An effective filing system is vital for any business that handles a lot of paperwork. If you have numerous documents that you access frequently, they should be at your fingertips. Even the files that you don’t access as often still need to be close by. You need to be able to operate at your desk swiftly and easily, and that’s where file box organizers come in.
What are file box organizers?
A file box organizer is a storage solution designed to help you store important documents neatly and systematically. Scattered piles of receipts, invoices, tax records, and so on will not only make your office look untidy but can also make it hard to retrieve documents when you need them. According to a recent survey, more than half of workers spend more time digging for files than at work.
Investing in a simple storage solution such as a file box organizer can help you change that. Even if your business doesn’t deal with too much paperwork, a tidy environment will help you improve productivity and foster a stress-free office culture. Read on to learn how to file box organizers can help small business owners keep their businesses running smoothly and efficiently.
How to choose the best file box organizers for your office
File box organizers come in a variety of shapes and sizes. One of the most important factors to consider when shopping for these simple storage solutions for your office is durability. The best file box organizer is durable, and durability is determined by the construction material. Flexcon File Boxes, for instance, are made from corrugated plastic.
What is corrugated plastic? Corrugated plastic is composed of three layers of thin, polypropylene plastic substrate. It’s strong, lightweight, waterproof, and extremely durable, hence the ideal material for a document storage solution. With such a durable product, you will be able to keep your records and other important paperwork organized for a long time.
What documents need to be stored and for how long?
Even as many American businesses go paperless, e.g. how modern lawyers are adopting electronic documentation and email management systems, some documents still need to be stored in physical form. In certain legal and financial contexts, digital copies often do not constitute sufficient proof. In this case, you need to have the actual physical copies of the document in question. Most of the time, though, documents simply aren’t worth the time to scan into digital format.
Some of the documents you can store in the paper form include legal documents, receipts, invoices, et cetera. Documents of specific interest to the IRS can also be stored physically with the help of simple storage solutions such as file box organizers. Some of the IRS documents you can store you can store physically at the office include:
- Tax records of casualties, disasters, and threats. These documents are crucial when it comes to claiming tax relief from the IRS for casualty losses due to damage to your property after unexpected or unusual events.
- Net Operating Losses (NOL) for individuals, estates, and trusts. A net operating loss is a situation in which an entity has more allowable tax deductions than taxable income. NOL can be used to offset the company’s tax bill in the future.
- Business expenses. Costs incurred in the ordinary course of business are referred to as business expenses. These costs are usually deductible if the business operates to make a profit, lowering the tax liability.
- Business start-ups and record-keeping. As a new business owner, you need to be aware of your federal tax responsibilities. These IRS publications provide basic federal tax information for people who are starting a business.
- Farmers tax guide. The farmer’s tax guide is an IRS publication explaining how the federal tax laws apply to farming. As a farmer, this guide will help you figure your taxes and complete your farm tax return.
For tax purposes, you must maintain your records until the period of limitations for that tax return expires. This is the time window during which you can make changes to your tax return to claim a refund or credit or the IRS can assess additional tax. The Period of Limitations for income tax returns is typically 3-7 years. Keep records indefinitely if you do not file a return or if you file a fraudulent return.
The importance of keeping records for small businesses
Every small business in America needs an effective office filing system. Not all documents can or should be scanned and digitized in order to be stored in electronic form. Some of the documents that can be maintained as hard copies include receipts, invoices, and tax records. These files should be stored neatly for easy access and efficient retrieval.
Good record keeping is necessary for compliance not just with the IRS but also other federal and state laws. However, maintaining these records can be a real nuisance, especially for small businesses, if not done correctly. Using file box organizers can help small business owners mitigate the stress of storing and retrieving important records.
As your business grows, paperwork regarding confidential information, including legalities, finances, contracts, and personnel will continue to accumulate. It’s imperative that you take steps to ensure that these documents are organized and accessible. Staying organized is one of the most effective ways to keep your business operating as efficiently as possible.
A file box organizer is the perfect storage solution for storing your office documents. This simple and affordable storage solution will help you reduce paper clutter and keep your records organized. Using a file box organizer ensures that all of your important paperwork is easy to find at a moment’s notice. Want to learn more about file box organizers and their benefits?