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Three tips for storing your accounting records correctly

by , 29 July 2014
The Company's Act states that you must keep all your accounting records for between five and seven years. This means you need to keep them safe so you can find them if you need them.

But when you have so much paperwork flying past your desk every day, how can you ensure these important documents don't get lost in the piles?

We can solve this problem for you. Just use these three tips and you won't have any trouble storing your accounting records.

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Three accounting record risk areas to watch out for
 

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Here's how to ensure you don't lose your company's accounting records

 
Your company's bookkeeping consists of several different books and records. The key to keeping track of all of these accounting records is to keep them together.
 
The moment you leave this one here and that one there, you run the risk of losing something.
 
So keep all of your records in one place and use these three tips to store them correctly to avoid losing them...
 
You'll never lose your accounting records again with these three tips
 
Tip #1: Go electronic
If you want to store and protect your financial records, keep digital copies on your company's hard drive. 
 
This is easy to do if you already use a programme like Excel to help you with your accounting. 
 
Tip #2: Limit the people who can access these records
When you create the file to store your records, set it as limited access. This way you can avoid employees 'accidently' changing or deleting these records. 
 
Tip #3: Create monthly printouts for your executives and managers
If you print out a copy of your accounting records for each of your executives and managers (and one to file away safely) you can avoid them looking through and possibly changing the digital copy by mistake.
 
With these three tips you can be sure to keep your accounting records exactly where you need them, when you need them. 
 
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