What are the essentials of effective record-keeping?

[rms]

What are the steps needed to be taken for effective record-keeping in a firm?

[nbm]

1. The object of records should be very clear. It should be clear as to what use the records will be put to. The nature of information to be stored and the way it is to be classified will depend upon this use.
2. Records should be within limits of control. It should be decided in advance how long particular information would be retained.
3. It should be possible to retrieve the information quickly.
4. Various forms to be used should be clear, standardised and numbered for easy identification.
5. Entries in records should be up-to-date otherwise they can be more misleading than helpful.