How to Build and Maintain a Record Retention and Destruction System

Every AP department requires a good record retention and destruction system as part of its compliance program. “With the volume of documents (paper-based or electronic) that AP deals with, it is important to maintain a proper filing system,” stresses Sebastian E. Bodden, APM, Revenue & Payables Accountant for Caribbean Utilities Company, Ltd., Grand Cayman. “You must know which documents are stored, their specific locations, and how long you must retain them.” “If records are not managed…