Best Practice Records Keeping Corporate Governance for Company Directors

Regardless of its legal structure, for all Australian businesses, the leadership or management team is responsible for ensuring that the organisation’s financial transactions and accounts comply with the law. Even if a treasurer in place or an external auditor is on board, the law is clear that members of the management committee of an incorporated association and the directors of corporations are directly responsible for making sure that the finances are accurate and up-to-date and accessible.

Corporate governance is defined as the framework of rules and procedures by which the decisions in an enterprise are made, and how the controllers and held accountable for them. At the heart of the principles of good corporate governance is accountability to the stakeholders, who rely on the controller’s activities to protect and enhance the value of their equity. This accountability widely extends to records keeping and document storage.

The Corporate Governance Handbook for Company Directors and Committee Members, A Reference Guide to Understanding the Serious Commitment of being a Company Director or Committee Member guide has a suggested Better Practice Corporate Governance checklist designed to allow organisations to review its current corporate governance principles and practices with an aim to identify those areas that may require action.

On the checklist includes a Best Practice characteristic in records keeping by questioning does the organisation have appropriate plans in place to protect the physical security of its people, information and assets.
While information management and security storage form the backbone of best practice information management, the accessibility of records is just as important to ensuring businesses can produce the relevant records needed at the relevant time.

Compu-Stor has developed a robust information management solution that facilities a superior level of document storage and retrieval.

CIMS information management solution delivers efficient and time sensitive access to information, allowing businesses and teams to more efficiently organise, access and preserve information. This system can actively assist enterprises through the provisions of auditable and traceable records, comprehensively segmented reporting and individual accounts, creating a fully accountable replication of a business’ financial and productivity situation.

The use of CIMS is easily adapted and maintained, with simple access to every document and detail readily available to multiple users via PC, smartphone or tablet.

According to Steve Vesperman, Deputy Commissioner Australian Taxation Office, the one thing that’s vital for any business to prosper is good record keeping practices. The timely and accurate provision and access to information is essential to the successful administration of any business.

Implementing systems such as CIMS can alleviate a predominant amount of “paper-chasing” that is required, with immediate access to information easily facilitated to any authorised user.