Getting Started
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We would like to show you a description here but the site won’t allow us. Jan 27, 2018 Receipts 1.6.2 – Smart document collection. January 27, 2018. Receipts enhances your incoming invoice management. Recognize: Receipts recognizes gross. Include the following with Form 795/795A, Daily Report of Collection Activity: 1. Part 1 and Part 3 of the voided receipt. Part 1, Part 2, and Part 3 of the replacement receipt. Retain both copies of Part 4 in the Form 809 receipt book to serve as a log of the voided receipt and the replacement receipt.
Smart Receipts was designed by a traveling consultant to make the process of tracking expenses and generating expense reports exceptionally easy, so you can save time and get back to what actually matters. As more users have started using the app, it's feature set has been expanded to enable small businesses, accountants, and cost-minded individuals to better track their budgets. Smart Receipts is available on both Android (versions 2.2 and higher) and iOS (versions 7 and above), so you can get started by downloading the app.
YouTube Video Guide
For a visual reference, check out our YouTube series about how to use the app:
Source Code
Smart Receipts was built to give you complete control of your data, and it is highly customizable to ensure that you can access your data in the right way. If that isn't enough, the source code for both versions has been released under the AGPL license and can be found at the following locations:
Reports
Adding a report
Once you've installed the app, tap on the Smart Receipts icon to launch it. If this is your first time launch the app, you'll be treated to a blank background screen with no report line items. To create your first report, tap on the '+' (plus symbol) button, which is located in the bottom right corner of the app. This will pop open a dialog with some of the following options:
- Name. The name of the report. All report names must be unique, so pick one like: 'April 2017', 'Consulting Project - Week 1', etc. Please note that you cannot use the following characters in the report name: |, , ?, *, <, ', :, >, +, [, ], /, or '
- Start Date. The date upon which this report beings.
- End Date. The date upon which this report commences. If your reports all occur over a standard interval (e.g. 3 days, 1 month, etc.), you can modify your settings to automatically set this value based on the end date.
- Default Currency. This field determines which currency will be used by your receipt entries by default. You can change what appears as the default from within the settings menu (it will always start as the currency of your phone's current locale)
- Comment. An option field, which can hold an arbitrary comment message for this report.
Managing Your Reports
After you click the 'Create' button, a report line item will permanently appear on the home screen. Any time you tap on this report line item, a new screen will be opened in which different expenses (and other data types) may be recorded and categorized.
Different users have different approaches for how to manage varying reports. Some will create a unique report for each project on which they are working; others will create a unique report to track each month (e.g. June 2014, July 2014, ..). Experimenting with different structures will probably help you to best manage reports for your expenses.
Editing a Report
If at any point in the future you wish to alter this report in any way on your Android device, long-click (i.e. press and old) on the report line item. This will pop open a menu with the following options:
- Edit Report. This option will allow you to alter any of the fields that were set when the report was first created.
- Delete Report. This option will delete the report (along with all receipt data that is attached to it) from the system. This action cannot be undone.
For iOS users, you can tap on the Pencil icon (ie 'Edit' button) to make the same set of changes
Receipts
Adding a Receipt
After you create a report, you can add receipts via the 'Receipts' tab by clicking the plus (ie '+') button in the bottom right corner of the app and selecting one of the following:
- Picture. Launches your camera app to take a photo of a receipt and enter receipt metadata
- Import. Launches your gallery app to choose a photo/pdf of a receipt and enter receipt metadata
- Text-Only. This pops open a dialog menu to add receipt metadata (e.g. price, date, etc.) without an image
You can also launch an image/PDF file in a separate app and click the send/share icon to send it to Smart Receipts, allowing you to create a new receipt from the file.
Receipt Fields
By default, the app comes equipped with the following 'fields' in which receipt data can be entered.
- Name. Common usages for this include: Lunch, Starbucks, etc. When inputting data into this field, you may see a drop down list to 'auto-complete' based on previous entries. If you happen to select an entry that has had the same price or category for multiple other entries, these will be automatically set as well. For example, if you always add a 'NJ Transit' receipt that costs $10 and is categorized as 'Train', both the price ($10) and category ('Train') will be set when you select the 'NJ Transit' option from the drop-down.
