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Keep Your Financial Records Secure

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Your company’s financial records hold a lot of important information aside from your bank statements and payroll records. They also include your employees’ personal information, list of suppliers, and creditor information. Protecting this information is a must. It includes everything you will need to continue to grow your business. In the past, creating a hard copy was the best way to keep records. With today’s digital technology, there are other avenues to explore.

Back Up Your Digital Documents

Back up your digital documents by storing them in the cloud or putting them on an external hard drive. Having a digital backup ensures that none of your information will be lost. If a system error occurs, it is easy to restore your files through a digital upload from the cloud or an external hard drive. Your system will be up and running in a few hours without having a negative impact on the operations of your business.

Make Copies

Make multiple copies of your records every week. Updating them on a weekly basis ensures that you will always have the most current version available if something happens to your existing system. Hard copies will take up a tremendous amount of space, but it’s not a bad idea to have one on hand. Always make sure any copies you make are stored in a safe place so they can be retrieved easily. External hard drives will allow you access if the cloud files are unavailable.

Encrypt Your Data

Data encryption is a way of protecting your files. It will make it harder for hackers to utilize the information if they somehow gain access to it. Files are encrypted through the use of keys that are embedded into the content. Encrypted files are more secure and less likely to be corrupted if your system is breached.

Limit Access to a Select Few

Limit the number of people who have access to your financial records to a select few. Not everyone in the company (including members of the management team) needs to know the status of the company’s finances. Create codes and passwords that are unique to the financial files and don’t share them with anyone outside the accounting department. When information is needed, there will be a record to prove who accessed it and why.

Use Two-Factor Authentication

Two-factor authentication is one of the most efficient ways to protect highly sensitive files. Passwords, biometric fingerprints, verification codes, and face recognition are just a few of the factors that can be used to keep your financial records secure and protected from hackers. Choose a combination of factors that will work best for your company. No two businesses are alike. It’s up to you to decide which methods are best for you.

Another way of securing your financial records is to use a bookkeeping service. This ensures all your information is fully backed up and monitored all the time. A professional bookkeeping service has protocols in place to make sure that all the accounts they manage are fully secure and protected at all times. Mark Kilduff at Remote Quality Bookkeeping of Wells, Maine specifically says “For any business like my Remote Quality Bookkeeping to operate for any long period of time, you have to make security the top priority.”

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