From CBIA News, September/October 2002

What to keep, what to toss

Developing a document retention schedule would be simple if you could just jump on the Internet and download a schedule that covers every type of business record (you won’t find one) or just turn to Page 101 of Document Retention for Dummies (it hasn’t been written yet). When it comes to document retention, there is no one-size-fits-all policy.

Start your customized record retention list by talking with your lawyer, accountant, professional colleagues and employees. Ask these key questions:

• What rules and regulations does my business operate under? 

• What is my exposure to potential liability? 

• What tax requirements does my business have? 

• What accounting requirements does my business have? 

• How long do I need certain records for my own business use? 
  

CBIA has included a suggested record retention schedule for employment records in the “Human Resources & Safety” section of its Web site, www.cbia.com. Many accountants also include basic records retention information on their Web sites. 

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