Financial Records
When and How To Dispose of Financial Records
Business financial records include any corporate accounts statements, audits, forms and activity related to these procedures. Some of these documents may overlap with categories found in other sections within this guide.
Suggested Retention Duration for Select Financial Records
Document Type | Suggested Minimum Retention |
Accounts receivable, accounts payable ledgers and schedules | 7 years |
Audit reports | Permanently |
Bank statements, electronic funds transfer documents, deposit records, cancelled checks | 7 years |
Chart of accounts | Permanently |
Checks for large or crucial purchases | Permanently |
Correspondence with vendors and customers | 2 years |
Deeds, bills of sale, mortgages for held assets | Permanently |
Depreciation schedules and reports | Permanently |
Donations | 7 years |
Year-end financial statements | Permanently |
Garnishments | 7 years |
General business/finance ledgers, year-end trial balance | Permanently |
Government grants (funded) | 7 years after final closure |
Insurance policies | 3 years after expiration |
Insurance records such as claims, accident reports, settlements | Permanently |
Internal audit reports | 3 years |
Invoices to customers or from vendors | 7 years |
Inventory records | 7 years |
Loan documentation | Permanently |
Patents, copyrights, trademarks and related documentation | Permanently |
Petty cash vouchers | 3 years |
Property/asset appraisals | Permanently until sale |
Property blueprints and utility diagrams | Permanently until sale |
Purchase orders | 7 years |
Sales records | 7 years |
Corporate tax returns and worksheets | Permanently |
Timekeeping sheets, books, cards, etc. | 7 years |
Receipts and vouchers of payment to employees or vendors | 7 years |
Payroll tax withholding statements | 7 years |
Documentation of workers compensation claims | 10 years after final settlement |
Disposing of Financial Records Properly
Once the decided retention duration has passed according to your retention schedule, organizations are strongly recommended to completely destroy all financial documentation through a secure, transparent process.
This process will be identical to the recommended guidelines for secure document destruction found on the How to Dispose of Contracts page.
Different processes are outlined in paper and digital materials.
Other Documents
A similar table will be provided in the corresponding sections for:
- Corporate Records
- Business Taxes Records
- Personnel Records
- Management Plans and Procedures
- Contracts
- Donor Records
Important note: This list is only meant as a general guideline, not a substitute for legal advice. Consult your CPA or a New York business attorney for specific advice on best practices and legal compliance requirements.
NAID Certified
Complies with and fulfills all regulatory
requirements and policies of the
National Association for Information Destruction
What People Are Saying About PROSHRED®
I am extraordinarily pleased with the outstanding service Steve and his partner provided to me when they came to shred close to 800 pounds of... read moreI am extraordinarily pleased with the outstanding service Steve and his partner provided to me when they came to shred close to 800 pounds of paper! They were knowledgeable, courteous, prompt and absolutely professional!!!!
As an identity theft specialist I know how important it is to shred personal information and how tempting it can be to just throw caution to the wind and just dump it.
Safe Shred is the answer to this dilemma!
If expense is an issue, pool your shredding with family and friends and share the peace of mind from an uncluttered environment!!!!!!
LOVED IT!!! read lessEileen Marcial12/08/2014We love Safe Shredding! They come whenever we need them in addition to scheduled visits. The staff are very friendly and always have a smile... read moreWe love Safe Shredding! They come whenever we need them in addition to scheduled visits. The staff are very friendly and always have a smile on their faces :-) read less
Lauren Demarco10/28/2015Safe shredding really tears it up!!! Very professional and respectful of the workplace. Very trustworthy and safely dispose all of our confidential documents.... read moreSafe shredding really tears it up!!! Very professional and respectful of the workplace. Very trustworthy and safely dispose all of our confidential documents. Would definitely recommend their services. read less
Aaron Berg10/30/2014I am extraordinarily pleased with the outstanding service Steve and his partner provided to me when they came to shred close to 800 pounds of... read moreI am extraordinarily pleased with the outstanding service Steve and his partner provided to me when they came to shred close to 800 pounds of paper! They were knowledgeable, courteous, prompt and absolutely professional!!!!As an identity theft specialist I know how important it is to shred personal information and how tempting it can be to just throw caution to the wind and just dump it.Safe Shred is the answer to this dilemma!If expense is an issue, pool your shredding with family and friends and share the peace of mind from an uncluttered environment!!!!!!LOVED IT!!! read less
Eileen Marcial10/28/2015As the manager for a self storage property, I contacted Safe Shredding to destroy over 200 boxes of old personal documents that had been left... read moreAs the manager for a self storage property, I contacted Safe Shredding to destroy over 200 boxes of old personal documents that had been left behind by a former Customer.Marie was very courteous on the telephone and she answered all of my questions and was very willing to work to keep the job within my budget.The team of gentlemen who came out to do the work were quick, efficient, and clean. They made sure that the area they were working in was left as neat as they found it.I will most assuredly be calling Safe Shredding for my future document destruction needs. read less
Raymond Baum10/30/2015Safe Shredding is awesome! Windsor and Shepard Schools has been a customer for approximately two years. We are always able to schedule a... read moreSafe Shredding is awesome! Windsor and Shepard Schools has been a customer for approximately two years. We are always able to schedule a pick up within a couple of days. All service reps are always very pleasant. read less
Ann Marie Scorzo10/28/2016Had a great experience using Safe Shredding. The owner is helpful and was very accommodating with our requests for details to service. If... read moreHad a great experience using Safe Shredding. The owner is helpful and was very accommodating with our requests for details to service. If you call anyone else you are just taking a chance that you won't be happy. Give Safe Shredding a call and sleep tight tonight knowing important documents won't wind up in the wrong hands! read less
Michael Pittaro10/28/2016Our company, C1 Consulting, has been using Safe Shredding for a long time. We are so happy and appreciative of their service. They are also... read moreOur company, C1 Consulting, has been using Safe Shredding for a long time. We are so happy and appreciative of their service. They are also very professional and very friendly! We are glad to be doing business with them! read less
Christina Simeone10/28/2015From speaking with Jane at the office to the arrival of the on time shredding truck and a staff member, the process was pleasant, efficient,... read moreFrom speaking with Jane at the office to the arrival of the on time shredding truck and a staff member, the process was pleasant, efficient, and very reasonably priced. I highly recommend Proshred for all your shredding needs. Great people-Great service. read less
Debbie Rose5/28/2020Safe Shredding was the best choice my company made for our shredding needs. They were extremely helpful, very accommodating and reasonably priced. They were able... read moreSafe Shredding was the best choice my company made for our shredding needs. They were extremely helpful, very accommodating and reasonably priced. They were able to coordinate 2 separate pickup days and locations with ease. I would highly recommend them for anyone looking for a great reliable company. read less
nick stickle10/28/2017We have used this company for the past 3-4 years for our business. From the first contact to the time they came to do the... read moreWe have used this company for the past 3-4 years for our business. From the first contact to the time they came to do the shredding was 3 days. Time it took to do the shredding, less than half an hour!!!! Both the representative and the people that came to do the shredding were very professional, courteous, and friendly. Over all it was a very pleasant transaction. I would highly recommend this company. read less
Matt Callaghan10/28/2015