When Should a Business Destroy Old Records?


18 October 2021


Old Records

It’s funny but when you see someone shredding old documents you, immediately assume they have something to hide. This is probably due to the various high-profile scandals that have involved the destruction of paperwork, such as Watergate.

However, the simple fact is that, even in the digital age, paper is still used and personal information must be destroyed properly. That’s why every business should invest in security shredders. These are designed to cut the paper in several directions and into very small pieces, making it very difficult to piece the paper back together.

It’s the safest and most efficient way of getting rid of paper records.

Why Destroy Old Records

Why Destroy Old Records

All businesses have to keep records of their transactions, especially income and outgoings. These are essential to back up their annual accounts. This paperwork can be examined at any time to ensure the declared accounts are accurate. This is important to the tax inspector as they calculate the tax bill based on the accounts declared. If these accounts are wrong the business may underpay tax.

To ensure this doesn’t happen the tax inspector can ask to see the records to verify figures. Of course, this means that businesses need to keep the records safe for the inspector.

However, keeping records requires space. Just one year of accounts records can take up dozens of boxes and the problem gets worse for small companies.

In general, the tax inspector likes you to keep records for seven years.

Modern Changes

This has changed slightly in recent years as there is an increasing number of companies offering to scan your paperwork and look after it in the cloud on secure servers.  Alongside this, they will usually have a secure backup to ensure the records are never lost. This is generally acceptable to the tax office. But, they do like to be able to verify some records with the scanned versions.

Of course, this is a cheaper option than renting space simply to keep old records.

In short, it is recommended that businesses keep records for between 3-5 years and the scanned copies for at least seven.

You can then destroy the old records without worrying about proving accounts.

The Destruction Process

The Destruction Process

As mentioned, you need to invest in security paper shredders as these will shred the document into small enough pieces that they cannot be identified. Standard and personal shredders offer a much larger cut and only cut in one direction, making it possible to put the paper back together.

You could burn the paperwork. But, aside from being bad for the environment, it is not guaranteed to eliminate all the data.

Shredding with a security shredder and then having a dedicated company remove the shredded paper, is the safest method. That’s important for your company’s reputation. After all, if personal information gets into the hands of the wrong people your customers will not be happy and your sales will take a dip. That’s a lot of hassle when shredding is such a simple solution.

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I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

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Why Automation of The Procure-to-Pay Cycle Is Critical?

