BIR Document Retention Costs
Retaining 10,000 pages for 10 years will now cost you USD 5,800
Retaining records will cost a company Php 294,000 when stored in a central business district (CBD) like Makati, Ortigas and the BGC.
We have updated our cost calculation for retaining BIR and financial records. The amounts are staggering.
It is worth your time to check out your costs. Its easy! Calculate space, power and dues associated with your storage space.
Cost Saving Options
Store documents in a cheaper offsite location, just make sure you protect it the elements and infestation. Better yet use the services of a Records Management company.
Properly run Records Management companies usually have dry fire suppression, regular fumigation activities and some are even ISO 27001: Information Security rated.
Digitize and Avoid Copies
Digitize documents then after 5 years dispose of the hardcopies. Avoid having photocopies as part your business processes.
Photocopying and printing costs are those types of expenses that get buried in other budget line items, but they actually cost lot.
Get Tight on Retention Periods
Track record-keeping retention periods and get rid of expired documents.