How long to keep business financial records?
Every business requires a record retention schedule that reflects their particular needs and records management hold time varies with the type of records. For example, titles and receipts for large equipment are kept for the ownership duration of the equipment. Contracts and other legal agreements may be kept for a particular number of years after they are completed. Tax records and the supporting invoices and related documents might be retained for seven years. 80% of emails might be purged every six months.
Once the specific amount of time has expired, laws and good practice apply in discarding these records. American Shredding provides excellent services which protect your data by destroying documents with state of the art techniques. In our Texas facility alone, we destroyed 800 tons of paper records during 2014.
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