Recordkeeping
The Recordkeeping process step involves collecting, organizing, and maintaining records of business activities, transactions, and communications. This includes creating, storing, and retrieving documents such as contracts, agreements, invoices, receipts, and correspondence. The purpose of recordkeeping is to provide a transparent and auditable history of business dealings, enable accountability, and facilitate compliance with regulatory requirements. Records may be physical or digital and are typically stored in designated filing systems, databases, or document management software. Access control measures are implemented to restrict access to authorized personnel only. Regular backups and data recovery procedures ensure the integrity and availability of records.