Monday, 26 September 2011

Records storage essential says Metrofile

Records storage essential says Metrofile
Records storage essential says Metrofile
Published:2011/09/26 07:43:12 AM

LISTED document storage company Metrofile warned on Friday that directors of local businesses needed to ensure they fully complied with the latest record-keeping regulations in terms of the new Companies Act.

This was necessary in order to avoid potential legal action and, in some cases, imprisonment and business closure, the company said.

Metrofile’s business is focused on the management of information and records storage.

Richard Buttle, the chief financial officer of Metrofile Holdings , said the new Companies Act clearly stipulated that local businesses needed to securely store and manage select, key company records for up to seven years, highlighting the importance of good records management practices.

In terms of the act, companies are required to keep documents such as reports presented at annual general meetings, annual financial statements, accounting records, notices, minutes and resolutions of all shareholder meetings. They also have to keep any documents made available by the company to the holders of the securities in relation to such resolutions.

Also, the act required that records be kept in written form or a format in which they could be easily retrieved and converted into written form within a reasonable time, he said.

"Businesses need to realise that company information and records are assets and should begin to treat these documents as such," said Mr Buttle.

Natasha Bouwman, legal specialist at the Institute of Directors in Southern Africa, said it was "vitally important" for all directors to ensure they complied with the act by conducting a detailed compliance review, as well as seeking expert advice from internal or external legal advisers.

"Compliance software programs can also be utilised to measure compliance with the new Companies Act, but care should be taken that these programs sufficiently cover the entire act’s provisions," she said

Mr Buttle said the act required certain company records to be accessible to shareholders or members, and must be open to inspection at all times.

"Due to the complexity of retention periods paired with the need for instant accessibility, storage space and data back-up requirements, an effective record management system must be implemented to ensure that compliance with the new act’s regulations are met," he said.

This month, Metrofile reported a 38,2% increase in headline earnings per share to 18,1c for the year to June. Revenue was up 12,4% to R460,5m. The company said there was still a demand for paper storage despite the growth of electronic record keeping. Paper storage grew 10%-12%.

Metrofile is expanding its business operations into Nigeria and Ghana, with some key countries in East Africa such as Kenya likely to be next

Tuesday, 13 September 2011

Tape Vrs Cloud

Below is a link that has an article that is very persuasive for organizations to use tape as a backup medium rather than sending everything into the “cloud”. Hope it helps.

Saturday, 3 September 2011

Dog Days Of Summer

Have you heard that line… it’s so hot you could fry an egg on the hood of your car. My friend told me about someone who did just that. This heat seemed like the perfect opportunity to test that theory. So he tried it. Dumb move the guy admitted. It didn’t really work.

The yoke got into the windshield washer nozzle, and the clear gooey whites ran down and dripped on the fender and now his car smells a bit like it drove through the breakfast kitchen at Denny’s Lesson learned. Car hoods are not effective cooking devices no matter how hot it feels.

Maybe the heat made him do it. Heat does seem to make people do strange things.

In the heat of these days I just wanted to remind you that File Solutions is continuing to manage the documents and files of companies just like yours throughout our region. If you are feeling the heat of dealing with your inactive and archival file situation, then let us cool things off for you by providing the relief of our comprehensive storage management solutions.

Records and information management is critical to business continuity, legal compliance, customer satisfaction and profitability. Let me help you discover the perfect solution for your business!

Enjoy the rest of your summer!

“Cooler Summer ” offer. Every new client who books a Free Needs Assesment, gets to attend a really “cool” party at a local restaurant with you and the team..


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