- Price. Enter the price for this receipt item. It will default to 0 if unset.
- Currency. Enter the desired currency for this receipt item. By default, it will use the one set as the parent report's default.
- Date. The date upon which this expense occurred. By default, it will be set to today's date, however if you change it, the next entry will default to the changed date (to simplify batch uploads).
- Category. The category within which this receipt resides. By default, it will be based upon the current time of day (so morning will default to 'Breakfast', afternoons to 'Lunch', and evenings to 'Dinner'). All categories can be modified or removed as desired.
- Comment. A field in which an arbitrary comment can be entered (e.g. Dinner split with Mark and Tom).
- Reimbursable. A checkbox to indicate whether or not this receipt is able to be reimbursed
- Full-Page. A checkbox to indicate if this receipt image should take up an entire PDF report page (as opposed to appearing in a 2x2 grid)
In addition to the default fields, there are a number of others that can be added from the Settings menu, including:
- Tax. If enabled, this field will appear next to the price field, enabling you to enter the tax for a given receipt. For countries with standard taxation laws (e.g. the EU), default tax percentages may be set.
- Payment Methods. If enabled, this field will allow you to assign a payment method (e.g. Cash, Corporate Card, etc.) to a given expense.
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Receipt Controls
After you've created a receipt, you will have access to the following actions on Android:
- Edit Receipt. Allows you to change any of the fields noted above. You can access this by tapping on the receipt list item
- View/Edit Receipt Image. Opens a new window, which displays the receipt image (or rotate it). You can access this by tapping on the receipt image.
- Delete Receipt. Permanently deletes this receipt line item. You can access this by tapping on the '..' (ie 3 dots or ellipses) menu for this receipt list item.
- Move/Copy. Allows you to move or copy the receipt to a different report (eg from March 2017 to April 2017). You can access this by tapping on the '..' (ie 3 dots or ellipses) menu for this receipt list item.
- Swap Up. Changes the receipt ordering to allow you to move it up one. You can access this by long-pressing (ie tapping and holding) a particular receipt.
- Swap Down. Changes the receipt ordering to allow you to move it down one. You can access this by long-pressing (ie tapping and holding) a particular receipt.
After you've created a receipt, you will have access to the following actions on iOS by tapping on the receipt list item:
- Edit Receipt. Allows you to change any of the fields noted above
- View Receipt Image. Opens a new window, which displays the receipt image (or rotate it)
- Delete Receipt. Permanently deletes this receipt line item
- Move/Copy. Allows you to move or copy the receipt to a different report (eg from March 2017 to April 2017)
- Swap Up. Changes the receipt ordering to allow you to move it up one
- Swap Down. Changes the receipt ordering to allow you to move it down one
Mileage Tracking
Adding Distance
After you create a report, you can add begin tracking mileage (ie distance traveled) for reimbursement via the 'Distance' tab. You can input the following fields after clicking the plus (ie '+') button in the bottom right corner of the app:
- Distance. Tracks the total miles or kilometers traveled
- Rate. The reimbursement rate per mile. American users can find this via the IRS Guidelines. Please note that you can change the default value in the settings menu
- Currency. The currency to be reimbursed in
- Location. The location that you traveled to
- Date. The date that you traveled this distance
- Comments. A field to track extra notes
Generating Reports
Overview
Smart Receipts supports a few core report types, which can be created from your phone. You can find these by tabbing over to the 'Generate' tab (ie after the 'Receipts' and 'Distance' ones) in the app:
- Full PDF Report. Creates a PDF Report with a 'header page', which contains a complete table of all your receipts and distance expenses. It will also include a tabulated list of all your receipt images.
- PDF Report - No Table. Creates a report identical to the one above but without the header page. This is useful for companies that require their own header format.
- CSV File. Creates a CSV (eg Excel) file for spreadsheet apps
- ZIP - Stamped Images. Creates a ZIP file, containing all your images (and the receipt metadata below each)
Settings
There are a variety of useful settings for generating reports, including:
- Customize PDF Output. Which allows you to change the order and values of the PDF report columns
- Customize CSV Output. Which allows you to change the order and values of the CSV report columns
- Separate Payments by Category. Which splits all payments out by the category that they occurred for
- Include Categorical Summations. Which totals the total of all receipts for a given category
Backups
Manual Backups
All users can create manual backups to ensure that their data is not lost in the event that anything happens to their device. Backup files are formatted as a 'SmartReceipts.SMR' file, which is a simply a normal ZIP file but with a different extension to associate it with Smart Receipts. Backups can be created as follows for Android users:
- On Android, open the menu button (3 dots in the top right) and select the 'Backups' menu.
