What choices should businesses make when it comes EOFY records to shred?
It’s nearly the EOFY or for those who don’t like acronyms, the end of the financial year. It’s a time where people prepare their taxes, archive paperwork, dispose of those old documents that are no longer needed, and organise their EOFY records to shred.
When disposing of documents this EOFY, consider using a professional shredding service to ensure that the data doesn’t fall into the wrong hands. EOFY records to shred are generally anything more than five years old. There are some exceptions of course, it’s just a good rule of thumb and will help prevent the build-up of outdated documents. Retaining only relevant and up to date records makes the whole process easier and frees up space.
When deciding on your EOFY records to shred, you should also destroy anything with sensitive information that is not required for current business or tax purposes. For businesses, examples can include sales reports, pricing models, client information, credit card details, addresses, phone numbers and staff information. Failure to protect this information can result in loss of clients, staff and potential legal repercussions.
For individuals, financial statements, bank statements, stock reports, ATM receipts or anything with information about personal finances, account numbers, BSB, address, tax info and junk mail. Armed with the information provided by these documents, identity thieves can open accounts in your name, apply for credit cards, and other fraudulent activities.
Whether you are still using hardcopies, or have gone entirely digital, it’s important to shred anything with sensitive data, including media, DVDs, CDs, hard drives and tapes. Permanently destroying the data they contain is the only way to be safe.
For businesses and individuals, the EOFY can be stressful and time-consuming, which is why it’s tempting to cut corners and avoid disposing of documents properly with a shredding service. This can be a costly mistake. Statistics suggest that as many as one in four Australians may have been victims of identity theft in the last two years alone.
Disposing of documents and media unsafely is not worth the risk and going to a professional shredding service such as iShred ensures that your data stays out of the wrong hands.
iShred guarantees safe document shredding and provides you with a certificate after their work is done. All shredded documents are also safely recycled.