Accurate business records are vital to a company's financial management and compliance with legal requirements. Inaccurate business records could lead to incorrect financial statements or tax liabilities. They can also miss opportunities to grow. The good news is, technology has made it possible for companies to store and analyse records online in a safe environment. This is a major improvement over storing paper files in filing cabinets. It has also cut down the amount of time, expense and labor required to manage and process data.

Receipts are among the most crucial business records. These receipts are used to document commercial transactions and typically provide a summary of the account balance at a specific point in time. Receipts are also used as a pare trail for expenses which allows companies to claim duty benefits based upon legitimate business activities. Other important business records are sales data, customer data and inventory management. These records can be examined to assist companies in tailoring their offerings and services to meet the needs of customers which will increase the loyalty of their brand. Inventory tracking helps companies optimize their stock levels while reducing storage costs.

Many states have incorporated business record services which allow companies to make incorporation papers and search for corporate information online. These services are typically provided by the Secretary of State office or corporation department and come with databases that can be searched by name. Some of these databases are available to the general public, while others require a fee to gain access. A third-party provider offering an integrated record management and business filing system could be of interest to companies. This solution eliminates extra copies, mailers, couriers, and transaction processing fees.