- Click the 'Backup' button
- Send the SmartReceipts.SMR file to your email, cloud storage, etc account for safe keeping
Or as follows for iOS users:
- On iOS, select the gear icon in the top left and scroll to the 'Backups' section
- Select the 'Backup' option under the 'Make Backup' section
- Send the SmartReceipts.SMR file to your email, cloud storage, etc account for safe keeping
To recover a backup file, you can either tap on the SMR file directly or send/share it with Smart Receipts. On Android, you can also select the 'Import' button within the backups menu. In each of these cases, it'll launch a dialog menu that will prompt you about importing your old data with the option to 'Overwrite'. Please note that selecting the 'Overwrite' option will delete all your existing data.
Automatic Backups
Smart Receipts Plus subscribers can configure automatic backups to Google Drive as follows:
- Open the menu button (3 dots in the top right) and selecting the 'Backups' menu
- Click on the 'Tap to Configure' option and select Google Drive
- Give permissions to your Google account, and it'll start backing things up (depending on if you allow the WiFi only rule or not). You'll start to see the little cloud icons after that, indicating that your backup is working.
If you ever need to recover a backup on another device, you can do so as follows:
- Open the menu button (3 dots in the top right) and selecting the 'Backups' menu
- Click on the 'Tap to Configure' option and select Google Drive
- Wait for your past backups to appears (note: sometimes you may need to close the app by swiping from recents and then relaunch)
- Tap on the backup that you wish to restore
Cisdem ocrwizard 4 3 0 5. You won't, however, be able to directly see your files in Google Drive, because:
- All backups are sent to Google Drive, but we save them in the 'hidden' app folder. Google Drive allows for each app to create its own hidden folder that only the app that created the folder can interact with. You can find it buried under your Google Drive settings. We were originally struggling with whether or not to make this folder public or not, but we ultimately decided to keep it private to prevent someone from losing data by deleting that particular file/folder. In order for automatic backups (or syncing to work) either the server (Google Drive) or the device (your phone) has to act as a trusted authority as to what receipts are uploaded, deleted, etc. Since the phone can be wiped, lost, etc (or even have something simple like device time set back in the past), it can't necessarily operate as the authoritative voice for the 'state of the world', so it has to be the server. But if we let individuals edit the Google Drive (ie server) side, then it also cannot be the authority, so it makes it difficult to know what is right at any point. To account for this, we hid the Google Drive data, so it's always 'right' (or as correct as your last network upload).
Please note that automatic backups will only occur, while your Smart Receipts app is active (ie we don't wake the app up in the background to upload your data in order to save battery). So long as you are periodically using the app, while you have a network access, however, this should not pose any issues as it'll safely upload your receipts during your normal usage flows.
Smart Receipts Plus
Smart Receipts Plus vs Smart Receipts (Free)
The Plus version of the app is available as a yearly subscription for USD $9.99/year (or equivalent in your local currency). All purchases are currently managed either via the Google Play Store or Apple App Store. The Plus version contains all the same features as the free versions, plus the following benefits:
- The paid version has no ads
- The paid version supports automatic backups to Google Drive
- The paid version automatically processes exchange rate conversions
- The paid version allows you to automatically break down prices by category/payment method in your reports
- The paid version allows you to edit/customize the pdf report footer (by default, it is 'Report Generated with Smart Receipts')
Additionally, we plan to add future capabilities to Plus users as well. The only caveat is the automatic scans (OCR) feature, which is not included with Smart Receipts Plus.
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Automatic Backups
Smart Receipts Plus users can configure automatic backups by referring to this guide.
Exchange Rate Processing
As a 'Plus' user, you will also have the option to automatically fetch the current exchange rate any time you change the receipt's currency to be different from your default report currency. Upon changing the receipt currency in the app, a new 'Exchange Rate' field should appear. If you have network availability, the app will attempt to immediately attempt to retrieve the current exchange rate from http://openexchangerates.org/. If we cannot determine the active exchange rate, you'll have the option to manually enter the desired exchange rate as well (you can also do this when editing a receipt to indicate the necessary exchange rate from a credit card statement, etc.).
