A retention obligation is a legal requirement for companies and organisations to keep certain data and documents for a certain period of time. This aims to ensure transparency, accountability and legal compliance.
European laws and regulations
In Europe, retention requirements are regulated by various directives and regulations, including the General Data Protection Regulation (GDPR). This regulation sets specific requirements for the storage and processing of personal data. While the GDPR does not set a specific data retention period, it does require that personal data be processed in a lawful, proper and transparent manner. Also, data must not be kept longer than necessary for the purpose for which it was collected. In addition, there are country- and sector-specific directives and regulations that may apply to different types of data.
Dutch laws and regulations
In the Netherlands, the obligation to keep administrative records is laid down in various laws and regulations. These laws require companies to keep their records for a certain period of time and keep them accessible for inspection by the tax authorities. The retention period can vary depending on the type of data and the specific legislation that applies.
What does TriFact365 offer regarding the retention obligation?
TriFact365 offers functionalities that can help comply with Dutch laws and regulations regarding the retention obligation of entries and documents. In addition, TriFact365 itself complies with applicable laws and regulations.
- Secure storage: Ensure secure storage of financial documents in accordance with the requirements of Dutch and European legislation. This includes security measures to ensure data integrity and confidentiality.
- Digital archiving: Provide functionality for digital archiving. This allows companies to store their financial documents in a structured and organised manner.
- Automated process: Automate the process of recording and archiving entries and documents. This reduces errors and simplifies the compliance process.
- Audit trails: Maintaining audit trails to provide an overview of what has happened to documents. This can help demonstrate compliance with laws and regulations.