begin to organize all of their information into one easy-to-access location. This will help promote an environment of knowledge sharing and collaboration, as well as help the business locate important documents quickly. All organizations should consider using a record management tool to streamline their work.

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