If for whatever reason you're seeing odd behavior in your exchange rate processing, you should confirm that you have correctly defined your report currency:
- Long tap (ie press and hold) on the desired report
- Select the edit report option from the resultant dialog
- Verify that your defined currency is correct
Please note that changing the currency will clear out your existing exchange rates.
Automatic Scans (OCR)
You can set up Automatic Scans (known more formally as Optical Character Recognition or OCR) as follows:
- Tap on the menu button (3 dots in the top right corner) and select the 'Automatic Scans (OCR)' item
- When prompted, elect to log-in with an existing Smart Receipts account or create a new one
- Once completed, you'll have the option to purchase scans, which will automatically determine the following receipt fields: merchant name, price, tax, date, and currency. These fields are successfully parsed with greater than 82% accuracy, which will continue to improve as the dataset of scans grows.
The OCR process is a new feature offering for Smart Receipts, and it's only available on Android for the moment. Each OCR scan currently costs USD $0.10, since our OCR provider, taggun.io, also charges on a per-scan model. We hope to hope to change this to a monthly/year fee in the future, but we wanted to get a baseline of usage patterns before scaling up. The actual process works as follows
- First, we upload the image, which gets converted into text (this is the OCR process)
- Next, we run the results through a machine-learning algorithm, which attempts to find the relevant fields (eg identifying the total field for the price)
- Finally, we deliver the results directly to you
Advanced Functionality & Settings
Formatting variables
Within the settings menu, you'll have the ability to edit the default email subject ('SmartReceipts - %REPORT_NAME%') and PDF Footer with your own text. We have reserved four special variables to allow for Report data to be automatically inserted:
- %REPORT_NAME% Prints the report's name
- %USER_ID% Prints your user id (if set)
- %REPORT_START% Prints the report's start date
- %REPORT_END% Prints the report's end date
Smart Receipts Web
The web page is currently under construction and only has limited functionality. At the moment, it effectively contains no functionality aside from tracking how many OCR scans you have available. All current application information is saved on your device (and Google Drive too if you've configured automatic backups), but it doesn't propagate to the web site. While we're working on adding this capability in the near future, it isn't present yet, so there's nothing there to really look at. Feel free to contact us directly for additional information about options and timelines here!
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While a company’s records management is not a profit center, handling records incorrectly can lead to financial penalties or litigation. Keeping good records helps companies protect institutional memory as well as maintain evidence of activities, transactions, and decisions. An effective records management system can save money on storage and improve an organization’s efficiency. Implement a solid records management plan before it’s too late.
In this article, you will find everything you need to know about records management: learn the basis of a good records management program, how to implement one, why it should be a part of any company, and who should be involved in the process. We’ll also discuss the records management lifecycle and along the way, experts weigh in with their advice.
What Is Records Management?
Records management (RM), also known as records and information management (RIM), is an organizational function responsible for the creation and maintenance of a system to deal with records throughout a company’s lifecycle. RM includes everything from the creation of a record to its disposal. Essentially, it comprises anything that is part of a business transaction.
Some people use the term information governance (IG) when talking about records management. IG is the management of information to support an organization’s present and future, keeping in mind the regulatory, legal, environmental, and operational requirements. It includes the structure, policies, procedures, and processes necessary to manage all the information stored within an organization.
What Makes Something a Record?
What makes something a record? The answer is somewhat complicated. The International Organization for Standardization (ISO) is an independent, non-governmental international organization that develops international standards to be implemented globally throughout its 162 national standards bodies. The ISO 15489-1:2001 defines records as 'information created, received, and maintained as evidence and information by an organization or person, in pursuance of legal obligations or in the transaction of business.” ISO 15489 is divided into two parts: concepts and principles, and guidelines. Together, the two parts provide an outline for a comprehensive records management program.
