HomeBUSINESSWhat Is The Duration For Document Retention?

What Is The Duration For Document Retention?

Any document issued or received by an enterprise during its activity must be kept for a certain period. The retention period of corporate documents defined by law varies according to the type of documents: corporate, accounting, tax, etc. How do you orient yourself between invoices, employment contracts, statuses, and supporting documents?

This article provides an opportunity to address the complexity of corporate document retention rules. You also get tools specially designed to help you keep your document archives electronically in full compliance and without limitations! Find out all the information on corporate obligations, a reminder to keep with care!

Retention Of Company Documents: What Is Required?

Probative Value

Each officer or function manager must keep himself informed on the terms of the law in force to conserve company documents. Durations are determined for evidentiary purposes, i.e., documents are saved as evidence. The digital copy with a digital signature is subject to the same protection as a private agreement according to article 2702 of the civil code.

The applicable rules on conservation are established by law or according to the limitation periods or periods during which the administrations can carry out checks. In case of violating these rules, the company can face fines, sometimes with severe repercussions for its business.

What About Electronic Document Retention?

Documents to be submitted upon request must retain their original form. However, a dematerialized version of the original document has, under certain conditions, the same value as its paper counterpart, according to the art.

Forty-four of the Digital Administration Code, there are specific rules of conduct regarding the conservation of electronic documents to make them have the same value in the eyes of the law.

ALSO READ: Everything You Need To Know About Cost Centers

Sanctions In Case Of Fraud

With the advent of digital, in addition to all the benefits we enjoy daily, we have seen a series of so-called “IT” crimes appear. We move from Phishing to identity theft with increasingly stringent legislative constraints to limit the damage.

As far as IT documents are concerned, the main risk is forgery. Under article 491 bis of the penal code, the forgery of information contained in computerized documents entails the same sanctions envisaged for recording records in private agreements and public deeds.

What Are The Document Retention Times?

As you know, the terms of legal archiving vary according to the documents. Regarding company documents, for the main ones, the minimum retention period is ten years from the last modification/last use date. Let’s see the most important:

  1. Corporate books (shareholders, bonds, directors, resolutions, board of statutory auditors…) may vary depending on the corporate form.
  2. Inventory book
  3. Journal book
  4. Invoices, letters, and telegrams received and copies of what has been sent
  5. Bank statements
  6. tax declaration

Even in the event of termination of the business activity, the retention period will be at least 10 since the last registration. Furthermore, the communication to the authorities of the methods of conservation of the documents is foreseen in such a way as to be subject to all the necessary checks.

Digital Document Management In Full Compliance

Why Choose An Online Management Tool?

Electronic document management has many advantages for your company. It also ensures that your documents are processed and stored electronically following your legal obligations. A dedicated software offers you in particular:

  1. a structured filing space: data is classified and prioritized to manage all documents better, standardize processes and facilitate audits,
  2. a digital safe: for safe archiving and archiving of dematerialized documents,
  3. reduction of the risk of error: the integrity and traceability of documents are guaranteed,
  4. Compliance: Legal storage of sensitive documents, such as contracts, payslips, and invoices.

Our Selection Of Tools: DMS And Accounting Software

Dokmee: DMS And Integration With Other SaaS Business Tools

Dokmee is a document management solution designed primarily for SMBs, facilitating the transition to digital. Between the management of invoices, personnel management files, archives, etc., it allows you to maintain control over your document base and streamline your processes.

Organize, protect and manage your files efficiently with this EDM software that complies with regulatory obligations related to storing your documents.

LogicalDOC: Quick And Easy Document Management

LogicalDOC is the DMS (Document Management System) solution that will free you from stress. You will not need any initial training to start using this tool. Furthermore, being both in the cloud and on-premise, it guarantees maximum flexibility and does not require IT infrastructure worthy of a research center.

If you should have doubts and uncertainties, solid customer service is at your disposal. Your office is looking forward to starting a paper-free change.

Google Drive: A MUST In Document Management

It is almost trivial to talk about Drive; it is a solution that has managed to convert even the most skeptical to digital. It offers a large free version that is sufficient mainly for home use. It accepts different file formats and automatically updates after each change (goodbye blackout panic).

It allows shared use which, in the case of the Free version, can cover the needs of a small team.

Conservation & Dematerialization Go Hand In Hand Today

The issue of report maintenance in the organization is fundamental. The maintenance times of organization chronicles differ per the archive type, which implies it is essential to be educated regarding the ongoing regulation. For that, there’s nothing similar to firmly keeping up with the executives.

Why not change to dematerialization, everything being equal? Archiving the executive’s programming upholds you in the computerized change. It permits you to profit from the benefits of dematerialization: alteration and sharing of regulatory reports, advanced chronicling with probative worth, electronic marks, and so on. DMS programming is a dependable and effective solution to handling your records’ security, secrecy, and consistency challenges. 

TechQuestTeam
TechQuestTeam
"The Tech Quest" is a technology platform that shares absolute knowledge regarding various globally trending technologies, upcoming Software's, most successful Business strategies, recently launched Gadgets, newest Technology updates, tips and tricks in Digital Marketing. Our website shares genuine content to our readers with great passion.
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