The list of laws and regulations covering the storage and retrieval of business documents seems to grow by the day. Document storage and retrieval is covered by the IRS, the Sarbanes-Oxley Act of 2002, SEC regulations, environmental statutes, criminal statutes covering obstruction of justice, industry-specific statutes like HIPAA, and even professional codes of ethics. Couple this with what good business practices require and businesses are saving more documents and for longer periods.
Although we are entering the second decade of the paperless office, the number of hard copies continues to grow. The associated volume of paper document storage is bulging file cabinets and turning empty offices in storage rooms at business of all sizes. Many office managers are left with the option of hiding a couple boxes in every office or seeking an outside solution.
While a lack of storage space is the first reason people think to outsource their records storage there are many others:
- Cost – Consider the cost of retrieving a document. If it takes a low skilled worker 15 minutes to locate the document and make a copy that equates to $2.50 each time a document is touched. If an employee retrieves just 8 documents a day they are spending 25% of their day on this task.
- Lost Documents – What is the cost for not being able to find a document? It can mean obstruction of justice charges, being unable to defend your company from a lawsuit or lost revenue from un-collectable debt.
- Security – A record storage center maintains a higher level of security than an unsecured storage closet. Your documents are protected by cameras, security systems and badged employees. You also eliminate the access by low level employees to sensitive information.
- Disaster Recovery – What would be the consequences if your records went up in flames? Storage centers are equipped with the latest in fire suppression that reduce the threat from a disaster. These records are invaluable to help you get back up and running if your office experiences a disaster.
- Retrieval – Recent disclosure laws require a company to release documents quickly. A records storage service will help you index your records so they are easily found and quickly retrieved.
The first step in starting an off site storage service is to take stock of everything you have in storage. Determine what documents really need to be stored and which can be shredded. Storing extra documents can needlessly raise your costs. Ask your accountant and lawyer for guidelines on what document retention laws and regulations apply to your business.
The next step is finding an off site storage facility that meets your needs. Get several quotes for storage centers in your area so you can make an informed decision. You should check out the security and safety systems at every storage facility. Another important factor is the average time for the service to retrieve documents you request. This is usually within one business day but it is something you should consider.
As with any business service, cost is always important. Don't fall for the cheapest storage only to be over billed for retrieval. You should also read any contracts closely. Don't sign anything that will make it cost prohibitive to ever move your documents if the needs of your business change. Getting quotes from several companies is the best way to make sure you are getting a good price for your off site document storage.
For quotes on document storage visit Record Nations. For paper shredding quotes visit Shred Nations.