In the past, the practice of data retention, or storing hard copies of documents, was the only way to keep an ongoing record of business activities.
This requirement, to a degree, was of regulatory bodies like the IRS, SEC, and so on. However, many businesses kept records dating back years for their own purposes.
These days, you rarely have to retain data in hard copy format. That is because digital storage is more convenient, affordable, and safe.
However, many businesses still struggle with sending their old records out for document destruction. Perhaps they are afraid of not having a backup in place should a digital system come under attack or go down.
The truth is, you can modernize and still retain data in a safe and responsible manner. It will keep up with applicable agency regulations and your own business policies. Here’s how to get the job done.
Benefits of Data Destruction
There are a couple of good reasons to go paperless. You can shred your backlog of records, and move into the digital area where data storage is concerned. For one thing, doing away with paper copies is eco-friendly.
In many ways, it’s also less expensive. There is no need to buy paper, ink, etc. It’s not necessary to pay for a secure storage facility. Less time will be wasted on filing and finding documents, and so on.
In addition, moving to a system of digital storage is more secure. That’s thanks to firewalls, encryption, monitoring, and so on.
Paper copies can be destroyed by water, fire, and pests. Thus, you’ll be left with no backup. However, they are also more susceptible to theft.
For this reason, it’s in your best interest to hire a mobile document shredding service. They do away with old records and new hard copies moving forward.
Modern Data Retention
Don’t worry that you won’t have a back-up. You can scan hard copies prior to document shredding. Additionally, back up your entire digital storage system regularly and keep digital copies off-site.
This way if you suffer a breach, shutdown, or natural disaster, you can revert to a recent save point. Then, pick up business right where you left off.
Documents to Keep in Hard Copy
Even with digital copies on hand; it’s still not a bad idea to keep hard copies of certain types of documents.
For example, you may still want to retain hard copies of original tax documents including receipts, for several years. Then, you hand them over to your Florida document shredding service.
Many businesses also keep original copies of legal documents like signed contracts. Even if you adopt a scan-and-shred strategy moving forward, there’s no reason you can’t save space.
You can eliminate the vast majority of hard copies. Yet, still keep essential documents in both digital and paper format.