Record Management is an important practice in any organization which more often than not, is treated as a minor task that requires little focus or attention. Record management is often handled by Human Resources (HR) or the finance/accounting departments, and ensures that all information and documents of a company are up to date, accurate, and compliant to all laws and regulations of the Philippines.
Below are some of the most common records that a company must regularly manage, classify, coordinate and update:
- Employee 201 file (Personal Employment Record). All companies have a 201 file per employee. These files that contain personal information for an employee such as (medical history, leaves and absences, merits and violations, training and seminars attended, position within the company, salary, etc.).
Companies that fail to organize and manage their employee’s 201 files, are at risk of mixing employee performance evaluations, grievance forms, clearance forms, job titles, department heads, etc.
- BIR/ITR Filing and Payment. Anyone subject to internal revenue taxes are required to obtain a Taxpayer Identification Number (TIN), register, and keep books of account. It is the role of employers to annually submit the income tax returns of all their employees. They must also keep good updated records of all tax payments.
Failure to file tax returns, supply accurate information, or attempt to evade tax payments will incur financial penalties, litigation and imprisonment.
- DTI Regulatory Compliance. An individual may choose to operate a business as the sole beneficial owner of the business, with partners, or as a corporation. In order to operate a business, potential businessmen and company owners must register their business with the local government and renew the business license every year. A corresponding penalty is charged for late renewals.
Companies unable to comply to the rules and regulations of the DTI and the laws of the Philippines, will face administrative proceedings. This inevitably costs the company time, money and brand equity.
- SEC Compliance. The Securities and Exchange Commission (SEC) requires stock corporations with a particular amount of paid capital, (including branches of foreign corporations) to file a report from an independent certified public accountant (CPA) on their financial statements. Deadlines are also set annually as to when projected financial statements are to be completed and filed.
By law, companies must submit and keep record of their General Information Sheet (GIS), affidavit of non-holding of annual meeting (ANHM), Affidavit of non-operation (ANO), Financial Statements (FS), Stock and Transfer Book (STB) or Membership Book (MB).
Watch out for the second half of our list!
Paperless Trail Inc., a Philippines based system integrator/application developer specializing in document management, document imaging, digital mapping and GIS applications, provides a simple and efficient system to manage, organize, index, archive and secure all of your documents and records.
Archive One is a document management system designed to help document administrators classify, store & secure, search for, and retrieve essential company records.
With its advanced search features, Archive One makes searching for all documents, (both old & new) fast and simple.
A centralized document repository helps save time, reduces costs, and most importantly improves operational efficiency. It also provides security for physical and electronic documents.
Paperless Trail is a member of Quadra Alliance – the premier full service IT solutions provider in the Philippines.
For more information on Archive One – Document Management Systems:
Email us: email@example.com
Tel No: (+632) 893-5951
Note: If this article leads to you making an inquiry to us, please use reference RE: AO-101 when you email us with your inquiry.