Installment Loans, Planning and Vendors are Just the Beginning

The rigors of business ownership

In the midst of installment loans, business plans and day-to-day management, business owners can be swamped with decisions. A lot can fall through the cracks when it comes to owning a business and keeping it safe from thieves. With the growing amount of internet business activity, more owners are falling into problems with online security. Most transactions today are done online and that opens the door for more security compromises.

Protecting small businesses

According to the Better Business Bureau, there are some very important things a business can do to protect itself when banking online. Here are the top five:

1) Use “dual authorization”. A business owner can request that for any authorization to go through, two employees need to approve it. One employee authorizes the initial payment and gets the process in motion and then another employee authorizes its release. The process should be followed for all transactions that include movement of funds from the company to an outside entity.

2) Dedicated workstations. This is a very important aspect of running a business. Normally everyone within a business has internet access, but that doesn’t mean that every station should be used to handle transactions. There should be one station used for online banking, and it should never be used for social networking, general browsing or any other casual online activities.

3) Use “Multi-factor Authentication”. This means that security is top-notch within a company and to access online banking, more than just one username and password are used. There may be a special “key” or “code” that anyone who wants access to online banking must be privy to. It’s a great way to shore up security when banking online and make sure that only those with the right to access information can.

4) Maintain Virus Protection and Security. Consistent updating of anti-spyware and anti-malware software is crucial to keeping information secure. Most good companies will offer automatic updates and allow business owners to set automatic scans during off times. For example, a small business owner can schedule a full scan at 6am even though the office doesn’t open until 8am. This way it will be finished scanning prior to business and if any problems need to be addressed, they can be at the top of the day.

5) Daily Reconciliation. All accounts should be reconciled daily to ensure that money moving in and out of the company is secure. All installment loans, utility payments and wire transfers should all be monitored for accuracy. It’s the only way for a business owner to know that their funds are being dealt with safely.

Added benefits of online banking

When it comes to small businesses, more and more of them are handling business online. It’s convenient and offers quick access to all financial information. In addition, a lot of banks offer business customers tools online like budgeting, special rates, auto-payments, and business templates. Some offer easy business consulting online and other unique services to help business customers manage their daily tasks.

Being safe with online banking

Online banking is a reality of 2010, but there are also threats to be aware of. It’s crucial that business owners are as aware of online security, viruses and workstation security as they are of business plans, installment loans, and vendor relations. With the huge surge in online banking activity, there are new products and services available to make the process easier than ever before.

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