Retaining Business Records

The length of time you should retain your business records depends largely on their relative importance to your business operations and the risk associated with losing them. Construction documents, audit reports, year-end financial statements, licenses, trademark registrations, property appraisals, loan documents, in-force insurance policies, etc., should be retained indefinitely. Bank statements, customer invoices, payroll records, payment vouchers, purchase orders, accident reports and claims, etc., should be retained for at least seven years. Occupational Safety and Health Administration (OSHA) logs should be kept for five years, and employment applications and petty cash vouchers should be kept for three years, as a brief example.

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