Organizations across the world are facing the brunt of rising commodity prices and increasing procurement costs. Executives are hard-pressed to make a tangible difference to supply chain profits. But cost-cutting is adversely affecting investment decisions and chances of expansion across the board. Read further to know the top Reasons Why the Automation of the Procure-to-Pay Cycle Is Critical. Technology enables companies to look offshore for cheaper resources and raw materials. Procurement has become a more important process than it had been before and geographical boundaries to availability are diminishing. The procure-to-pay cycle is considered a crucial strategic operation, in which expenses need to be closely monitored. 10 Reasons Why Automation of Procure-to-Pay Cycle Is Critical Organizations need a comprehensive approach by which operations are aligned to lower procurement costs. Every department needs to be made accountable for its costs and effective use of assets. This is only possible through automation, which includes monitoring of requirements and expense optimization. It helps to procure the assets at competitive prices. Automation of your procure-to-pay cycle can bring immense benefits to minimal investments. Here are 10 of them. 1. Save time Automation means faster cycle times. An Aberdeen Group report found that organizations that have implemented e-procurement initiatives have halved their transaction cycle time. This means faster order processing, instant approvals, and better decision-making. The future belongs to organizations that have automated systems, as speed, efficiency, and effectiveness of procurement solutions provide a competitive edge in the market. 2. Save money Big savings are now possible with manual procurement fading into the future. Shortened procurement and fulfillment cycles reduce administrative costs and improve staff productivity. Employees can use their time more strategically instead of pen-pushing. Consolidation of orders from different departments results in manifold advantages like decreased cost per transaction, reduced maverick spend, increased negotiation power, and volume discounts. 3. Reduce errors Automation ensures better accuracy. Multiple receipts, documents, and bills are no longer in the picture as vendors log in their quotes and departments key in their requirements. Endless matching and re-submission of documents are no more the order of the day. Clerical errors are minimized and you can identify the best and worst-performing assets and other variables to plan for the future. 5. Be compliant Automated procure-to-pay solutions ensured standardized procurement practices, pre-negotiated pricing and real-time data that ensures compliance. Maverick spending comes down to zero as procurement managers look out to established vendors who provide better prices than the rest. Standardized equipment and products are bought only from vendors that ensure compliance across the board. 5. Improve negotiations Large volumes are open invitations for vendors who can provide discounts and still get better profit margins. When there is the consolidation of requirements from different departments, procurement managers and executives are better placed to negotiate stronger terms that deliver profits. 6. Get vendor visibility Automated procure-to-pay solutions provide better visibility to the procurement process and ensure single-window clearance. Vendors do not need to meet multiple stakeholders and fill up diverse forms just to quote the price. All they have to do is log in to the cloud-based system and fill up the electronic forms. 7. Be better informed Procurement policies can easily be accessed and any deviations can be instantly red-flagged. Executives, vendors, and agencies just need to access the procure-to-pay system for clarification about the process and polices to ensure compliance. 8. Communicate completely Procurement communication is never blocked as every transaction leaves an audit trail. The information that can be accessed immediately upon authorization and the entire pipeline is better managed. 9. Enhance control Executives and managers have access to real-time business data that can instantly refer to the financial health of their organizations. With automated procure-to-pay solutions, you can access all spending with the click of a mouse. Minute information that can change purchase decisions for the betterment of the company is available. Detailed control of the process helps limit spending and stick to the budget. 10. Gain the competitive edge Reduced costs, increased accuracy, better control, and transparency give you a smart, streamlined, resourceful supply chain. The smarter purchasing decisions boil down to better financial health that can give you a competitive edge in the market. Automation helps you to build a smarter procure-to-pay system. It is imperative that organizations move on from cumbersome manual operations to cloud-based automation systems to streamline their supply chain and procurement processes. Expensing platforms are easy to use and adaptable automated systems which facilitate procurement, invoicing, and expense management. With Expensing procure-to-pay systems, the procurement process becomes better streamlined, with faster cycle times and better control and visibility. Image Credit: stampli.com Read Also:  Reasons to Support Nonprofit Organizations That Help Save the Environment How To Choose A Practice Management Software For Your Law Firm

