Information that is created, received, and maintained as evidence and information by small businesses, in pursuance of the transaction of business more especially in Accounting and Law firms can be defined as records. Information can become voluminous to such an extent that business owners find it extremely difficult to manage it and crucial information may be lost. How important are records? In what format they can be found?
Do they have business value? These are the questions people may ask about records. Records can be in any format and they carry invaluable business value and provide evidence of business activity. This article will emphasize the importance of having sound records management in SMEs.
Preservation Of Knowledge
When records are grouped they become a database that carries small businesses information that can be utilised to make decisions in the present and the future. Records are a great resource for fact-checking or confirming information as it relates to one or more team members.
Preservation of important company records and confidential information is essential to your ability to function in the long term. Not only is it important for functionality in the long and short run, but it also helps to improve productivity within small businesses.
Save Cost And Time
Handling a large volume of records can prove to be time-consuming and costly. Imagine having to receive reports and emails that the business produces on a daily, weekly, and monthly basis. All of those will require a great deal of time and money as well as requiring storage space, printing materials, and staff to file and maintain documents. With digital records management, small businesses will not waste any time and there will be no cost to be incurred as there will
be less printing, organising, storing, and maintaining documents and efficiency will be immensely improved in the teams that small business owners have.
Fast And Easy Retrieval
It is only with sound records management that a domain-specific language such as Structured Query Language (SQL) used in programming and for managing data are easily able to manage, manipulate and store data. In Information Science, information is useful when it is easily retrievable.
Exceptional records management systems make accessing documents easy and get rid of unnecessary records. Employees from small businesses will also find it quite easy to update records remotely from their comfort zones. This will also help business owners to make informed decisions at the speed of light.
Motivation And Morale Boost
There is nothing as frustrating as having scattered and unorganised records. It even harbors frustrations to employees when they want something that they cannot get in the nick of time. With an effective records management system, business owners can boost the overall feeling among everyone within the company, and give increased confidence that things are running according to plan.
Employees in small companies who can finish work efficiently without any blockages will feel empowered by their accomplishments. For example, employees at Hulisa do not expend great effort to retrieve records because they have organised file plan that makes it easy for them to save, update and delete records using systems like SharePoint. For more information, visit www.hulisa.co.za.