WorldWide Drilling Resource

Drilling Into Money Not Boring by Mark E. Battersby More Records: Key to Growth and Profits Owners and managers know good records are invaluable for monitoring the progress of the drilling operation or busi- ness, when preparing financial statements required by lenders and investors, reward- ing when trying to sell the business, and particularly helpful when seeking financ- ing. But it’s not all. In reality, most drilling contractors neglect the recordkeeping aspect of their operation either because of a lack of time, or uncertainty about what is required and which records may be important. However, having a clearly defined document retention policy has several benefits: efficiency, safety, and peace of mind. Accurate recordkeeping is essential to many aspects of a successful drilling operation - from assessing the operation’s profit margins to ensuring compliance with the ever-increasing number of state and federal rules. After all, there are numerous laws and regulations, including employment tax laws - such as the Fair Labor Standards Act (FSLA), the Health Insurance Portability and Accountability Act (HIPPA), Employee Retirement and Income Security Act (ERISA), as well as mandates by the Occupational Safety and Health Administration (OSHA). And, don’t forget the many state and local document retention requirements along with those increasingly more complex sales tax records. Among the records it’s a good idea to keep are: j Hiring records for at least a year. j Payroll records for three years. However, with employees able to file lawsuits for unpaid back pay or overtime, a five-year retention period might be best. j I-9 Forms, required to show an employee is eligible to work in the U.S. should, by law, be kept for three years after hiring or one year after terminating a worker. j Separation paperwork for five years after termination. j Family Medical Leave Act reports for three years after ter- mination. j Retirement benefits forms for six years. j Drug test records for five years. j Employee health and safety records for five years. j OSHA requires records of any workplace employee injuries and illnesses obtained in the workplace, be kept and retained. j Unemployment insurance information for up to seven years. j Contracts for up to five years. Records and recordkeeping can take a variety of forms and shapes. Remember however, records are not only about making the Internal Revenue Service happy, they also play an important role in managing the drilling operation or business. To avoid identity theft and protect sensitive business information, all business records should be disposed of properly or shredded. Mark Mark Battersby may be contacted via e-mail to michele@ worldwidedrillingresource.com Serving as an Advocate and Resource for the Groundwater Industry Since 1992 To register call Josh McClintock: (405) 258-8747 or go online: www.okgroundwater.org Don't miss the only conference dedicated to Oklahoma's groundwater industry. Joinover 200waterwell drillers, pump installers,manufacturers and suppliers, technical and groundwater professionals from across Oklahoma and beyond. Continuing Education Opportunities Access to Exhibitor Hall Lunch Buffet with Trade Show Evening Reception Networking Opportunities January 7 & 8, 2020 Embassy Suites Hotel & Conference Center Norman, OK 2020 OGWA Conference and Trade Show 28 DECEMBER 2019 WorldWide Drilling Resource ® Open the Doorway to all the Event Photos during California Groundwater Association 2019 To see all the photos from this event, go to www.worldwidedrillingresource.com Feel free to download at will and print the photo(s) of your choice. Compliments of WorldWide Drilling Resource ® . Photos are copyrighted and released for personal use only - no commercial use permitted.