Vending Machine

What To Look For And What To Avoid When Buying A Vending Machine

Whether you're considering purchasing a vending machine for your business or for personal use, it's important to know what to look for and what to avoid. These tips will help you make the right decision for your needs and your budget. Costs of a vending machine Purchasing and operating a vending machine requires several costs, including the initial cost, maintenance, and commission. Depending on the type of vending machine and the type of location, these costs may vary. Starting a vending machine business can be a great way to earn passive income. Although there are costs to running your business, the rewards can be substantial. You can begin a small, home-based business and eventually expand your operations. It's also a relatively easy business to get started. You can start your vending business from your own home or even in a storage building. When starting a vending machine business, you will want to find a good location that has high foot traffic. You will need to negotiate with the owner of the property for the right space. You can purchase a new or used vending machine. A new one can cost up to $10,000. You can use your personal savings or a family loan to finance your operation. It's important to pay back your loans on time. You can also finance your startup costs by applying for an equipment financing loan. You can also invest in software to monitor the performance of your vending machines. This will help you determine what items your customers are most likely to buy. Depending on your needs, you may need to hire someone to maintain and restock your vending machines. You can also consider hiring a customer service staff. You may also need to hire a lawyer or accountant to handle legal and tax matters. It's important to have a budget for your vending machine business. You should keep a spreadsheet detailing all your expenses. This spreadsheet should include the initial cost of your machine, monthly rental, restocking costs, sales tax, fuel, and loan repayments. You can also find low-cost alternatives to reduce the costs of running a vending machine business. For example, you can find vending trucks that can transport large quantities of products. You can also buy a 24-pack of Coke bottles for about $13 at Sam's Club. It's also a good idea to check out the market for your vending machine. If there is a lot of competition, you might have a hard time making a profit. Buying a vending machine Buying a vending machine is a great way to generate profits, but it's important to be sure you're making the right decision. Many people make the wrong choices when they purchase their first machines. By following a few simple steps, you can be sure you're getting the best machine for your needs. Whether you're looking for a brand-new machine or a used one, be sure to research its features. You'll need to decide what kind of product you want to sell, what the price per unit is, and how much you're willing to spend. If you're able to buy a used machine, you'll save money on the purchase. Aside from choosing a vending machine, you'll also need to invest in inventory. The inventory you'll need depends on the type of business you plan to operate. You can focus on food and beverages, or you can specialize in other products. For instance, you can offer laundry services or specialty vending. You'll need to stock the machine on a daily basis, and you may have to hire someone to service it. You'll also need to set up locations for your business. You'll need to locate high-traffic areas where your customers will be. You'll need to secure each location with a contract. This can be done through a wholesaler, a vending machine distributor, or the owner of the building. You'll need to keep in contact with the owner of the property, and you'll need to explain the benefits of your business to them. You might have to pay rent, or you might be required to provide a certain percentage of your profits to the building owner. Depending on your chosen route, you'll need to determine if there are any local trends. By looking at the local market, you'll know how many units to buy and how much inventory you'll need. You'll also need to inspect the machines and ensure they're working properly. In the end, you'll need to develop a business plan. This plan will outline the steps you need to take to start your vending business. It will also help you understand the competition in your area, and you'll have an idea of the type of customers you'll need to attract. Maintaining a vending machine Keeping a vending machine up and running is a big job, so it's important to take the right steps. Purchasing the right equipment, conducting an effective maintenance routine, and monitoring your machines can help you avoid a costly mess. Whether you own a home-based machine or one that's in a public place, you'll need to be prepared for anything. There are many different types of machines on the market, ranging from new ones to refurbished models. When you purchase a new machine, you'll usually be given a warranty. A vending machine is a machine that dispenses beverages or food in a package. It uses electricity to run, which means it will need regular servicing. Typically, a professional technician will do the basic maintenance on your machine every few weeks. For a more comprehensive and comprehensive approach, consider hiring a full-service vending company. These companies have the expertise to handle all of the maintenance. The key is to choose a company that's responsive and offers the right services at the right price. You may also want to consider adding an alarm or security camera to keep your machine safe from theft. A good insurance policy can mitigate the cost of a stolen machine. Having a well-maintained machine can make a big difference in your business's success. Customers will get tired of buying from machines that are inconsistent and unhygienic. You should also test your machine before letting anyone use it. This can be done by putting a marked coin inside the machine to test the mechanism. If you are starting a new business, you may need to research local laws and regulations about running a vending machine. The more informed you are about your jurisdiction's laws, the more likely you'll be able to keep your establishment in compliance. For a start-up, you'll need some capital to buy your machines and stock them with an inventory. The average cost for a vending machine ranges from $50 to $100 a month. This includes the initial costs, monthly rental fees, and ongoing maintenance. The amount you pay for a machine may vary based on its age, the type of products you sell, and the length of time you'll need to travel to restock the machine. Profitable vending machine business ideas Having a vending machine business is a great way to earn extra income. You'll be able to operate your business at any time and anywhere, so you can make money in your spare time. However, it's important to know what kind of vending machine business to start. Here are some ideas: A common vending machine business idea is a soda dispenser. If you put one in an area with a lot of foot traffic, you could sell a lot of drinks. You could also place the machine outside food joints. Another profitable vending machine business idea is bus ticket sales. If you put one in an airport or college, you could make a lot of money. You can also sell essential travel items. You might even consider selling individual laundry products in airports and colleges. A good vending business idea for a school is a soft drink vending machine. If you're a parent, you'll understand how convenient it is to have a machine outside the building to provide students with snacks. This is a business that can be scalable, and you can add more machines to increase your margins. Another profitable vending machine business idea that you can offer is healthcare products. If you offer items such as birth control pills, you can have a lot of customers. If you're selling these items, you should make them available 24 hours a day, and you should have plenty of stock. You can also focus on specialty vending, such as selling nail colors or eye makeup. You can also try selling T-shirts, but you'll want to keep prices moderate. You can also get started with a lingerie vending machine. These vending machines are placed in busy areas, and you can tie up with a well-known brand to sell their merchandise. You'll also need to invest in equipment and maintenance. You can also pursue a variety of other vending machine franchise ideas. For example, you might want to set up vending machines in a supermarket, shopping mall, or office complex. You can also get into bulk vending, which is when you sell a large number of products at a low price. Additional: Five Tips for a Successful Business Road Trip 4 Business Leadership Skills for Business Success 5 Tips for Creating a Successful Call to Action in Your Business Emails Information Technology and Business Success: The Things That Connect Them

