Keeping business records

[RichardFenton]

Does anyone know what the requirements are for keeping general company records e.g correspondence with clients, suppliers etc? I know about the requirements for accounting, tax, payroll, board minutes, shareholder registers etc but is there anything relating to the more day to day mundane stuff?

Richard

[gj]

Ideally keep it forever - well you know a sensibly long time re possible court action etc.

Six years is clearly sensible given the legal requirements for the other documents you have mentioned, and the possible need to provide supporting documentation.

Your insurers may have a requirement for certain documents to be retained for certain periods - it would be worth checking with them.

Otherwise, for documents that are not likley to be needed for the authorities or any potential legal action, I guess pruning after 3 years is reasonable.

HTH


Graham

[mobyme]

I remember once being told at a seminar on business law that it is possible, given certain circumstances, to start an action based on a "breach of contract" for up to twelve years after the event. Sods Law says the minute you throw anything away, you need it.

[ARTzWeb.net]

My company's attitude towards this matter is always to keep on record every bit of infromation. You never know when you will need it and I am not talking about just legal requirements.

For example you might use this information a few years (even decades) later to monitor patterns in your customer's behaviours, identify growing trends and much more.

A data warehouse would be ideal solution, but this very much depends on the volume of data your business operations generate.

[Ozzy]

I seem to remember hearing something about 7 years, which is the line I work to.

[gj]

7 years is the stautory six plus the current year to date


Graham