3 Ways to Secure Your Business Finances

Running your own business involves a fair amount of responsibility. One of these could be to look after the monetary aspects of your company, including its security. With the amount of cyber crime about, as well as traditional, physical theft, you and your team may be concerned about how best to protect your assets from undue harm. While some may perceive you as overly cautious, at least then you will be able to sleep well at night knowing that your business is protected.

Invest Safely

When trying to grow your money, either for your business or even your personal assets, you may not want to implement anything that comes with a risk. Losing your collateral could easily see you in financial straits. Learning to invest efficiently and relatively safely, such as through the use of an ISA, can allow you to benefit from interest accrued, without the risk associated with other forms of investment. In addition to this, this money may be exempt from tax, which can be a great motivator for those who want to increase their value without having to pay more on top.

Use Secure Passwords

When accessing your business accounts, or even any databases or software you use, you don’t want to face the risk of others being able to view or corrupt this data. Using basic passwords, such as your name, date of birth, or even the word password, could enable hackers to get into your bank, and potentially empty it of all your money. Instead, you could be better off by using a mixture of numbers, lowercase letters, uppercase letters and, depending on the provider, symbols. Alternatively, you could opt for a random mix, rather than an actual word. However, it is key that you don’t write these down anywhere. While you may want to believe that your team, or visitors within your establishment, would not engage in dishonest activity, that can never truly be guaranteed. Due to this, it can be a good idea to pick something that is memorable for you, and only you.

Shred Paperwork

While more and more businesses are moving to digital platforms, you may still need to print documents or receive them in the mail. Some of these may not only contain your name and address, but also pieces of financial information. Before putting them in the trash, it could be a good idea to shred them first. Investing in a good quality crosscut shredder will help to make the contents illegible, and reduce the likelihood of your data or identity being stolen. From here, the shredded paper can then be recycled as you would normally. Only printing the necessary financial documents, and storing them in a locked filing cabinet, can also be of use.

Looking after your business doesn’t just involve reaping profits from your clients. It is also about taking good care of the money and assets you already have, and protecting them from theft or loss.

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