Essentially, a record is content that documents a business transaction. A record usually does not include drafts, duplicates, or convenience copies of documents. For example, a final response to a proposal is a record, but the drafts, comments about the drafts, and correspondence about the proposal might not be. Personnel files are records, as are social media posts and instant messages (therefore, records management does not just involve paper documents). According to The Global Trade Association for Information Management Companies (PRISM), courts consider all of the following to be records: doodles on a paper napkin, core samples from oil exploration, a pipe with a part number on it, and sections of frozen tissue samples.
A record serves as evidence of an event. Therefore, you can often take a record into a court of law to prove authenticity, reliability, integrity, and usability. Records can provide necessary documentation for an audit, court case, or other official uses.
A record can also be anything that includes personally identifiable information (PII). Companies that are in the financial services, health, government, or legal sectors must be particularly aware of this kind of record.
Is Records Management the Same as Document Management?
Document management is part of records management since many documents are records. However, not all records are documents. Document management concerns more of the day-to-day activities involving physical or digital files, like capturing, storing, modifying, or sharing them.
Document management has several goals:
- Organizing existing and future documents
- Improving workflow
- Allowing quick search and retrieval of documents
- Maintaining organization of files to reduce the number of lost and misfiled documents
- Reducing physical storage of documents
Forms management can be an important part of records management. For many organizations, the largest volume of records consists of printed or electronic forms.
For more information on document management, read “How to Use Smartsheet as Agile Document Management” and “SharePoint Document Management: What It Is and What It Isn’t.”
The Records Management Lifecycle
n records management, there is a lifecycle that corresponds to the stages that a record undergoes. This lifecycle covers everything from the creation of a record to its disposal. Different policies and procedures exist at each phase.
Think of the records lifecycle as a life span that begins with creation and ends with disposal or preservation. Different programs, software, and educational materials may use different names for the phases, but they are basically fixed and operate concurrently and in continuum.
Creation is the first phase in a record’s lifecycle. It involves the receipt of a record and classification of it as a record in an organization’s records management system. Ensure that you create records correctly, which means including the right information and using the proper format.
As people use and modify a record, it continues as a record, and you must maintain and protect it from several things, including unauthorized access and damage. Those who need records on a regular basis must have easy access to them. Different organizations follow different policies about how long they must keep a record. Active records are those that are in current use and often within close physical proximity to the people using them. An inactive record is one that a company no longer uses for current business but that you still must maintain until it reaches the end of its retention period. Even if someone is not regularly accessing an inactive record, you must maintain and protect it.
At the end of a record’s lifecycle, the records management team must decide whether to destroy or preserve the record. Within records management, systems exist to determine what happens to each record and when. The length of time that you must maintain a record differs based on several factors, including company policy and government rules and regulations. You need to keep some records forever and, therefore, institute an archival process at some point.
Throughout the records management lifecycle, it’s essential to maintain security and privacy.
What Does Records Management Include?
Again, records management is by definition responsible for the creation and maintenance of records throughout their lifecycle. The function includes many different but related elements, all with the goal of controlling access to company or organizational records while maintaining ease of use and security. Records management can be physical or electronic, and is frequently a combination of both.
In practice, records management usually includes a records manager. This is the person responsible for records management within the organization, but that person often has a team of people working together to create and maintain systems. In some companies and agencies, the top official, often the agency head, CEO, or CFO, is ultimately responsible for records management, even if they have hired others to do the work of actively managing records.
“A lot of companies think anybody can do this,” says Diane Carlisle, IGP, CRM, and Information Governance Program Advisor for ARMA International, a nonprofit professional association and global authority on governing information as a strategic asset. Formed in 1955, ARMA International’s mission is to provide information professionals with the resources, tools, and training they need to effectively manage information assets within an established information governance (IG) framework. Carlisle says she knows of companies that make a big mistake by underestimating the importance of records management and hiring summer interns to do it. “It’s not filing. You really have to know and understand the business your organization is in,” she emphasizes.
According to the ISO 15489-1:2001, records management involves tasks like setting policies and standards, assigning responsibilities and authorities, establishing procedures and guidelines, providing access to management and use of records, and integrating records management into business systems and processes. Because it includes so many things, records management can be a bit daunting, but the benefits outweigh the risks.
Why Implement Records Management?
