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This guide reveals exactly which business records to keep and for how long.
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Since 1948, we have delivered secure records management solutions to help businesses confidently protect and manage their information.
Business records management compliance laws are becoming increasingly important in today’s privacy-conscious world. However, keeping up with and adhering to these rules can quickly add to a business’s expenses, especially if it operates in a heavily regulated industry such as finance.
How can organizations trim their record-keeping expenses without sacrificing compliance and data control? We share five actionable tips for smart records management cost savings that maintain minimal costs without compromising on security and compliance.
Records management is the systematic creation, storage, management, and disposal of an organization’s records. These records can be either on paper or in digital format, but they all serve the purpose of documenting a company’s transactions and operations.
Examples of business records include contracts, cashbooks, licenses, permits, email messages, accounting systems, electronic reports, insurance policies, formation documents, invoices, bank statements, human resources records, and more. Records are critical for running a business to:
Optimizing the records management process or specific parts of it strategically enables businesses to enhance these operations, mitigate legal and privacy risks, and achieve substantial cost savings.
Digitization of business records, if done strategically, can reduce expenses by freeing up a significant amount of paper storage space that you pay for. A multi-industry study found that digitizing the accounting process can significantly reduce operational costs through improved data access, process automation, faster decision making, and enhanced document management.
Smart digital records management begins with a records audit to identify what to digitize and what to archive securely in offsite storage. Digitization may make financial sense when:
An audit can also help avoid over-digitizing, which may incur unnecessary labor and cloud fees, especially for expired files or those due for disposal in a short while.
Businesses without clear retention schedules often default to keeping records indefinitely, which incurs avoidable storage fees. Most types of records also have legally stipulated retention periods, and failure to assess and comply with them is a significant compliance risk that can result in fines and other penalties. Having a retention schedule in place prevents over-retention and the legal and financial consequences that may come with it.
For instance, the Health Insurance Portability and Accountability Act (HIPAA) has a mandated six-year retention period for the disclosure of protected health information. Keeping such records longer may expose the data to unauthorized access and breaches.
Retaining records for an extended period can lead to several consequences for organizations. Increased storage costs, both physical and digital, can accumulate over time, consuming valuable resources. Outdated information within these records can become a liability, potentially leading to inaccurate decision-making and compliance issues.
Complying with the essential records management regulations in your industry ensures you’re on the right side of the law, reducing the risks of fines, litigation, or redundant audits. Compliance also enhances data security and other safe record-keeping practices, which prevents incurring hefty fines and other business losses caused by a data breach or loss.
Proper record keeping will also serve as concrete evidence or legal protection during business litigation. For example, a well-documented retention and destruction policy can provide legal backing when defending against claims of spoliation or improper data disclosure.
Common records management laws include:
Compliance is crucial whether you’re running a one-person marketing agency or a fintech enterprise. Even small businesses and nonprofits face public trust issues, donor expectations, and reputational risks from non-compliance. Whether you’re storing client billing records or HR files, following legal procedures ensures privacy, order, and audit readiness.
The hidden toll of poor filing systems isn’t in dollars but in hours. The time spent tracking down contracts, payroll files, or compliance documentation translates directly to reduced productivity.
Smart records management improves searchability through centralized indexing across formats, reducing time wasted hunting for files. A standardized system also makes it easier for HR, finance, legal, and other business departments to share and collaborate on key records.
For instance, the filing system for paper-based records may involve alphabetization or color coding to locate a document, while optimized records management through digitization will take less time through a search bar. Another example is arranging for document retrieval in advance and in batches to reduce search fees.
Managing records internally with a patchwork of storage and shredding providers introduces hidden costs in the form of fragmented billing, inconsistent security protocols, and time spent managing logistics. The hidden costs of managing multiple vendors include:
Consolidating and seeking records management services through one vendor provides benefits such as volume-based pricing, single-point accountability, and uniform data handling procedures.
When looking for a records management partner, consider the following:
Choosing between onsite and offsite storage depends on business size, budget, and regulatory needs. Onsite storage offers immediate access but requires costly infrastructure and security measures. It also increases liability in case of fire, flood, or breach.
Offsite storage, like Corodata’s secure California facilities, reduces overhead while ensuring compliance and risk protection. For most businesses, offsite storage provides superior cost savings and security, making it ideal for industries like healthcare and finance. Our climate-controlled offsite media vaults offer an extra layer of security for sensitive records, such as digital media, wills, evidence, and critical medical material.
While some records management cost savings are tangible and immediate, they are only part of a larger value framework. Additional value of smart records management beyond dollars saved includes:
Unplanned disruptions can paralyze an organization. Without access to important records, operations halt, compliance deadlines lapse, and contractual obligations may go unmet. Smart records management mitigates these risks through offsite storage, redundant backups, and a documented continuity plan.
Environmental, Social, and Governance (ESG) goals are increasingly tied to vendor expectations, investor decisions, and public trust. One of the most overlooked ways to contribute to sustainability metrics is through efficient records lifecycle management.
Digitizing high-use documents, responsible IT asset disposal plans, and reducing paper dependency all translate into sustainable environmental outcomes.
When employees spend a lot of time sifting through records, frustration builds, and productivity may decline. Disorganized record systems don’t just impact efficiency; they erode trust in internal operations. An orderly system where records are consistently indexed, accessible, and reliably stored reduces friction and breeds confidence, autonomy, and a culture of accountability.
Business growth opportunities reveal the fragility of a company’s operational foundation. A scalable records management framework anticipates these challenges. It establishes uniform policies for data retention, integrates with digital systems, and delegates storage to professionals who are equipped to manage large volumes without compromising security.
This way, whether you’re scaling employee numbers or expanding into new jurisdictions, structured records management allows growth without chaos.
Effective records management is about more than savings—it’s about building secure, scalable systems. Talk to the experts at Corodata for tailored strategies that reduce costs while maintaining compliance.
Master records management with our comprehensive eBook. This guide covers essential strategies and best practices to streamline document handling and ensure compliance. Download now to optimize your organization's record-keeping processes and enhance efficiency.