While we may be headed in the direction of a paperless environment with scanning and online document storage options a need for some paper documents still exists. However even when your business uses less paper at some point you may find a need to use secure offsite document storage in Lubbock.
Creating a Document Retention Policy
Setting out a document retention policy helps reduce paper while still providing legal protection in the case of an audit or other proof of documentation. Determining a policy for internal use within your company no matter how big or small will keep things organized with clear guidelines of what needs to be retained or shredded. Consult the IRS website for guidelines of which documents that need to be kept with regards to any audits of your business.
The following list is a guideline of documents that you may need to store:
Financial and Accounting Records Real Estate Corporate Minutes
Invoices Site Plans Registration/ Renewals
Bank Statements Mortgages Stock Certificates
Payroll Reports Deed/Title Agreements/ Bylaws
Taxes Financial Reports Contracts
Employee Files Liens and Easements
Medical Plans if any
Insurance Policies or Claims
How to Store Paper Documents
- Use sturdy banker’s boxes or plastic bins designed for document storage
- Separate the documents by type and year
- Decide if you will group like documents together or sort by year or put a full year of documents together in one box
- Use labels to organize and separate documents while in storage and label each box with the year and contents as well as destruction date
- If your storage space allows use a sturdy rack system to store boxes and bins, label shelves 1,2 3 etc as well as labeling each rack if there is more than one.
- Create a spreadsheet with a diagram showing where each box is stored and searchable inventory list
- Add a check in/out form for when documents are added or removed.
- Some boxes are kept for 7 to 10 years while others will be kept indefinitely, clearly indicate this on the spreadsheet
- Fluctuations in temperature, humidity and moisture as well as the local climate should be taken into consideration when deciding to use banker’s boxes or plastic bins to prevent damage to valuable documents
- Choose a Lubbock storage facility close to your home office that provides gated access and security monitoring for added protection. Supply your own lock and designate one keyholder.
Contact Storage Zone and their South Lubbock Storage Facility.