Records Management & Retention for Accounting Firms

Every accounting firm should have a well‐established records management and retention policy that specifically spells out what must be kept and for how long. Not only do these policies depend on the type of data, but the services offered by the firm and state regulations that define the retention period. When it comes to handling, retaining and disposing data, there’s always the risk of identity theft, corporate liability and legal ramifications. These threats are magnified for accounting firms due to the confidential and sensitive nature of information.

Even when policies are documented and uniformly enforced firm‐wide, there is still a great deal of stress on those within the firm. Everything from tax records, financial statements and other documents containing personal data are considered sensitive and must be handled with care. Understanding how documents should be stored and for how long is specific to the the data, but also whether they’re archived on the premises or located in off‐site storage.

If you decide to outsource records management with ILM, we’ll devise a seamless plan based on your business’ needs, as well as one that’s in accordance with applicable industry standards. Contact ILM today to get started for free—no surprises, no hassle and no obligation!

To learn what retention schedules are recommended, see the charts below. We also encourage you to check out our tools and resources to help you get a better handle on document management and retention within your firm.