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Accountancy Document Storage

 

In dealing with a wide range of client matters, a lot of documentation is created and required to be stored for compliance and practicality. These days, whilst much of this information is created and stored digitally, some documents (e.g. originals featuring signatures) need to be retained. And what about the legacy archive of paper based documents going back years?

Space constraints in offices, are a consideration for all accountancy firms, as well as the actual frequency and need to retrieve those stored documents, that often sit in half forgotten filing cabinets around the offices.

Add to this the issue of disaster recovery planning and compliance, related to storing files that are not frequently accessed, then moving relevant volumes to an offsite facility (with retrieval options) is a sensible option.

Advantages of Accountancy Document Storage

After the initial project of boxing up the relevant files for moving to an offsite facility, the ongoing costs are low. This will normally involve a monthly charge for each stored box, and services will include:

  • Secure storage of documents: Utilising secure, atmosphere-controlled storage facilities, palletised to protect documents from environmental damage and unauthorised access.
  • Flexible document retrieval options: Retrieval systems that enable quick and easy access to accountancy firm documents as and when required, using delivery via secure courier services.

Other advantages of offsite physical document storage include:

  • By storing original physical documents, you will be protecting information which may have historical significance or have legal importance. This is particularly crucial for documents that are old or irreplaceable, and not suitable for scanning into a digital format.


Accountancy documents are securely stored within boxes

Accountancy Documents We Manage

Tax Returns and Supporting Documents

Accountants often retain copies of tax returns filed for individuals, businesses, and other entities, along with the documentation that supports the filings, such as receipts, W-2s, 1099s, and other tax forms.

Financial Statements

Balance sheets, income statements, cash flow statements, and statements of shareholders' equity are crucial for understanding the financial position of an entity.

Invoices and Receipts

Keeping track of all invoices issued and received, as well as receipts, is essential for accurate record-keeping and financial analysis.

Bank Statements and Reconciliation Reports

These documents are vital for verifying the cash balances of accounts and ensuring that all transactions are accurately recorded.

Payroll Records

Accountants must maintain detailed records of employee compensation, including salaries, wages, bonuses, deductions, and tax withholdings.

Contracts and Agreements

Legal documents such as lease agreements, service contracts, and partnership agreements need to be stored securely for reference and compliance purposes.

Expense Reports

Documentation of business expenses, including travel and entertainment expenses, is necessary for budgeting, tax deductions, and financial planning.

Investment Records

Records of investments in stocks, bonds, and other securities are important for tracking the performance and value of these assets.

Loan Documents and Leases

Documentation related to financing, such as loan agreements, mortgages, and lease agreements for equipment or property, is critical for managing debt and obligations.

Audit Reports and Findings

Audits provide critical insights into the financial health and practices of an organisation. Keeping these reports is essential for historical reference and future planning.

Insurance Policies

Documentation of insurance policies, including coverage details and claims filed, is important for risk management.

Minutes of Board Meetings and Resolutions

For corporations, maintaining records of board meetings and resolutions is a legal requirement and important for corporate governance.

Legal Notices and Correspondence

Letters, notices from regulatory bodies, and other legal correspondence need to be stored for legal compliance and reference.

Inventory Records

Detailed records of inventory, including purchases, sales, and adjustments, are necessary for managing assets and cost of goods sold.

Get in Touch



 

If you would like further details on our document storage services, please click here for a quick quote or reach out to us on 08081 454647.

Store your accountancy files safely with our Document Storage service

Other Physical Document Storage FAQs

What sort of boxes do we need to use for storage?

Boxes should be of sufficient construction for stacking on pallets and should not contain material that weighs more than 20kg for each box. We can advise clients on suitable boxes if required. We retain the right to reject boxes delivered to our facility if overweight or of poor construction.

All boxes must be marked by number by client (min 2 box ends) in order for tidy stacking and database entry. Numbering / colour-coding can be used as required by client.

 

Where are boxes stored?

For over 20 years we have had a separate document storage warehouse facility based near Kings Ripton, Huntingdon, which is CCTV monitored, secure, and alarmed, with intruder and fire/smoke detection. Boxes are rack mounted on pallets.

How do we handle the secure storage of documents?

We can arrange collection in bulk or in smaller quantities, of properly constructed boxes or, the client can arrange for delivery themselves.

Firstly, as boxes are stored in tiered racking in our document storage facility, clients need to use appropriate box size and construction to retain integrity, especially over a long storage period, before filling with files (paper weighs a lot!). We can provide advice on the correct specification and even arrange for the purchase of suitable boxes if required.

Next, all paper-based boxes should be labelled with the minimum requirements being the marking of box ends with the same relevant box number. A list of boxes to be collected for document archive storage should also be emailed in advance, to act as a check list on delivery.

Once received, we check the boxes in and enter the details such as bay location onto our database. We also confirm receipt and notify the client of any boxes that don't meet the agreed storage standards.

How quickly can boxes be returned from storage?

Options include a standard 48 hour turnaround from client retrieval request, or an emergency 24 hour service for more time-sensitive retrievals. Boxes will be delivered via our secure courier service.

Is there a minimum contract period?

Yes, the minimum contract period for storage is two years.

Do you provide a confidential shredding service for records that are beyond their required storage lifespan?

Yes, assuming the client can provide accurate information (i.e. advance notice of destruction dates for stored boxes). We will then add this information to our database and schedule these for confidential on-site shredding. However, we will always send a destruction order for the client to sign off at least 1 month before the scheduled destruction date.

Costs for this service are based on weight, which will be quoted on an ad-hoc basis.

Enquire today about our document storage services

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