Just curious, how long should I keep a customer's information after they cancel an account with me?
I'm just starting out so I haven't even got my first customer, but I know this will be something I need to know for the future.
Most larger companies I know will keep the information indefinitely. Even if the data base they are using gets cleaned out they archive the old stuff. I would do the same if I were you. Doesn't mean you have to have it easily accessible when it gets old.
I'd agree with keeping the information indefinitely, however, as a second option, I'd keep it as long as it's necessary for your taxing authority. US IRS requirements, if memory serves, would be 5 years at a minimum. You'd need to verify that though.
Thanks for the advice and it makes sense. It seems like it can't hurt to keep it indefinitely and I hadn't even yet thought through the IRS requirements. I'll have to check into that a little more.