Document retention best practices: how to organize and maintain your documents

Organizing and properly filing documents are fairly mundane tasks that carry a huge weight. If you’re not on top of organizing and maintaining documents are stored, and when/when not to purge them, you’ll find yourself in the middle of a snowball effect. Stay on top of your records by following document retention best practices. Doing so can help you keep track of important documents, save time, and protect yourself from legal shenanigans. 

Let’s take a look at three actions you can take to confidently handle and build a document retention policy. 

Create a system for retaining documents

The most important step for electronic document retention is creating an efficient system for storing and maintaining documents. Make sure to scan in your files so that they’re always easily accessible. You should also create folders with labels that make sense to you, such as “Personnel Records” or “Invoices” so that you can quickly find the information you need when you need it. Once you have created your system, make sure everyone in your organization knows how it works and where documents should be stored. 

Ease the process with our guide to organizing folders with colleagues. 

Have a clear document retention policy

It’s important to establish clear document retention guidelines so that everyone in your organization understands what documents need to be stored and how long to retain documents. This will ensure that all of the relevant documents are kept on file in case they’re needed down the road. It’s also essential to regularly review these policies and update them as needed; this will ensure that all relevant regulations are being followed correctly. 

Here are the recommended document retention periods for key industries and geographies: 

Retention periods can vary significantly depending on document types, geography, and a host of other factors. The above time periods should be seen as guidelines only. 

Securely dispose of old documents

Finally, make sure that any old or irrelevant documents are securely disposed of according to applicable laws or regulations. Many businesses choose to hire a professional data destruction service in order to ensure that all personal information is destroyed properly and securely before disposal. This helps protect against data breaches (save yourself the shame of joining one of these lists) or identity theft and ensures compliance with applicable laws or regulations.  

Document retention policies are essential for any business owner or manager who wants to stay organized and up-to-date with their records. By creating an efficient system for storing files, having clear retention policies, and securely disposing of old documents, businesses can reduce their risk of legal liability while saving time in the process!