Records Retention Policy
Chances are, if you work for a company there is a Records Retention Policy. If not, ask about it. Having one will assist you greatly should you ever be audited. By having a policy and showing that you follow it consistently, you show good faith effort. Any policy needs to be reviewed at least annually to ensure the method of retention is still valid and up-to-date.
But, what about at home or your own small business? On a lesser scale, you still need to have some system for how you maintain your records. Do you keep everything in shoe boxes shoved in closets and under the bed? Do you not keep anything assuming you can always retrieve it digitally? Neither of these extremes is good practice, so what is?
Start small and write out some basics that you can live by, just to get a framework going. This can be changed at any time, but start with something. It may be as simple as having a file system where you mark it by year and each year you add the new file for the new year, you get rid of the oldest year by scanning it and then trashing or shredding it.
None of this has to be overwhelming if you just begin with ONE thing, no matter how small. Go ahead – start today!