Titles or Deeds – While not legally required, these documents contain sensitive information that’s infrequently referenced and doesn’t benefit by the accessibility of electronic document management.
Promissory Notes – Canceling a financial agreement like a mortgage typically requires the use of the original promissory note, much like a will.
Wills – Many states require original paper copies of wills to be filed and retained to provide proof of the individual’s intention for distributing assets.
So which hard-copy documents actually do need to be kept, and which ones are safe to make the digital conversion? Below is a list of common documents businesses might use, and whether or not they should stay safely filed away as paper files: Documents to Keep In fact, even if the documents are filed as paper documents, the IRS themselves scans and electronically stores individual taxpayer’s files. To clarify the matter, while some financial advisors for instance still advise clients that documents like tax returns will only be accepted in paper format, agencies like the IRS allow for recordkeeping via electronic storage ( IRS Rev. It’s a question that usually brings a range of answers-oftentimes being based on what documents people tend to think need holding on to, however there is usually a difference between what we think is required, and what the law actually states as required. Primarily it’s praised for its improvements to work efficiency, however there are also cost-efficiency advantages that come with not needing office space or an off site service to store paper documents-leaving extra room and resources for a revenue-driving employee instead.ĭespite this however, not all documents are created equal, and while some files are ideal for paperless document management, one question many businesses and individuals often ask is whether there are some documents you do need to keep as a hard-copy. Making the shift to electronic document management systems and a digital workflow comes with many benefits. In some cases due to legal requirements, and in others just as a good rule-of-thumb, some documents need to be kept as original hard-copies, so when it comes to your company, which categories do your various document fall into? Fact vs Fiction: Hard-Copy Records You Need to Keep These leftovers typically need to be shredded for the sake of security, as keeping an extra copy only doubles its chances for being compromised, however this doesn’t mean there aren’t some documents that shouldn’t be scanned in the first place. When documents are scanned and added to electronic document management systems, the original copies become no longer necessary. Scanning documents and making the conversion to a paperless office offers many advantages-namely, the ability to get rid of space-consuming hard-copy records. By Ryan McHugh | Updated Novem| Electronic Document Management | 5 min read