Accurate records are essential to the management of the financials of a company and the compliance with legal requirements. Inaccurate business records can result in inaccurate financial statements as well as tax liabilities, and miss opportunities to expand. The good news is, technology has enabled businesses to store and analyze records online in a safe environment. This is a huge improvement over keeping paper files in filing cabinets. It has also reduced the amount of time, cost and labor required to process and manage information.

Receipts are one of the most crucial business records. These record commercial transactions and typically provide a summary situation of a bank account at a particular point in time. Receipts are also used as a record of expenses as well as assisting companies in claiming duty benefits based upon legitimate business transactions. Sales data, customer information and inventory management are important business records. Analyzing these records enables companies to customize their offerings and services to satisfy customers’ needs, increasing brand loyalty and revenue. The tracking of inventory helps companies maximize their stock levels while reducing storage costs.

Many states have incorporated business record services that allow companies to make incorporation papers and find corporate information online. These services are usually provided by the Secretary of State office or the corporation department, and include an online database that can be searched using the name. Some databases are accessible to the public while others charge a fee. Companies may also want to consider a third party service that offers an integrated business recording and filing system. This option eliminates duplicate copies, postal services, couriers and transaction processing fees.