Let's See What's In Your Wallet?

  If you have ever lost your wallet or had it stolen, you know those moments of panic and the time consuming days or weeks it takes afterwards to replace and reconstruct everything in it. To make matters worse, you probably don't remember everything that was tucked away in there. Even if you are highly organized, digging up bank, credit card and other statements delays notifying entities of the theft or loss. Here are a few ways to make the process less painful:

*One of the quickest and easiest things to do is regularly make a copy (front and back) of everything in your wallet, date it, and put it in a safe place. (Don't forget those loyalty cards!) Make sure you shred old copies when replacing them with new ones.

*You can also create a personal data log. There are plenty of free ones to download from the internet. If you keep it on a computer, make sure the file is password protected. Don't keep it on a USB or other portable drive in your purse or wallet!

*American Express, LifeLock and other companies generally include lost wallet protection with their services. However; you must diligently login every time something is added or removed from your wallet to keep your information up to date. I have read a few cases where some companies will not accept notifications from third parties to cancel or replace lost or stolen cards.

No matter how you keep track of the contents of your wallet, be sure to make a list of other important phone numbers you may need to contact quickly like the Social Security Administration, all three credit bureaus, your state's DMV, Medicare, and any other agencies that need to be notified.

We recently detected fraudulent activity on a client's credit card account so if an incident happens, we can help detect it. To protect your business, on an ongoing basis, make sure that you:

• Use a reputable firm to do periodic penetration testing of your network to ensure that no unauthorized user can gain access - and fix the problem immediately if someone can.
• Set up automatic alerts for unusual activity on your networks, so that any such activity results in an email or text message to someone empowered and able to fix any such problem.
• Designate a compliance officer who constantly checks that your employees adhere to your security policies and procedures.
• Install all security updates for software and operating systems in a timely fashion on all devices, even those brought in by your employees.
• Scrutinize your vendors as you do your own employees: vet them and require them to engage in the same testing as you.

Using an independent bookkeeper like Off-Site Business Services helps business owners monitor expenses and purchasing activity. Call us at Off-Site Business Services to see how we help protect your business. 

                               Kim

The Biggest Challenge Facing Your Small Business is ...

Starting a business is a big achievement for many entrepreneurs, but maintaining one is the larger challenge. There are many standard challenges that face every business whether they are large or small. These include things like hiring the right people, building a brand and so on. However, there are some that are unique to small businesses - ones most large companies have grown out of long ago. Over the next five issues, we will be identifying five of the Biggest Challenges Facing Your Small Business (from contributor Andrew Beattie in Investopedia).

This Week:  Client Dependence

If a single client makes up more than half of your income, you are more of an sub-contractor than a business owner. Diversifying the client base is vital to growing a business, but it can be difficult - especially when the client in question pays well and on time. For many small businesses, having a client willing to pay on time for a product or service is a godsend.

Unfortunately, this can result in a longer term handicap because, even if you have employees and so on, you may be still acting as a sub-contractor for a larger business. This arrangement allows the client to avoid the risks of adding payroll in an area where the work may dry up at any time. All of that risk is transferred from the company to you and your employees. This can work out fine provided that your main clients have a consistent need for your product or service.

However, it is generally better for a business to have a diversified client base to pick up the slack when any single client quits paying.

Next issue: Money Management