Correct records are vital to the financial management of a business and their compliance with legal requirements. Inaccurate business records can result in incorrect financial statements and tax liabilities as well as missed opportunities to grow. The good news is that technology has enabled companies to keep, access and analyze their records online in a secure setting. This is a significant improvement over keeping papers in file cabinets and has reduced the amount of time, money and effort required to manage and process data.

One of the most important types of business records are receipts. Receipts serve to record transactions in commercial transactions and often give a summary of the balance of the account at a certain moment in time. Receipts are also used as a expense trail which allows companies to claim duty-free benefits based on legitimate business transactions. Other important business records include sales data, customer information and inventory management. Analyzing these records enables companies to tailor their products and services to meet customers’ needs, increasing brand loyalty and revenue. Inventory tracking helps companies manage their stock levels and cut storage costs.

Many states provide online services for companies to look up information about their companies and to submit articles of incorporation. These services are typically offered by the Secretary State office or Corporation Department and contain an online database searchable. Some databases are available to the general public, while others require a fee for access. Companies may also want to look into a third party service that provides an integrated business filing and record management system. This solution eliminates the need for extra copies, couriers and mailers and helps reduce processing costs for transactions.

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