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Accurate records are crucial to the financial management of a business and the compliance with legal requirements. Inaccurate business records can result in incorrect financial statements as well as tax liabilities, and miss opportunities to grow. The good news is that technology has allowed businesses to store and access their records online in a secure setting. This is a significant improvement over keeping paper files in filing cabinets. It has also reduced the amount of time, money and work required to manage and process data.

Receipts are one of the most important business records. Receipts serve to record transactions that are commercial, and usually, they provide a summary of the account balance at a specific moment in time. Receipts can also be used as a trace of expenses and help companies claim duty benefits based on legitimate business activities. Other crucial business records include sales data, customer information and inventory management. These records can be studied to help companies tailor their products and service to meet the needs of their customers which will increase brand loyalty. Inventory tracking allows companies to improve their stock levels, reducing storage costs.

Many states offer online services to companies to look up information about their corporations and file articles of incorporation. These services are typically provided by the Secretary State Office or Corporation Department and contain databases that can be searched. Some databases are accessible to the public while others charge an amount. A third-party service that offers an integrated record management system and business filing system may be of interest to businesses. This will eliminate the need for duplicate copies, mailings, couriers and transaction processing fees.