Keeping Financial Information Safe

Keeping your financial information safe may feel like a full time job! It is ANOTHER thing to worry about. It is hard to know what to make a priority. Is this really that big of a deal? Your situation and circumstances will determine what is the most important and how you will go about it.

Important Numbers – Keeping Financial Information Safe

Everyone should have this file. It is your one stop for ALL of your information. As you can guess, this includes your bank account numbers. However, it would also include important ID numbers and license numbers. This may include account numbers for debt, such as your mortgage. This may even include emergency contact numbers or contact numbers you need to be able to find easily.

If you are a small business owner, this file may be larger and it surely is more important. Having a document that includes all of the above numbers, but it should probably have even more. Hopefully you aren’t in a grave accident, but if you were, how would your company keep running? Would your successor have the information and access they need? Think of all of the information you have memorized that helps you to run your business each day. Make sure this file provides the information needed in an emergency. Someone you trust implicitly (think dad or adviser of 10+ years, not necessarily an employee) should know how to obtain this in an emergency situation.

This document needs to be password protected. If your computer was hacked or stolen you would not want this easily obtained.

Policies & Files – Keeping Financial Information Safe

Always keep a physical print out of all of your insurance policies. These should be kept in a fireproof safe. Most people keep digital records these days, but do not forget that nothing trumps a physical original.

Your taxes should be kept for a minimum of 10 years and for the LIFE of a small business owner. Things like pay stubs, electric bills and invoices do not need to be kept indefinitely. Consult your accountant for their advice on how long to keep hard copies of all of the document relating to your business.

Backing It All Up – Keeping Financial Information Safe

Now when it comes to all of that important digital information…BACK IT UP! Pencil it in on your calendar to back up everything at least one time per month. Close your eyes and think for a minute how screwed you would be if everything on your computer was suddenly gone. There are many services for this, or just a plain and simple thumb drive will do. The important thing is that YOU DO IT.