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Little or large, a business’ funds are the lifeblood of any organization. They’re your profit, your loss, your investment and your return all rolled into one. For some family businesses and daring entrepreneurs, they’re a life’s total work – and that’s why it’s so important to keep your cash secure. So, be it in online accounts, stocks or a safe at the back of the shop, here’s how to do just that.
1. Accounts, Accounting and Tax
Accountants. It might seem an obvious first step but an in-house employee to watch the books can be invaluable. Someone trained to look for cash discrepancies, excess expense and write up tax forms. Someone professional. Smaller businesses might need to hire an external company or freelancer to do this for them, and that’s fine too. The end result is always the same: keen eyes, records and a whole lot of receipts. An accountant can also make sure everyone’s getting paid fairly for their hours, manage bonuses (if there are any) and observe yearly trends. They can keep owners informed, cash flowing and, ultimately, a business’ head above water.
Speaking of professional and dedicated services – many businesses hold net worth in more than just dollar. If you’re trading in stocks, forex or exchange traded funds it’s likely worth doing so through guarded and legitimate sources. Money makes the world go round but so does gold and oil. Net worth can come in many forms and from many places. Keep it secure.
2. Phishing and Data Protection
With so much information kept online these days, the majority of a business can be saved inside computers, in spreadsheets, emails, and sensitive data. When it comes to protecting your accounts and your product then, a strong antivirus and common sense among office employees is a must when it comes to protecting funds. Almost everyone knows about phishing (emails containing a link and or virus) but, these days, malware can be even more insidious.
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A recent trend of ‘ransomware’ has seen hospitals, banks, and even schools locked out of their PC’s data, now trapped behind a ransom paywall. Don’t be foolish. Take precautions. Make sure everyone’s informed.
3. On-site Insurance
Cash being cash, it’s not always kept off in some foreign internet cloud. A lot of businesses operate tills or safes to this day, and these need to be protected too. The best way you can prevent theft or a break in is to keep any funds off-site overnight, locked away in the day and taken to the bank itself as soon as possible. Those businesses that sell physical goods or products might benefit from a security guard. Those in more miscellaneous industries might consider installing cameras, a key card system or pin codes on doors. It might seem very James Bond but, at the end of the day, safety is a priority.
Losing money is never fun, especially not for a business. The least we can do is make sure it happens because of exactly that – the business – and not through any more unscrupulous means.
