This article was kindly written and provided to us by Liberty Accounts
Do you ever worry about whether you are complying with data protection legislation? Here is how one supplier, Liberty Accounts, helps to ensure that you are.
Twenty-one years ago, when Liberty Accounts became one of the very first software providers to offer online accounting software, the Data Protection Act of 1998, designed to protect personal data stored on computers or in organised paper filing systems, was in place. Due to the explosion of online services for thousands of applications, online data protection has obviously become increasingly important and a new Data Protection Act 2018 was introduced and deals with the UK’s implementation of the General Data Protection Regulation (GDPR).
While the primary definitions haven’t changed, GDPR puts a much greater emphasis on accountability than its 1998 predecessor, requiring organisations to prove compliance. With the right tools software providers can facilitate this for those organisations wanting to demonstrate compliance.
While there are many and varied reasons treasurers are choosing to adopt online services, data security remains high on the list a primary reason shown below:
Reputable cloud accounting providers offer robust security measures, including encryption, regular backups, and compliance with data protection regulations, which may exceed the capabilities of many organisations.
Cloud accounting allows users to access financial data from anywhere with an internet connection, facilitating remote work and real-time collaboration among team members;
Software updates are automatic and seamless, ensuring users always have access to the latest features and security enhancements without manual intervention;
Multiple users can work on the same data simultaneously, engendering teamwork and ensuring everyone has access to the latest information.
Taking over the responsibilities from another treasurer isn’t always easy – especially where they have designed their own Excel spreadsheet! Being able to use a standard product and make use of free online courses, such as Liberty Accounts delivers, makes succession planning much easier.
Online software companies’ primary focus is your data security – after all data security is the cornerstone of these providers. But can they extend the scope of data protection to further aid your organisation to demonstrate compliance with GDPR?
Liberty Accounts offers optional security policies that clearly demonstrate a responsible approach to GDPR compliance. These policy options cover two main areas: user access; and anonymisation of key personal data (employees and donors).
Liberty Accounts allows users to configure two-factor authentication (2FA) on their accounts but more importantly, it allows organisations to implement a policy that requires all users to be 2FA authenticated before they can access the organisations’ data. This helps to mitigate against account compromise by ensuring that users who do not adhere to security best practices, such as using different and complex passwords for each service, have another layer of protection in place.
As a church/charity there may be some information that you do not want shared across all users. Liberty Accounts offers optional anonymisation of donor and employee name on related transactions.
All software providers may need, on occasion, to access your data to provide the enhanced level of service that you desire. Liberty Accounts offers an optional ‘access for support staff’ that can be selected (by default set to no) so that support queries can be dealt with by referencing your individual data queries. As an organisation Liberty Accounts own security policy is one where all staff are required to use 2FA.
Through Liberty Accounts ‘Security Event’ log the system administrator can see actions (login; logout; access granted; change in security policy; and others) taken on the account (filtered by user and/or date). This is in addition to the full audit trail on transactions showing, insert, update and deletion history.
For complete peace of mind that your level of data protection and GDPR compliance is being optimised, register for a free trial and see how Liberty Accounts, from a concessionary price of £12.95(+VAT)/month, helps ensure this.