high purity natural products scam

High Purity Natural Products Scam | Real Truth Behind It

In this world, the current trend is all around high quality natural products. Therefore, many companies promote themselves as organizations that are involved with delivering the best products. Some of them claim these products to be natural. But unfortunately, that's the reason many people fall into the traps of these companies. If you are someone to whom the label that reads "natural" matters a lot while shopping, this article is especially for you. You must have heard about the new rage regarding high purity natural products scam. If you want to know more about it, you have come to the right place. Keep on reading this article till the end to know more… Overview When the chemical industry entered the market, it grew at an exponential rate. It provided people with faster and better results, was simple to use, and many other benefits. For example, if you purchased a fairness cream, you would notice immediate fairness after applying it.  It turned your skin white. This also provided the food industry with an option to store foods for longer periods, which was previously not possible. People eventually realized that these types of products were not beneficial in the long run. These provided instant results to those who used them, but they proved to be harmful over time. It was now time for the industry to go back to its roots.  Because natural resources are depleting daily, manufacturers were unable to produce completely natural products. As a result, manufacturers modified existing chemical products to make them less harmful and marketed them as high purity natural products. Then, around 2017, Mike Matton founded a cosmetics company called 'high purity natural products' in New England. The primary goal of this company is to produce natural products, primarily cosmetics, for well-known brands. They also make nootropics, gummies, nutraceuticals, and health and beauty products High Purity Natural Products: What Are They? While many people may feel confused about what the high purity natural products are talking about, it is best to say that these are not the ones that you think they are. What is the one thing that you know about high purity natural products? That they are made of ingredients that are pure and of great quality. However, while this can be true for most of the products that you see on the internet, the case is not the same for most brands. The companies market and promote themselves as free of certain harmful artificial chemicals ingredients. These harmful chemicals include: Lead, Formaldehyde, Asbestos, PCBs (Polychlorinated Biphenyls). Many brands market themselves as natural and free of artificials. But that is not always true. That is the reason why people across the world have sued many companies. High Purity Natural Products: What Do They Claim? The first thing that you might want to know about high quality natural products is what they are. That is exactly what I am going to explain here. High Purity Natural Products is a company that was founded in the year 2017 by Mike Matton. This East Coast-based company started because they wanted to produce products that are made of natural ingredients and also to popularize the concept of Nootropics and CBD in the mainstream beauty business. In simple words, this company is a beauty company that makes beauty and wellness products with the help of nutraceuticals. The ingredients that are used in these products are the things that make the company different from other companies in the beauty industry. High Purity Natural Products: What Are The Products? The company HPNP (High Purity Natural Products) is known for making products that are made from natural ingredients. These products generally contain CBD or cannabidiol. This is one of the most active ingredients that are extracted from hemp plants. In case you want to know some of the products that the company makes, here is a list that you might check out: Vegan Gummies. Natural Vitamins and Supplements. CBD Softgels and Capsules. CBD Tinctures. Nootropic Capsules. Balms. Lotions. CBS Dip Pouches. These are only some of the major list of products that the company makes for its growing consumer base. Apart from these, there are also a number of products that the company makes for animals. Some of them are biscuits and juices. High Purity Natural Products: What's The Catch? Now comes the interesting part! You must have heard people discussing high purity natural products scam or high purity natural products fraud a lot recently. Even though there are enough reasons for you to buy