As you know we manage all your internal accounting processes using online software…
Cloud-based platforms like Xero, Plooto, HubDoc, and ApprovalMax have made managing your finances easier, timelier, more accurate and efficient. But with the convenience of these tools comes the challenge of keeping your financial data safe.
In this post, I will walk you through the key security features of these platforms, share some common risks to watch out for, and offer tips on how you can protect your business from potential threats. Let us dive in!
Why Protecting Your Financial Data Is So Important
Your business’s financial data is a goldmine for cybercriminals. From financial transactions and payroll to sensitive tax records, your data holds everything hackers want. And the larger your business, the more attractive you are as a target.
Using online accounting tools like Xero, Plooto, HubDoc, and ApprovalMax is a smart way to streamline operations. Making sure they are secure is crucial.
Let us see how each of these platforms manages security and what you can do to keep your data safe.
Xero: Simple Accounting with Serious Security
Xero is known for being user-friendly, but it is also packed with features to keep your data secure. We are making sure that its security features are being utilized for you.
Xero’s Security Features:
- Multi-Factor Authentication (MFA): To log in, you do not just need a password—you also need a code sent to your phone, making it harder for anyone to hack your account.
- Encryption: Your data is protected with encryption both while it is being transmitted and when it is stored on Xero’s servers.
- Regular Backups: Xero backs up your data regularly, so you do not have to worry about losing everything if something goes wrong.
- User Permissions: For your benefit, we control who gets access to what, making sure only the right people see sensitive financial information.
We Keep Your Data Safe By:
- Enabling MFA: We make sure all users on your team are using multi-factor authentication to add an extra layer of protection.
- Monitor Activity: We keep an eye on user activity logs to spot any unusual behavior before it becomes a bigger problem.
Plooto: Secure and Streamlined Payments
Plooto takes the hassle out of payments, and it is designed with security in mind. Whether you are paying suppliers or approving invoices, Plooto ensures that your transactions are secure.
Plooto’s Security Features:
- Encryption: Every payment you process through Plooto is encrypted, so sensitive payment data stays safe.
- Approval Workflows: Plooto requires multiple layers of approval for payments, so no one person can send out money without the right checks in place.
- Audit Trails: Every transaction is recorded, giving you a clear view of what happened and who approved what.
How to Stay Safe:
- Tighten Approval Workflows: Make sure you review your approval processes regularly so that only the right people are authorizing payments.
- Review Access Controls: Regularly check who has access to approve transactions and limit it to those who absolutely need it.
HubDoc: Safe Document Storage with Less Paperwork
With HubDoc, you can say goodbye to piles of paperwork. This platform helps you organize and store financial documents, and the security measures in place ensure that your sensitive files are safe.
HubDoc’s Security Features:
- Bank-Level Encryption: HubDoc uses the same type of encryption as banks, keeping your documents secure when they are uploaded and stored.
- Automatic Data Extraction: HubDoc extracts data from invoices and receipts automatically, reducing the chance of manual errors that could lead to security issues.
- Multi-User Roles: You can control who has access to which documents, helping keep sensitive data away from unauthorized users.
How to Stay Safe:
- Set Clear Permissions: Assign clear roles for who can view and manage documents, ensuring that only authorized users have access.
- Remove Old Documents: Set up a process to regularly review and delete old, unnecessary documents to reduce security risks.
ApprovalMax: Keeping Approvals Secure and Efficient
ApprovalMax helps you control who approves what in your accounting processes, adding an extra layer of oversight. It is a great tool for keeping things running smoothly, but it is also packed with security features to protect your approval workflows.
ApprovalMax’s Security Features:
- Segregation of Duties: ApprovalMax ensures that no single person has the power to approve transactions alone, which helps prevent internal fraud.
- Role-Based Access: Just like the other platforms, ApprovalMax allows you to control who has access to which approvals, based on their role in your business.
- Audit Trails: All approval actions are tracked, giving you a full history of who approved what.
How to Stay Safe:
- Audit Your Workflows: Regularly check your approval workflows to make sure everything is set up correctly, and no unauthorized approvals are sneaking through.
- Limit Approval Rights: Only give approval rights to people who need them—and remove access when roles change.
Conclusion
When it comes to managing your business’s finances online, security should be a top priority. Platforms like Xero, Plooto, HubDoc, and ApprovalMax come with built-in security features.
We ensure, on your behalf, that they are properly configured and used. By setting up multi-factor authentication, managing access controls, and reviewing your workflows regularly, we help keep your financial data secure, so you can focus on growing your business.
Thanks for reading…