Business finances | Protect your finances
Your income is important to you, so naturally you want to protect it. Having a risk management strategy to help protect your finances can help. Some of the protection strategies to consider include:
- Take out insurance
Business interruption and income protection insurance can be extremely valuable under difficult circumstances. As a business owner, consider how dependent your business is on you and what would happen in the event you could not work. See our Insurance topic for more information on the different types of insurance available.
- Secure your data
Proper data security procedures are important to ensure you are protected against hackers and other malicious data attacks. If you use the internet for online banking or other business functions, it’s important to have up-to-date virus protection, secure networks and firewalls, as well as secure password protection procedures. If you’re unsure how to do this on your own, talk to your internet service provider. See our Online business topic for more information on securing your business.
- Secure against fraud
Some of the actions you can take to protect your business against fraud include:
- develop an emergency management & recovery plan
- secure your cheque book
- separate your financial responsibilities
- regularly monitor your financial activities
- educate yourself and your employees on fraud awareness.
- Beware of scams
The list of financial scams is endless, so the best way to protect your business is to stay informed and if something sounds too good to be true, do some research before you hand over any money. For a list of common small business scams and tips on protecting your business, see our Small business scams page.
- Use registered professionals
As a general rule, any business providing you with a financial product (such as a loans, superannuation, insurance or investments) or financial advice about a financial product (such as a brokerage service, accountant or financial advisor) should be licensed.
You can check the Professional registers on Australian Securities and Investments Commission (ASIC) Connect website. MoneySmart also has a useful page on Companies you should not deal with when seeking investment or loan advice.
- Protect your deposits
If you deposit your cash in the bank it’s a good idea to check that it’s protected. See the Government guarantee on deposits page on the MoneySmart website for details.
What to do…
- Visit our Insurance topic for details on the types of insurance available to businesses.
- Speak to your insurance provider to discuss your insurance coverage.
- Download our Emergency management & recovery plan to help secure your business.
- Visit the SCAMwatch website for a comprehensive list of current scams and to learn how to protect yourself .
- Visit the MoneySmart page on Companies you should not deal with .
- Check the Professional registers for registered companies on the ASIC website.
- Visit the Government Protected Deposit page on the MoneySmart website.
- Seek advice from a business advisor, accountant or solicitor.
- More information on risk management can be found on our Risk management page.
- Visit our Small business scams page for a list of common small business scams and tips on protecting your business.
- See our Online business topic for more information on securing your business.
- Visit the Stay smart online website for detailed advice and tips on how to protect your business.