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Manual recordkeeping involves maintaining records by hand, using pen and paper, while digital recordkeeping involves using electronic tools such as spreadsheets, databases, or accounting software to keep records.

Components of a records management audit should include: Retention schedule complies with up-to-date laws and regulations. Indexing accuracy and accessibility of documents. Training and communication among staff and departments. Protection and preservation of records. Timely and consistent destruction of inactive files.

What is the records management process? Identifying, classifying and storing records. Establishing and enforcing policies, standards and guidelines. Assigning responsibilities and managers. Maintaining usability. Providing internal and external access. Integrating records management as part of daily operations.

As depicted in the image there are six (6) foundational elements: Records Inventory & Classification. Retention scheduling. Records Storage & Conversion. Vital Records Program. Disaster Prevention & Recovery Planning. Disposition.

The records management process involves the following five steps: Creating or receiving the records. Using or modifying the records. Maintaining and protecting records. Disposing and destroying records when they're no longer needed. Archiving and preserving permanent records or ones that need to be kept long term.

This process is known as the lifecycle of a record, made up of four stages: create, maintain, store, and dispose of.

Sort and store all paperwork, receipts and payments by financial year. Keep all original documents and date all correspondence. Record all transaction dates and payment amounts. Save all online financial transactions by month and financial year in your inbox and in a separate folder on your hard drive.