assessing the disposal of financial records at uap insurance company

Description

Financial records are very important in ensuring that the organization is governed effectively and efficiently and is accountable to its staff and the community it serves. A proper system of financial records keeping has become integral part of managing enterprises in today‟s competitive and challenging business environment. A good financial record keeping enables business organizations to plan properly and also check for misappropriations of resources of the organization. The aim of the study was to assess the disposal of financial records at UAP insurance company. The objectives of the study were; to find out the different financial records managed at UAP, to investigate the ways in which financial records are disposed of at UAP, to identify the challenges associated with financial records disposal systems at UAP, and to propose appropriate solutions and recommendations to the challenges faced by financial records disposition systems. A sample size of five respondents was selected using purposive sampling technique, the researcher consulted the Senior Records officer, 2 Records Assistants, 1 Records Clerk, and 1 Volunteer in Registry as key. It was qualitative in nature and data was collected using the interview and observation method. Data was analyzed qualitatively. The major findings of the study were;  The different types of financial records at UAP include; premium payments, receipts, stickers given, claims paid financial standings, and net worth income and annual financial statements, audit reports, budgets and projections, creditors and debtors records.  The ways in which financial records are disposed of at UAP are; burning of financial using fire and complete deletion of electronic records from the computer system.  The challenges associated with financial records disposal systems at UAP were; limited funds, limited storage space, limited skilled personnel, lack of records disposition equipment, and absence of a disposition Authority and records disposition plan The recommendations were; implementation of a records disposition plan, training of staff and records users, recruiting personnel with relevant qualifications and skills, increasing on the funding, extending the size of records center, automation of records, and out-sourcing while disposing off records.