Policy and Schedules
Determining the proper periods for retaining records is a major decision for practitioners. Records should be preserved for only as long as they serve a useful purpose or until all legal requirements are met. It is a good practice to document the firm's retention policy and ensure that the policy is uniformly enforced firmwide. The AICPA has guidance for creating such a record retention policy. Retention schedules will differ for firms and clients.
You can learn more about record retention by purchasing the Management of an Accounting Practice Handbook or subscribing to AICPA's e-MAP service.
Randy Johnston of K2 Enterprises joins Bill Hayes to talk about establishing a strict email archiving and retention policy and the positive benefits it can have for a business’s everyday operations.