The benefits of storing business documents in a storage facility

Even though many business records are digital and can be stored in the cloud, companies still have numerous paper documents that need to be preserved. There are several benefits of keeping these papers at off-site storage facilities.

A limited company must keep records of their financial transactions for six years following the end of the accounting period. Other documents, including board meeting minutes and statutory books, must be kept for ten years. Self-employed individuals are required to keep records for five years in case HMRC decides to scrutinize them for a tax audit.

Storing documents outside of the office frees up space without requiring shelves or filing cabinets to store them. If the documents are indexed and labelled correctly, they can easily be accessed if needed.

Compared with standard office security measures, a storage facility provides strict security protocols that only allow authorised personnel access to the records. This ensures protection against risks such as fires, theft and floods.

A document tracking system is easily set up using a spreadsheet which will raise alerts when any document has been retained beyond its legal statute period required by law. A decision can then be made on whether to destroy or keep them. Some firms scan expired papers before destroying physical copies so they can be stored digitally.

If you require secure document storage in the Liverpool region, Merseyside Movers & Storers will gladly assist you by collecting your documents and securely storing them on your behalf.