Part 1: Three ways to protect your accounting records
Your accounting records are the most important documents your business has. You have to keep your accounting records on site in case SARS drops by unexpectedly... which it's entitled to do in terms of the Tax Administration Act. But keeping all this information in your office is risky. Because people can access your records without authorisation and manipulate your records.
You're in luck.Here are three ways to protect your accounting records from unauthorised access and manipulation.
In the coming weeks, we'll cover the other two risk areas your accounting records face and give you tips on how to protect your accounting records from risk. Let's take a look...
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Accounting record risk 1: Unauthorised access and manipulation
Unauthorised people can access your financial records. This includes employees, other third parties in competition with you or even hackers.
If these people access your records they can use this against your company.
Now that we know what this risk is, let's take a look at how to protect your accounting records from this risk.
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How to protect your accounting records from this risk
There are three ways the Practical Accountancy Loose Leaf
recommends you can protect your accounting records from unauthorised access or manipulation. These are:
1. Lock your accounting records in a secure room and make sure only management and senior accounting personnel can access it.
2. Save all electronic files and information on a local server secure server room that. And make sure your servers are password protected. Only give management and accounting personnel these passwords.
3. Install an alarm system on your premises.
Now you know the first risk your accounting records face and how to protect them. Keep an eye out for the upcoming Tax bulletins where we'll reveal the other two high-risk areas and how you can protect your accounting records.