What Is GARP?

Generally Accepted Recordkeeping Principles (GARP) are the key to keeping your business flowing with easy access to all of your organization’s important information. GARP provides a framework for your business to manage records and documents to support your regulatory, legal, environmental, operational, and compliance requirements today and into the future.

Generally Accepted Recordkeeping Principles

GARP is a set of principles that govern the way records are created, stored, maintained, and used. The goals of GARP are to:

  • Streamline your organization’s day-to-day operations
  • Assist with budgeting and planning activities
  • Improve access to historical data to assist with decision-making
  • Maintain compliances with required laws, regulations, and standards in your industry

The specific principles and requirements are as follows:

Accountability

A senior executive must be appointed to serve a variety of tasks, including overseeing all recordkeeping, developing and adopting policies to help guide staff members, assigning responsibility for different programs to the right people, and providing quality assurance over the whole program in the event of a records audit.

Integrity

Your recordkeeping practices should ensure a reasonable guarantee of authenticity and reliability of the records and information generated by or for your business.

Compliance

Your recordkeeping program should fall in line with all required laws, regulations, and compliance standards as well as your organization’s own internal policies.

Availability

The information within your organization should be accessible in a timely, efficient, and accurate manner.

Retention

Your business should hold on to all important information for as long as is required by any operational, legal, regulatory, and fiscal requirements.

Disposition

You should arrange information in your business according to internal policies as well as any applicable laws, regulations, and other binding authorities.

Transparency

Your business should make all of its information, including information on policies, processes, and activities, readily available to and easily understood by staff and other involved parties.

Generally Accepted Recordkeeping Principles are crucial to ensuring your business runs smoothly day in and day out. Call Quality First Imaging to establish a document management system that will help improve your business’ productivity, efficiency, and profitability.