the products from the Company, there are still some people that go by the popular belief that the company does not actually use natural products. The quality of the products, as well as their authenticity, has come to be questioned multiple times. People have complained time and again that the company's products are not up to the standard and must not be used by the common people. While it is true that the company had started out quite nicely, these allegations affected its reputation of the company more than anyone could imagine. Natural Does Not Mean Sustainable Certain chemicals are sometimes extracted from natural sources in an unsustainable manner. Palm oil is frequently referred to as a 'natural' ingredient by organizations that promote such products. While extracting oil from palm trees is generally considered sustainable, they are frequently grown on land that has been cleared of existing rainforests. Obtaining ingredients from nature implies influencing it in some way, which leads to arbitrary rules for determining whether practices are sustainable. Furthermore, natural resources are limited and quickly become unsustainable when extracted in commercial quantities. For example, distilling oil for chemical fragrances requires hundreds to thousands of times the weight of flower petals. Synthetic or laboratory-made chemicals, particularly at large manufacturing scales, can provide more sustainable and cost-effective solutions. They can be derived from crude oil byproducts or processed from commonly grown crops, thereby minimizing the impact on natural resources. High Purity Natural Products Scam: What Is The Real Truth? According to the latest news and reports, the allegations against the company have fuelled a lot of things on the horizon of the beauty and wellness industry. While there are a number of companies that started marketing their products as natural to gain a lot of attention and demand across the globe, the fact that there can be a scam involved has led to major investigations. And if we talk about the High Purity Natural Products scam and how real it was or is, then the answer is simple. It has been seen that the news handout of the scam related to the company is not at all true. However, because of all the negative attention that the company received, it has been difficult for the company to rise back up. They have even tied up with the Lendica Corporation to offer some of the best products and shipping services to the customers. The products that the company manufactures are of great quality. They have significantly brought down the costs of the product as well as the shipping charges to make sure that they can be available to a maximum number of their target audience after the allegations. Frequently Asked Questions (FAQs):- Now that you covered most of the parts of this article, here are some of the questions that readers frequently ask. 1. What Is High Purity Natural Products? While many people might confuse the name as being an umbrella term for several products that are natural and made of pure ingredients of high quality, the case here is not the same. High Purity Natural Products is the name of the company that claims to make their products from organic products like Nootropics and CBD. 2. Are High Purity Natural Products Costly? There is a reason why many people ask this question. High Purity Natural Products are not as costly as many would think. However, the ingredients that they use are natural, and some of their products also contain hemp and other CBD. All these are the reasons why some of their products lie on the higher end of the spectrum. Bottom Line: Truth About High Purity Natural Products High purity products, or at least properly marketing certain products as high purity and natural, is something that is trending at present. People are looking for sustainable, natural ways of making their lives better. That is the reason why people are willing to believe any brand or product that claims that they are natural and made of highly pure ingredients. The company High Purity Natural Products claims to sell products that are natural and made of CBD and other Nutraceuticals. However, many have concluded that their products are nothing but a scam. In case you were searching on Google about “high purity natural products scam,” I hope that you found this article to be of help. Also, if there is any other query regarding the same, feel free to comment them in the box below. Read Also: How Can Digital Marketing Increase Your Business? 6 Incredible Tips To Reach Your Small Business Customer How Customer Service Is Impacting Your Business In 2022!