Every company is concerned about the safety of their finance. Finance fraud are devastating incidents which any company might face. The biggest mistake that you could do is thinking it might not happen to you. Once a company faces a financial fraud problem the clients and customers will find it hard to trust your company the second time. It is not only a loss for you but also for your clients as they invest in your business.
To help you with this matter here are few tips to secure your small business:
- Background check on employees
Run a background check on your employees every time you hire any new employee. Especially on the ones who will be handling money and handling clientâ€™s information. Find out about them from their previous records in their previous company.
A background check on employees. Remember you need to go through his legal documents. So you are sure that they are completely clean and trustworthy.
- Regular change of passwords
It is safe when you ask your employees to change their password regularly. Maybe once or twice in a year. This way all your accounts and financial details remain unaccessible.
If the confidential password has been shared all with the other departments for a one time purpose do not forget to renew it once the work is done so no one is able to access it unless they ask you for password.
- Virus protection
Computer viruses and hackers are not a new thing. It is so powerful and common that even the greatest computer programming nerds have been a victim of it. Therefore your company is not in less risk. There are many good antiviruses that can protect your systems and networks make sure the antiviruses are used in all your systems and update them regularly. One day without it can expose your data and details to many virus programs leading your management to crashing and exposing your company financial details, etc. As there are two types of protection that you will need for malware and spyware. Firewalls are also a very effective solution that will help you raise your guards.
- Keep the delicate details closed
When it comes to keeping the delicate details and records keep it under strict watch. Keep all the important financial paper works in safes and lockers. Keep the passwords to yourself and do not give it out to any second or third person unless they are from the department regarding finance and are a long time employee who is as much responsible for the finances as you.
- Separate business and personal finance
Separate your business finance from personal finance. First of all the personal finance and business finance might make your management messy and secondly you will risk both the accounts at once by managing them together. You can open a separate account for your business savings and transfer a little every month from this account to pay taxes. But keep your personal account entirely separate from your business account. As it will be accessible by the accounting department and you wouldnâ€™t want others to look in and mess up your personal savings, etc.
- Back up plan
â€œHope for the best and prepare for the worstâ€, there’s a reason this phrase exist. We can do whatever it takes for the best outcome and hope it never happens but never forget the word â€œincaseâ€. Therefore always have a backup plan, just incase it is hacked or system crash takes place, what will your company rely on. Have backup for all your financial details and have both hard and soft copy which is the best that you can do. Or take an accounting software that is cloud based so you can restore all your financial details anytime.
But this does not give you the freedom to let it loose as it is your financial data and it must always be kept under watch and tight security.
As mentioned in the last point, an online accounting software is a software that stores all your accounts and records in the cloud with maximum security. It is accessible for you from anywhere but with limited accessibility for others.
Reach accounting software is one of the most prefered software in the market of business management software. It is easy to work with as it customize with your business. It takes care of accounts, tax filing, payrolls, expenses, income, and integrates with other business management software like inventory management and billing software.
Reach is also a mobile friendly software hence you can access it from your cell phone by downloading an app or from google chrome itself. It updates you with all the details in real time hence you remain aware of what is happening in your business even when you are sailing away for a trip.