How to keep your financial records safe

Small business makes the world go round - it’s the heart of the global economy.

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Small business makes the world go round - it’s the heart of the global economy.

Proving we’re moving towards a “mobile-first” mindset, a recent study estimated the number of “connected devices in use will hit 34.8 billion in 208, and by 2020, that number will hit 50 billion”.  Impacting the way in which we engage with the world around us, this shift in behaviour boasts a clear message for small businesses – think beyond 9-5 and you will succeed in the new era.

Claire McKay, Independent Financial Planner and Business Owner of Quantum Financial, says mobile-first is all about the ease of the client who wants constant access to their information.

“It’s a little different from 24 years ago, when my dad’s idea of technology was a laptop and dictation!” Claire laughs. “Our client expects to know everything about their portfolio and be able to access key documents that relate to their family finances whenever they’d like.

“For me, technology is all about making things easier for them. We’ve had market volatility this year, so if clients are feeling a little anxious at 3am or before they hit the golf course on a Saturday morning, they can quickly check and be confident about where they’re at.”

Referring back to the family business, Claire says her dad started it from the dining room table. “Like all small businesses, everyone pitched in,” Claire adds. “My dad wasn’t too good with computers, so I did the typing for him. When I finished uni, I had to learn my mistakes on someone else’s time and dime, which is what I did.”

A graduate in PwC’s prestigious international tax and M&A team, Claire completed her Chartered Accounting qualification before being approached by Macquarie Bank to join their origination team, advising on Australian and global complex financial investment products.

After a six month sabbatical, which involved completing the Kokoda trek, Claire acquired a significant stake in Quantum Financial. Her successful financial track record and media profile means she attracts like-minded successful business owners and professionals as clients that she must be available to at all times.

“Internally, and as business owners, it’s all about efficiency and communication,” Claire adds. “When our team members are in different locations, it doesn’t matter if we’re all in the same office or working in different locations, which still allows us to work together seamlessly. This in turn gives our clients a great experience and outcome.”

While a mobile-first mindset comes with its own set of security questions, Claire believes that everything can be managed within your businesses’ walls.

“Using key passes is a great way of keeping things secure,” Claire says. “A lot of small businesses don’t use them, and what you find is employees using the same password for pretty much everything. It’s usually a basic password, either a word or combination of numbers and letters that is fairly easy to find out which is not great.

“It’s also important to manage your employees access to documents. You want to make sure your staff only has access to things that they need – it’s the easiest way to bring new staff into the business in a controlled way.”

Claire also highlights the importance of reliable partners when securing your data. “It comes down to knowing what your current protocols are and where your gaps lie,” she adds. “Think about who has access to your system and what their protocols are around security. Also, what are yours for the team?

“The most common way of getting into a system is through an email and opening up an attachment. Remember, it’s often a team breakdown rather than a system breakdown.”

Originally published as How to keep your financial records safe