What is a Business Record? | Questions about Records Management

Nearly every time a transaction occurs, or an inventory is docked, or money changes hands, a paper record of that transaction is produced. Orders, receipts, schedules, loans, contracts, policies, inventory statements, memoranda and notifications all fall under the broad reach of the term “record”. In essence, a record is the footprint of successful business, and they are left behind naturally as business transactions occur.

If a document can be used in a court of law as official evidence that business or organizational management has taken place, then this document is considered a business record. Written information and data are the main products of organizations and businesses. It is estimated that over 90% of white- collar work is devoted to producing written documents that present information. Naturally, this means that companies output a slew of records every year. For every 100 million dollars that a company gains in sales, it uses more than 8.8 million additional sheets of paper every year. These figures don’t even account for electronic documents, which are growing at an exponentially faster pace.

If you’re concerned about helping ensure that your Business Records are being actively managed and that you’re protected against loss or non-compliance, contact Shoreline Records Management today for your Free Records Management Analysis. We’ll help you understand where you’re at and provide valuable insights for potential improvements.