Backing up your business data is one of the most important things you can do to ensure that your company will thrive. Businesses rely on data and security to survive.
Today, data is the oil of our economy, and we should all be aware that if it’s not backed up, there could potentially be devastating consequences for your business.
Here are four key pieces of information you should backup to ensure maximum productivity: contract data, employee personal information, financial records (receipts), and other vital business data.
Contract Data and Business Documents
Contracts are an important part of your business life and can often be a source of conflict. It is always best to have them well documented if you ever need to take legal action against someone or any confusion over what was agreed upon between the two parties. By backing up your contracts, not only will you have a printed copy should anything happen but also it’ll keep everything neatly organized for when it comes time to look back on old agreements.
Contract data should be backed up twice a year and kept on hand for at least five years. It is also wise to keep a copy with your lawyer.
Business documents should also be backed up if your business ever changes hands or needs to close for some reason. These documents include anything related to the foundation of your company and its intellectual property, such as articles of incorporation, trade secrets, patents, and copyright registrations.
You should also back up all data that is used daily: emails (including attachments), contacts, calendars with notes attached, project plans/tasks lists, and any other work-related information you may have created while working from home. It’s safer not to store these types of things in places like Dropbox or iCloud because they are usually public by default.
Employee and Client Information
By law, employers are required to keep employee records that identify them by their full name and social security number to comply with the Fair Labor Standards Act (FLSA) of 1938, which protects employees from being underpaid or overworked Family Medical Leave Act (FMLA).
This information is used primarily when it comes time for tax season and can also come into play if there’s any dispute between employers and employees. To ensure you’re complying with these laws, back up this data every six months -or annually- so should something happen, your company will have all necessary documents available.
With client information backed up, you never have to worry about losing important details such as contact info, purchase history, contract agreements, or any other pertinent data that could come in handy down the road when building on relationships with clients.
Clients are important to a business, and it’s easy for them to be lost or forgotten when they’re not backed up.
Financial Records
No one wants to think about it, but if we’re not careful, our hard work can disappear with the click of a mouse. By backing up financial records, you’ll be able to keep tabs on how much money is coming in and going out for your business, as well as get an idea of where all those pesky fees are hiding at.
Financial records are essential for any business, and saving this information can help avoid miscommunication while also giving you an idea of where your money is going. Backups can come in many forms – online servers or third parties. If you deal business locally somewhere like Brisbane, having a small business accountant in Brisbane to maintain or keep copes of your financial records can be a lifesaver. Not only would an accountant need that information to assist you with your finances, but they also serve as a personal service you can call to get a copy in case of data loss.
Website Content
Having website content saved is important for many reasons. Still, one of the most common is that you’ll never have to worry about your site going down and being unavailable for business. Instead, if anything were ever to happen, you can just restore it from a previous backup. Your clients will always be able to reach out through a contact form on your page and make orders because this information has been saved in case something goes wrong with your current hosting service provider.
