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Class : 11
Unit : Business

Shows the importance of retention and disposal of records.

Ans : The importance of retention and disposal of records are presented below: i. Future reference:- Record retention helps to arrange valuable documents in systematic and safely manner. Hence, it is easy to find out required documents with minimum time when it is needed in future. This brings smoothness in official work and helps to develop efficiency among the staffs. ii. Create space for new records:- The principle of record retention is the preservation of valuable documents for future reference and destruction of outdated documents and files. This helps to create space for new valuable documents and minimizes the cost of record keeping. iii. Basis of decision making:- Records are the basis of decision making. Detention helps to preserve the records of past and present. The manager can be obtained past and present information from record retention which is the most important basis of decision making. iv. Brings smoothness:- Valuable records of past and present are preserved in systematic manner in proper file and drawer. They can be found out information easily and can devote services to customer and other stakeholder within a short duration of time. This helps to maintain reputation of the organization which brings smoothness in office work. v. Fulfills legal requirements:- Every organization needs to fulfill legal procedure both at the time of establishment and in regular business activities. Such documents involved in registration certificate, articles and memorandum of association, prospectus and other formal documents to disturb.
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