Records management is a requirement for many governmental agencies, and other companies also have systems in place. RM provides a framework to gain control over piles of paperwork and locate documents, and ensures that needed information is easily accessible and readily available. According to PRISM, an organization’s active files grow at an annual rate of approximately 25 percent, and paperwork is a huge overhead expense. Proper records management can free up precious office space. PRISM says that at any given time, between three and five percent of an organization’s files are lost or misplaced. Proper organization can help provide consistent service to clients and partners while simultaneously increasing staff efficiency and productivity. Records management is also a way to tell an organization’s history, but that job often falls under the expertise of an archivist, rather than under that of a records manager.
“Information is being created at a rate we have never seen before,” says Christian Potts, Director, Corporate Communications for Iron Mountain, a global information management company with more than 1,400 facilities in 53 countries. “A lot of companies realize they’re not equipped to handle this information. That’s why having a company like us as a partner gives peace of mind. We know how to deal with the stuff because we deal with it every day,” he adds.
Having proper records can also help a company that ends up in court. Records can show conformity to statutory requirements, provide proof of transactions, and offer protection against unauthorized access.
Additionally, in the event of an emergency, records management can allow for continuity. After 9/11, many businesses located in or near the twin towers were only able to reopen because they had system and record redundancy.
A records management redundancy plan should address the following:
- Creating a records and information inventory
- Labeling vital records and designating them for redundancy
- Identifying who has access to records and including a third party located off site
As part of planning for an emergency, it’s important to identify potential scenarios and to communicate the disaster plan. Simply backing up computer hard drives to a portable drive would not do a company any good in a flood or fire.
Consequences for Not Implementing Records Management
Although the consequences are not the same for every business or organization, there can be severe penalties for not having proper records management systems in place. In some cases, such as with government grants or at government agencies, there might be financial penalties or possible requirements to return grant funds.
In other situations, the penalty might be fines, criminal charges, or imprisonment, as was the case for some individuals at Enron, WorldCom, Imclone, Arthur Andersen, and Morgan Stanley. Audits and other investigations of records at those companies found irregularities in record keeping, falsified documents, and improper destruction of documents.
It is important to keep in mind that it could be illegal to destroy records during an open court case or investigation, even if the destruction is in line with company policy. The legal tenet of spoliation comes into play in these cases. According to Black’s Law Dictionary, “Spoliation of evidence is the intentional, reckless, or negligent withholding, hiding, altering, fabricating, or destroying of evidence relevant to a legal proceeding.”
The Sarbanes-Oxley Act of 2002, also known as Sarbox or SOX, created new requirements for public companies concerning records. The legislation came about after the public scandals involving Enron, WorldCom, and others. Section 802(a) reads: “Whoever knowingly alters, destroys, mutilates, conceals, covers up, falsifies, or makes a false entry in any record, document, or tangible object with the intent to impede, obstruct, or influence the investigation or proper administration of any matter within the jurisdiction of any department or agency of the United States or any case filed under title 11, or in relation to or contemplation of any such matter or case, shall be fined under this title, imprisoned not more than 20 years, or both.”
The law also allows fines of up to $1 million and prison sentences of up to ten years for CFOs and CEOs who falsely report their company’s financial status.
Sarbanes-Oxley isn’t just about penalties. It also spells out whistleblower protection for employees who may be the ones to become aware of inappropriate behavior within an organization. Since records management professionals have extensive knowledge of their company’s records and processes, they might be the first to notice a problem.
To learn more about Sarbanes-Oxley, read this article.
Who Is Responsible for Records Management?
RM responsibility varies from company to company and agency to agency. In federal agencies, the agency heads have a legal requirement to manage records, and federal employees are responsible for keeping records of their own work.
The National Archives and Records Administration (NARA) and the General Services Administration (GSA) divide the records management oversight on a federal level. The National Archives and Records Administration Act of 1984 outlined the responsibilities of both agencies, making NARA responsible for the adequacy of documentation and records disposition and the GSA responsible for the efficiency and economy of records management.
The United States Department of Defense (DoD) 5015.2-STD has a standard that many other organizations have informally adopted as their own. DoD created the standard in the mid 1990s after Congress ordered the department to improve its records management. The government mandate came in response to having trouble obtaining records to look into Gulf War Syndrome. In 1998, NARA endorsed the DoD functional requirements and other elements of a records management program so that other agencies could use the standards as baseline requirements for their own records management programs.
