Meaning of Records Management
Records management is the process of creating, using and preservation of record to perform the business functions effectively.
Definition of Records Management
According to Peterson,
“Records management is the management of control of records”.
Zene K. Quiable,
“Records management include the activities designed to control the life cycle of a record, its creation to its ultimate disposition”
“Records management forms, reports, reproduction of written material, filing records, retention, microfilming and related services”.
“Records management is one in which standard and approved systems are used and one in which records are protected, are easy to find out, are not unduly space consuming and are not retained beyond their period of usefulness”
“Records management is concerned with the making, administering, retaining, submitting and disposition of the cords of an organization”.
Records management is defined as the creation, distribution, maintains retention, preservation, retrieval and disposal of records for purpose of keeping the planners and decision-makers informatively in a business organization.
Stages in Records Management
Human memory is limited and cannot recapitulate the numerous transactions taking place everyday in a business organization. Besides, bills, vouchers, letters, deeds and documents relating to the business must be kept for evidence to legal proceedings, negotiations, or business dealings. Every business decision is based on the basis of available data and information. The various stages in records management are given below.
1. Creation of Records: This involves writing data in suitable forms. The data is prepared periodically at regular intervals for a specified period. Making records is an important function of records management.
2. Utilization of Records: The created desired records may be retrieved and delivered to the specified person on request for efficient disposal of business functions. It involves the development of specified procedures through which records move.
3. Storage of Records: Records are properly classified and put into separate file covers or folders. Proper filing system should be followed for keeping documents. The recorders should be stored at an easily accessible place. Proper care should be taken to protect every record. Maintenance of records is very much essential for effective management.
4. Retrieval of Records: It involves readily locating the desired records. If any documents or records are drawn from the files or cabinet, there should be a visible signal available to every body. Besides, the used documents or records should be returned to the files within reasonable time.
5. Disposal of Records: The records and documents no longer required are destroyed after getting approval from top management. Obsolete and unnecessary records are destroyed to avoid needless storage costs and avoid storage space also. These are also informed to the top management. Valuable documents such as deeds, bonds, registration certificates, tax returns, property documents and the like are retained for future use.
Significance of Records Management
Efficient records management is necessary to every nature of business office. The reason is that records management has the following significance.
1. Barometer of Progress: Records reveal the progress of business organization in stage by stage. The performance and achievements of business are disclosed during different periods which can be compared to know the trend of progress. The true position of a business can be identified by keeping the records up to date. This is the historical function of records.
2. Future Reference: Records constitute the reservoir of information (memory) relating to the business organization. Management takes every decision only after verifying and confirming the information. Here, information is used as a tool to management for vital decision making. Therefore, records must be maintained accurately.
3. Reduction of Errors: Keeping up to date accurate records can minimize errors and prevent frauds. Records are an essential part of internal control system. Records management is a part of performing control function of management.
4. Legal Evidence: Records serve as a written proof of the transactions in case of a legal dispute. Some records such as Indirect Tax Returns, Value Added Tax Return and the like have to be maintained for a specific period of time.
5. Efficiency: A good system of records management ensures the supply of required information with speed and accuracy. It helps to improve the efficiency of office operations.