According to the Los Angeles Small Business Association (SBA), business is growing in LA. Over the last twelve years, about 46,000 small companies came to the SBA for financial assistance. About $12 billion worth of aid was allocated to these companies, most of which have expanded since then.
While such growth prospects are rather promising, local businesses may still screw up due to poor records management systems. Indeed, the SBA cites this failure as one of the main contributing factors to a company's downfall. Reliable records management in LA is thus critical for the following reasons:
Compliance with Regulations
The United States arguably has one of the most regulated business environments, especially when it comes to the mundane task of submitting paperwork to the authorities. In particular, the Internal Revenue Service (IRS) makes it clear that a company's documents must properly distinguish employees from independent contractors. The IRS also encourages regular improvements to records management processes so that companies are less likely to lose or fall behind on important requirements such as Form 1120 or the US Corporation Income Tax Return Form.
Records management costs money and manpower, but it can also cost time if it is poorly implemented. Luckily, top LA records management firms tailor and streamline their solutions for every client using sophisticated software and secure online or cloud storage services. Companies that opt to work with such firms need only pay a monthly fee instead of allocating funds for the technological infrastructure and manpower.
Data protection concerns not only keeping company records safe from theft but also from natural calamities such as fires, floods, and earthquakes. Proper records management ensures that vital information is stored under optimal conditions, with duplicates kept in secure remote servers or storage facilities that are easily accessible. This typically involves creating digitized versions of paper documents that are then stored and retrieved through secure online storage sites.
In essence, the simple task of managing documents is necessary for business growth. Fortunately, plenty of firms in LA can provide this service to small companies and large corporations alike so they can focus on more profit-oriented activities instead. To learn more about the importance of records management, visit epa.gov/records/what/quest1.htm
The Importance of Records Management in Los Angeles