Some federal agencies, like the Securities and Exchange Commission (SEC), have their own regulations that go beyond the federal ones. Many states and state agencies also have their own rules concerning records management. Several international membership organizations exist to provide education and support about records management.
“Our members are all people who work in this field of information management, and they come from a wide variety of industries,” says Carlisle. “We have a lot of resources that help people understand their organization.” ARMA International has publications, resources, professional development webinars, and more available both for members and non-members.
Is Records Management Just for Large Businesses?
Records management exists to provide a history of documents and decisions and to ensure continuity. These benefits apply to all companies and organizations, no matter how big or small. They even apply to individuals.
Aside from Internal Revenue Service guidelines about tax records, there are no set standards about how long you must keep business records. Many lawyers and accountants suggest keeping original business documents for seven years, as that’s the statute of limitations for many tax audits, lawsuits, and other possible claims. The suggestions for records management for small businesses are basically the same as those for large ones.
Even ARMA International does not publish set guidelines about what to keep and for how long — they say that requirements vary by industry, state, and country. “It depends on the industry you’re in and how regulated you are,” Carlisle points out. “The key is having a structure in place that is appropriate for the business you’re in.”
As for personal records, experts have some recommendations. According to financial expert Suze Orman and others, here are some brief guidelines about personal record keeping.
How to Know if You Need Records Management?
If you’re uncertain about whether or not you need records management, the short answer is that every business should have some type of records management system in place. However, many companies introduce or revise records management policies and procedures after a problem emerges. Why wait until then?
A checklist can help you decide if you need a new or revised system. If any of the following statements are true to your organization, it might be time to implement records management:
How to Implement Records Management
Beginning a proper records management program does not need to be daunting. The key to the system can be the records manager, the professional responsible for records management within an organization. That person (or persons) is usually the expert in the records lifecycle and in how to maintain and protect privacy and data. It is also important to decide where the records management department fits in with an organization. Does it belong in legal services, management and audits, administrative services, information technology, or somewhere else? The answer depends on the company’s organizational structure.
Courtesy ARMA International
Records management should also have a champion at a high level within the organization to ensure proper buy-in and compliance. Moreover, departments must work together from the outset to create, implement, and use a system. Having the technology department simply buy a system without input from other departments is not a good idea.
Records management is most effective if implemented organization-wide, rather than just within certain departments. With the help of a records manager, taking records inventory throughout the organization is a good place to start. Doing this will give everyone a good idea of what exists and how much information you have. From this research, you will be able to identify the vital records and records that tell the history of the organization.
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Next, develop retention schedules that work for your organization and follow industry, government, and ISO standards. Working within those parameters, you will more clearly discover how to manage active and inactive files. Part of the process is deciding who has and does not have access to the records, as well as who will control that access.
There are many companies that specialize in helping with records management. Some are software-based with cloud storage capabilities. Others come in and assist with storage and management of physical records. If an organization has been around for a while, chances are its records management system includes both physical and electronic records. Although the two types of records are dramatically different, a strong system will address ease of access and protection of the record throughout its lifecycle, regardless of whether it’s physical or electronic.
“We can help you manage, store, and destroy information from the time it’s created until you are ready to get rid of it,” says Potts of Iron Mountain. “It’s not just putting stuff in the trash can on your laptop.”
Companies like Iron Mountain have facilities in a variety of locations that are far removed from seismic zones and flood zones. Iron Mountain’s facilities have multiple fire suppression systems, generators to back up the backup generators, climate control, and security. The company can store physical files as well as electronic ones, and clients can retrieve them at any time. “This is all that we do, all day, every day. It really comes down to this: If you do it on your own, you have to be so up to date on compliance and regulations in your business. It’s a lot of work,” Potts says.
Companies pay a fee for the services they want. This can save money, Potts explains, because they do not have to hire their own records management teams, and they can use precious real estate for other uses. “If you’re a law firm and you’re using space to store boxes, that’s not making you any money,” Potts says. “Not only is this stuff hard to do, but it’s also the sheer fact that real estate costs money.”
What Is a Registry in Records Management?
A registry is usually a physical place where records management occurs. It is often where paper records are filed and accessed, usually by a records manager. This manager also maintains a record throughout its lifecycle, from creation to disposition.
