A Real-World Reminder: Service Closures Happen
The sudden closure of a trusted business platform can be an eye-opener. Recently, Bench, a platform widely used by small businesses, announced its service discontinuation. This abrupt change underscores why businesses must prioritize backups and internal controls to protect their operations.
The Role of Backups and Internal Controls in Business Continuity
Backing up your data isn’t just a “good-to-have” practice—it’s a necessity. When platforms shut down or experience technical issues, businesses without backups face operational disruptions, financial loss, and reputational damage. Here are three best practices to follow:
Schedule Regular Backups: Automate backups weekly or monthly, depending on your business needs.
Diversify Storage Locations: Keep backups in multiple locations, such as cloud storage and external drives.
Test Your Restorations: Periodically check your backups to ensure data integrity.
Why Internal Controls Are a Game-Changer
Internal controls go hand-in-hand with backups. They provide a framework for managing and monitoring business operations. Here’s why internal controls are indispensable:
1. Risk Mitigation
Internal controls help identify potential risks, from financial fraud to operational inefficiencies. By creating accountability and transparency, they safeguard your business against unexpected disruptions.
2. Operational Continuity
A strong system of internal controls ensures your business can adapt quickly when external services are no longer available. This includes having clearly documented processes and alternative solutions.
3. Compliance Assurance
Regulations often require businesses to maintain certain standards in data handling and financial reporting. Internal controls help you stay compliant, avoiding costly penalties.
How to Get Started
Assess Your Current Systems: Review your backup processes and internal controls for gaps.
Invest in the Right Tools: Use fintech solutions designed to streamline backups and automate internal controls.
Engage Experts: If you’re unsure how to strengthen your business processes, consult professionals who specialize in financial and operational management.
Protect Your Business Today
In an era where technological disruptions are increasingly common, businesses must take proactive steps to ensure continuity. Backups and internal controls are not optional—they are essential. At CFO & Associates, we help businesses implement robust systems to navigate these challenges confidently.
Ready to safeguard your business? Contact us to discuss how we can help you establish a resilient foundation.
Phone: (470)945-1168
email: support@bestcfoa.com
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