Retaining Documents: How Long and Who Decides?

Repeat as necessary: You don’t have to keep everything.

By Roman H. Kepczyk
Quantum of Paperless: Technology Guide & Checklist

Managing digital files is in many ways similar to managing paper files in that the firm must have standards for who can create a document, add to or edit a document, file it, and eventually purge the file. Unfortunately, as digital files are on the network and “out of sight,” many firms are not really aware of what files are stored, the most current versions and whether or not they should be deleted.

MORE: The 4 Buckets of Firm Knowledge | Why Digital Communications Matter | The Right Tech Tools for COVID Work-from-Home | It’s 10 p.m. Do You Know Where Your Backups Are?
Exclusively for PRO Members. Log in here or upgrade to PRO today.

As firms transition to the “less paper” environment, it is recommended that they implement a digital document retention policy and make users accountable for adhering to this policy.

Posted on December 28, 2020

Roman H. Kepczyk

About the Author

Roman H. Kepczyk, CPA, serves as Director of Firm Technology Strategy for Right Networks, helping firms throughout North America effectively use information technology and accounting applications by optimizing their tax, audit, and administrative production workflows.

Click here for more by Roman Kepczyk

He is a contributing author to
Bridging the Gap: Strengthening the Connection between Current and Emerging Leaders in the CPA Profession

He has spent the past 20 years consulting exclusively with CPA firms and prior to that, 10 years with the CPA firm of Henry & Horne, Arizona’s largest regional firm, where he was the partner in charge of the firm’s Management Advisory Services and PC Consulting practices. Roman also served as the firm’s administrative partner where he oversaw internal accounting, marketing, human resources, and was responsible for the creation and implementation of the firm’s technology plan and budget. He is a former member of the AICPA PCPS Executive Committee and a former Chairman of the AICPA’s Information Technology Executive Committee. He has served as a member of other AICPA initiatives, including the Special Committee on Enhanced Business Reporting, eBusiness Task Force, IT Best Practices, IT Research, IT Practices Committees, and Group of 100 projects. In addition, he is a former Chairman of the AICPA Top Technologies Task Force. Roman was named by INSIDE Public Accounting as one of the profession’s Most Recommended Consultants for each of the years from 2004 through 2014, CPA Practice Advisors Top 25 Thought Leaders for 2011 through 2015, and Accounting Today’s Most Influential People for the years 2000 through 2005, 2011, 2013 and 2014. Roman is also an Advisory Board Member to the Association for Accounting Administration and has served on the Board of Directors of the Arizona Society of CPAs. On a technical level, Roman is an AICPA Certified Information Technology Professional (CITP) and a Certified Lean Six Sigma Black Belt (LSS BB). He authored technology chapters for the PPC MAP Handbook, PPC Guide to Paperless Engagements, and sections of the AICPA MAP Handbook.

Click here for more by Roman H. Kepczyk

TO READ THE FULL ARTICLE

Continue reading your article with a CPA Trendlines Pro membership.