A registry often incorporates records management taxonomy. Taxonomy is the system of classification within a records management system. It uses a predetermined system to organize the framework for classification. Taxonomies should be easy to remember and simple to use.
Electronic Records Management
As technology becomes an increasingly significant aspect of business, records management systems have had to keep up. Records management applications (RMAs) are software applications that manage records electronically by using features to categorize and locate active records as well as identify records for disposition. These apps must be secure, reliable, permanent, and comprehensive, and they must comply with rules and regulations.
When using any kind of electronic system, it’s important to note that simply scanning an existing paper document might not be sufficient to make it a record. Some software systems require a person to declare something a record, so the system can properly manage it. Each record must have a unique identifier to work with some systems.
Look for something that is easy to use and has the necessary security to protect files. Some systems include document management systems (DMS) within the scope of records management. Also, look for something that guarantees an enforceable chain of custody, so you can see what a record said, how the content within it evolved, and who was involved with any changes. That kind of system can prevent unauthorized access and changes.
Electronic records management systems need to be able to adapt and grow as technology changes. Formats change, and the documents and records saved in a particular format might also need to change. For example, floppy discs were the best technology available in the mid 1990s. Now, hardly anyone has a drive to read those discs. Records management occurs in the long term, not the short term.
Issues That Arise in Records Management
As with any policy or procedure, records management is not free from complications and issues. Records management has been in place in public and government agencies, healthcare, and public companies for a long time, but it’s just starting to catch on in the private sector. No matter how ingrained it is within in any system, there will always be compliance and legal issues.
The following issues can also be problematic:
- Conflicts between departments, especially between records managers and IT
- Security, data protection, and privacy, as hackers and data breaches become more advanced
- Transparency and accountability, as freedom of information laws and other laws become more prevalent
- Adoption and implementation, because not everyone sees records management as a top priority
- The merging of systems, as companies acquire each other, merge, and grow together
- The failure to recognize internet and social media posts as records as the dissemination speed of social media increases
- Improper filing and creation of access when converting older physical records to electronic ones
Consistency across vendors and departments and proper training are also key components in the success of any records management system. Everyone needs to understand the records lifecycle and each step in the process.
Carlisle believes many companies have a problem with one RM aspect in particular: “I think a big mistake is assuming a technology will fix all the problems you have. The technology should be the last step in the process of records management because any company should first do an analysis of workflow and basic needs before turning to technology.”
Additionally, make sure any technology allows you to dispose of records once their retention period is past. Carlisle says some systems do not allow deletions: “If you cannot get rid of something, you will not be in compliance with your retention schedule. There is definitely a harm of keeping things forever. Most of the attorneys I know who work in this space think a retention and disposition schedule should be in place. What you want is a policy that is clear, a process that is clear, and the proper documentation showing that you followed that policy and process.”
Records Management Training, Education, and Certifications
Because of the comprehensive nature of records management, there are degree programs, certifications, and professional organizations dedicated to records and information management.
The field is changing and so is some of the terminology. Carlisle says the term information assets is now more popular than records management. “It brings home the concept that information is as important as other types of assets,” she says, “Information assets are as important as talent and financial assets.”
To help records management professionals, ARMA International has conferences, webinars, and information they call their Generally Accepted Recordkeeping Principles® and Information Governance Maturity Model. Both of these resources are available to guide people through the ever-changing field of records management. “Even though the media is changing, the requirements for facilitating that information still exist. The company still needs access to use it,” she says.
Improve Records Management with Work Management in Smartsheet
In an economy that’s increasingly driven by technology, security, data maintenance, social media, and compliance, effective records management is crucial to your company’s success. That’s why using tools that enable you to organize and manage the many aspects records management is essential to surviving and thriving. Smartsheet is the world’s leading SaaS platform for managing and automating collaborative work. Over 70,000 brands and millions of information workers trust Smartsheet to help them align the right people, resources, and processes to get work done.
With its familiar, intuitive interface, designed for how people actually work, rapid and broad adoption occurs across your organization. Use self-service reports and dashboards in Smartsheet to provide real-time visibility into resources, status, and performance, so you can rapidly align operations with strategy.
Discover how Smartsheet can help maximize your records management efforts today.