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Online business records are documents that record the transactions and activities of a business. They are essential for compliance with legal requirements, economic management and making decisions. Record keeping that is accurate helps companies comply with tax laws and avert lawsuits. It is also used to study patterns and performance.

Maintaining accurate records can be a daunting task for large or small company. However, a recent study revealed that 74% of small businesses realized higher profits after implementing efficient record-keeping practices. If you want your organization to be able to take it to the next level it is essential to ensure that all of the information and data are organized, accessible and secure. That’s why a comprehensive online record management system like Onehub could come in useful.

A business records system will help you establish regular processes for organizing files and documents. This includes establishing file organization systems and digital storage solutions and assigning responsibility for maintaining records. It also assists you in creating uniform naming conventions for the folders and files, and enables you to create guidelines for retention of records, access, and disposal.

A reliable online record-management system can help you define various levels of security for various kinds of files. Certain files, like job applications or offers that contain sensitive data or personally identifiable information (PII) may require more security than other types of documents. This lets you determine how these documents will be used and shared by employees.