Record Retention Made Easy for Microsoft Dynamics: How Stricter Regulations Guide Which Files to Keep

Of all the important tasks associated with managing our business, we rarely focus on business records. Despite all the published guidelines or programs, we tend to keep every invoice, PO and sales order. Over time, the file cabinets fill and the off-site storage grows. We want to throw something away, but we're hesitant or more likely too busy to even consider what to throw away. And for those businesses that haven't initiated a records retention program, they could experience unnecessary costs, compliance issues or worse. 

So let's start with some basics. What is a record? A record can be defined as any information that is generated or communicated as part of conducting business. This includes paper invoices, emails, and even faxes. For defining a records retention program, I will lean on John McAdams, who wrote an article for ShredNations (appropriate name, huh?), "A records retention program provides for the systematic review, retention and destruction of documents received or created in the course of business. A records retention program will identify documents that need to be maintained and contain guidelines for how long certain documents should be kept and how they should be destroyed." These programs also classify records, define the process for maintaining them, and determine regulatory and legal requirements.

What's pushing me to implement a records retention program?

In a word, it's regulation. Federal, state and industry requirements drive the guidelines for records keeping and retention. The core reason your business has a Microsoft Dynamics GP, NAV or AX System is the need for record keeping. Like your ERP system, there are many benefits to a records retention program, which I come to later.

If you haven't developed a program, you'll need to do some ...