Records Management

Record management is the combination of record and management. A record is written matter which is prescribed for future reference and management is related to the way or the technique which are used to manage the different types of records. Therefore, record management is the management and control of records. Letters, invoices, cheques, vouchers, price lists, personnel records, tax records, costing records are examples of records.

Concept of Record Management

Record management is the combination of record and management. The record is written matter which is used for future reference and management is related to the way or the technique which are used to manage the different types of records. Therefore, record management is the management and control of records. Letters, invoices, cheques, vouchers, price lists, personnel records, tax records, costing records are examples of records.

According to Little Field, "Record management broadly defined, includes forms, reproduction of written materials, filing records, retention, microfilms, and related services."

According to S.P Arora, "Record management in its broadest sense concerns itself with the records creation, distribution, maintenance, retention, preservation, retrieval, and disposal."

According to J.C. Denyer, "Modern record management involves much more than the methods of the filing or the system of classification, important though these are: indexing, central filing, records retention, follow-up, and microphotography, all these receive attention in the present day office."

In conclusion, record management is the systematic process of collecting, utilizing, preserving and disposing of the records of the office.

Importance of Record Management

Record management is the combination of record and management. The record is written matter which is used for future reference and management is related to the way or the technique which are used to manage the different types of records. Therefore, record management is the management and control of records. Letters, invoices, cheques, vouchers, price lists, personnel records, tax records, costing records are examples of records.

According to Little Field, "Record management broadly defined, includes forms, reproduction of written materials, filing records, retention, microfilms, and related services."

According to S.P Arora, "Record management in its broadest sense concerns itself with the records creation, distribution, maintenance, retention, preservation, retrieval, and disposal."

According to J.C. Denyer, "Modern record management involves much more than the methods of the filing or the system of classification, important though these are: indexing, central filing, records retention, follow-up, and microphotography, all these receive attention in the present day office."

In conclusion, record management is the systematic process of collecting, utilizing, preserving and disposing of the records of the office.

Importance of Record Management

1. Principles of Purpose:
   Principles of purpose help to keep the record for future reference and decision making so that it should be maintained with a justifiable and clear purpose. Hence, record management must be based on managing the records having certain objectives.
   
   
2. Principles of Verification:
   There must be evidence of all documents which are preserved in an office. The maintenance of records without any evidential proof will be worthless because they cannot fulfill the legal requirement.
   
   
3. Principles of Retention:
   The main objective of record management is to preserve the required document for future reference. Therefore, all the records should be maintained in a proper way.
   
   
4. Principles of Flexibility:
   The flexibility of principle states that an accounting information system should be able to adapt to changes in the company based on its needs, operations, and management.
   
   
5. Principles of Cost:
   The accounting principle that goods and services purchased should be recorded at their historical costs and not at their current market value. So, only needy records are kept for future reference.

Retention of Records

Records retention is the process of creating, preserving, transferring the inactive records for storage and destructing the death records to minimize cost and maximize the benefit of the organization. Records are written documents in the form of letters, bills, vouchers, books of accounts, minutes etc. They are necessary for making a prompt decision.

According to Littlefield, “Record retention is the activity designed to control the life cycle of the record from its creation to its disposition.”

Importance of Record Retention

• It preserves active records for future reference.
• It helps in taking a prompt decision.
• It provides written legal evidence in the court.
• It enhances the efficiency of the office as essential records are readily available.

Disposal of Records

Disposal of records means the process of destroying the death records. It involves the collection, preservation, classification, and protection of records for future reference. Such records can be maintained in files, computers, pen drives etc. It is also a major part of record management.