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Online business records are documents that document a company’s activities and transactions. They are crucial for legal compliance, economic management and making decisions. The accuracy of record-keeping can help companies comply with tax laws and also prevent lawsuits and financial fraud. It also allows businesses to analyse trends and improve their performance.

Keeping accurate records can be a daunting task for large or small business. However, a recent study showed that 74% of small businesses saw higher profits after implementing effective record-keeping practices. If you want your organization to reach the next level you need to ensure that all of the records and data are stored, accessible and secure. This is where an online record management tool like Onehub comes in handy.

A business records system can help you establish uniform processes for organizing your files and data. This includes creating file management systems and digital storage solutions and assigning responsibilities for maintenance of records. It helps you create uniform file and folder names and create guidelines for record storage, access, and disposal.

A good online record-management system can help you identify different levels of security that are appropriate for different kinds of files. Certain files, such as job applications or offers that contain sensitive data or personal identifiable information (PII) may require a higher level of security than others. This lets you determine how these documents will be used and shared with employees.

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