In Ireland, each business owner has a legal requirement to hold certain company records for a number of years. In general, there is a requirement to retain certain accounts records and documents relevant to the business for a period of as much as 6 years. However, since 2018 and the introduction of new GDPR rules, there are further rules that must be complied with.
So, this poses two major questions for companies; What types of data does my company keep? And how long should it retain each type of data?
Based on our experience, we believe that as a business owner there is a need to consider legal obligations as well as identifying ways to ensure that the business is both compliant and efficient.
Here are some essential document storage tips that will assist you in achieving compliance and efficiency with business document storage.
1. Know the rules: Ensure that the business is aware of the documents that need to be retained and it is essential to define a document retention policy. As time passes, some documents, according to GDPR, should be discarded. Having a policy to manage this will save time and ensure compliance. Being aware that different records have different requirements for retention is also essential as (for example) employee records and tax records have different rules from expenses and invoices.
2. Establish a filing system: By using archive boxes that are clearly marked, a business can devise a simple system based on calendar year that will keep costs down while remaining compliant. This should be deployed from the start.
3. Use a trusted storage company: It is critical that archived business documents are stored in a climate-controlled environment and that they are secure. It is also important to agree with the storage provider the designated authorities within the business that have access to the documents in storage.
4. Start and maintain a document storage log: A document log will provide the business with a record of what is in storage and when it should be removed. This way, the business will remain compliant and with flexible storage costs, will only pay for the space used, thus reducing costs.
5. Only file what needs to be filed: By identifying the documents to be stored and creating a log of it. In selecting the files to store, remove duplicates and do not store any documents that are not required by law. It is important to also shred the documents that no longer need to be stored.
At Barons Self-Storage, we have flexible storage options. Our units’ range in size, so you can choose a unit that will accommodate all your items. We have flexible duration options and no hidden fees. If your plans change, we can adapt. We also offer a document shredding service for those important files that need to be shredded according to GDPR rules.
You will be the keyholder for your unit, Your Lock Your Key and you can access your belongings 7 days a week.
Get in touch
Contact us today in Galway and Limerick to see how we can help your business. Our team is experienced in dealing with your storage problems and we can develop a low-cost plan to suit.
Contact us on 091 771325 (Galway) or 061 577 700 (Limerick) or visit www.storage.ie