Running a business, even a relatively small business involves many financial transactions; paying suppliers, bills and of course employees are tasks that need to be taken care of regularly in order for the business to run smoothly. The process needs to be done securely and in good time, so how is this best achieved?
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Thorough Accounting
The foundation to all good businesses is brought about by having the numbers in order and up to date. Without accurate accounts a business cannot operate efficiently and cannot optimise its profitability.
Accounting is not something that can be done weekly. If it is to be done effectively, then the accounts need to be updated on a daily basis. A snapshot of the businesses health and dealings may be needed at any time and thorough accounting can offer this.
Many companies achieve this using the latest accounting software or even by outsourcing the running of their accounts to some degree.
Secure Transactions
Being able to move money around securely is another factor that is paramount to a business’s health and effectivity. Secure transactions mean that people get paid on time and thus makes for good business. Debit and credit payments are, more often than not made using bacs, as they are reliable and simple to set up.
Other methods of digital payment are available, PayPal for instance, but lack the legitimacy and the peace of mind that is offered by bacs payments. In addition, backs payments are supported by software that is difficult to breach and this means that the data held on them is also secure protecting companies, clients and customers.
System Protection
You will also need to ensure that system security is up to date and this means that things like anti-virus software and firewalls are being used properly. Penetration testing is another precaution that can be taken.
Penetration testing is where a team of specialists are employed to test how robust a company’s IT system is by trying to hack into it. They attempt to do so from outside of the system and also try to gain access to privileged information, from the inside. Once the tests are complete, a report is filed that gives recommendations based on the findings of the tests.
Ensuring that your business finances are secure and always in check involves a procedure that is twofold; in the first instance, accounts must be kept conscientiously and in the second, the systems that keep them safe need to provide 360-degree protection and be regularly maintained.
