Security Tips for Small Businesses

Operating a small business is a difficult endeavor. Keeping that business safe can be even more challenging. There are two main areas of concern that need to be monitored in order to ensure that a business remains secure. The first is protecting the physical assets of the business. The second is assuring that computer technology and use of the internet by the business is always done securely. In short, two questions arise:

• How are my physical assets protected?
• How is virtual data protected? 

Thoughmany businesses now function purely online, the small business still survives within the world of sweat, blood, and tears. Protecting these establishments is important. Inside the storefrontis property to be sold, liquid assets, financial data, and other information that could harm the business if it got into the wrong hands. The first question you must ask yourself when securing your small business is:What have I done to protect my storefront from burglars? What more can I do?
Here a few suggestions to help you determine if your physical assets are truly protected. Do these few things, and you will increase the safety of your business:

• Install a security system. Place cameras along the perimeter and interior of the building, and place a well-lit sign near the front door, ensuring visitors that the building is protected and that they are safe. 
• Replace the locks as soon as the building is purchased. You don’t know how many copies of those keys the former owner made and to whom he gave them. Install new locks as part of the new security system for added benefits. 
• Minimize liquid assets being kept within the store. If money is procured in a single day, take it to the bank immediately if possible. If this is not possible, it should be stored in a safe in which only a few people have access. If there was not a safe installed into the building when it was purchased, you should consider purchasing one now.
• Shred and burn all financial documents. As soon as financial data has been used, shred it. Then, at a scheduled time, burn all of the shredded paper. Leave no trace of your information in any form ever.

Computers and the Internet: Creating and Protecting an Internet Entity

Marketing for a small business benefits from e-mail and social media. Costs are reduced when computer technology is used to automate parts of the business. There are many benefits to owning an online business or at least bringing your traditional business to the virtual market. Here you can transform your business into a living, breathing internet entity. It will speak in tweets and likes, move money from one account to another before you can blink your eyes, and make your life a whole lot easier.
But if you fail to keep this child safe, then, like any parent, you’re going to be dealing with a sick child. And that’s always miserable.

So you need to ask yourself:How does the company protect important business information on its own systems and when shared on the internet? How is virtual data protected?

Luckily, there are many ways to protect your virtual assets just as you have protected your physical ones. Follow these directions,and you’ll be one step closer to securing your small business:

• Use 2-step verification for accessing company computers. This requires a traditional password be entered into the computer followed by a second mode of verification. Google’s 2-Step Verification gives you two options. You can receive a code through text or phone call to be entered into the system, or you can use a security key that plugs into the USB port of the computer.
• Join InfraGard. InfraGard is a partnership between private institutions and the FBI.Institutions that participate are given opportunities to attend regular meetings in which local FBI agents address cyber-threats and mitigation techniques. This allows small businesses to stay up-to-date with modern cybersecurity techniques and become familiar with local agents who are valuable assets in securing your small business and its assets, both physical and virtual.
• Secure your network from intrusion. Encrypt your wireless data using a WPA2+AES encryption standard. Become knowledgeable about what different standards are available to you by reading from the experts at HowtoGeek.
• Use a virtual private network to encrypt your data after it leaves your wireless networkand enters the unsecure networks of the world wide web. A virtual private network is essentially a tunnel into the internet in which your small business can roam invisibly to hackers and other cyberthreats. By linking to a third party server, none of your private information is ever revealed.

There are many ways to protect your small business in addition to those listed here. Accessing the FCC’s “Ten Cybersecurity Tips for Small Businesses” is a worthwhile place to consider analyzing further options, but if you take into consideration both your storefront and internet presence, then you are in a good position. Follow these tips, and you will be safe. But always remember: stay up-to-date and be smart.

This is a guestpost

How to Use QuickBooks to Track Real Estate Properties

Accurate record keeping helps you to see how well your company is doing, but also is a way to bring in more investors or get loans from banks. How do you track real estate in QuickBooks? Specifically, how do you track properties that are being leased out to tenants?

Using classes to track expenses and income for properties is a great way to manage your business. Here is how you could setup your classes.

Tracking invoices, bills, even line items using classes will help generate specific reports that can help an investor. Classes allow a user to see P/L (Premier can show balance sheet for classes) for each class, this can be invaluable for the investor who would like to see which property is profitable and which isn’t. This is a great way to track property if you are a property manager or you manage property for others. Follow this template to see how to setup your class list:

Name of Owner of Property:

Address of Property:

Unit 1 (2nd floor etc...)

Unit 2

OR

Address of Property:

Unit 1

Unit 2

Setting up your customer list also allows you to pull additional reports and helps during tax time. If you rent properties out, you can structure your customer list like this:

Name Of Tenant:

Address of Property

OR

Name of Owner:

Address Of Property:

Name of Tenant and Unit/Floor #

Vacant and Unit/Floor #

Address of Property:

Name of Tenant

Vacant (this tracks what is spent to maintain house when vacant)

It all depends on your personal preference. Please consult with your accountant to determine what tax information you need to record and track. Using Jobs and Classes are sure fire ways to improve accounting and managing of your company’s finances.

Using YNAB for Small Business Finances

I've used YNAB for a while now, and as you can see from my blog, I like the program. My wife and I are not perfect and sometimes we hit financial setbacks that are beyond our control; however, each time we do we stick with our budget. What we see is that we always have enough to pay for bills and get food. YNAB does work, and it works well for personal finances. 

However, what about small businesses? Does YNAB work for a business owner? 

The answer is... It depends.

It depends on your business. YNAB does extremely well for cash flow budgeting and cash based businesses. If you use a cash based accounting system (you get paid when a product/service is rendered and you pay bills when you receive them) then YNAB is great for you. If you need to have an accrual system, YNAB may not be the best choice.

I have a small company that I run part-time, I sell items online and also do some consulting work. I have QuickBooks Pro (since I am a QuickBooks consultant), but I find myself using YNAB more often. Even though I use both systems, there isn't a lot of work since both programs are able to import and categorize transactions. 

I use YNAB to help me keep my cash flow steady and also keep my spending under control. It has the same effect on my company's finances like it does on my personal finances. There are some things that QuickBooks does that YNAB doesn't, like track and manage taxes. Also, YNAB doesn't track inventory. Lastly, the reporting features are lacking when it comes to business reporting, and it cannot do a balance sheet yet.

However, Jesse (the creator of YNAB) is working on improving YNAB for small business owners, so I believe these features will be available eventually. 

If you want more information follow these links:

YNAB for Small Business

Different businesses who use YNAB

Video about YNAB for small business