Financial Record Management: Who's Responsible?

It's the responsibility of both the organization and the individual to manage their own financial records. Organizations must maintain accurate and up-to-date records for accounting, tax purposes, and regulatory compliance. Individuals are also responsible for managing their personal finances, including income, expenses, and assets. Proper record keeping is essential for financial stability, transparency, and accountability. This includes keeping track of all transactions, receipts, invoices, and relevant documents. By adhering to best practices for record management, individuals and organizations can ensure financial security and make informed financial decisions.