Is Expense Tracking Software Safe?


Information security is paramount – especially when it comes to your company’s financial information. The impacts of a data breach can be devastating and long-reaching. But beyond the financial implications, failure to ensure the security of your information can affect client relationships, public perception, and the accuracy and completeness of your company’s records. A financial data breach is serious, but so is any data loss – financial or otherwise. When choosing an expense tracking software, you need to make sure it’s safe at all levels. Here’s what to look for.

5 Steps to Ensuring Your Expense Tracking Software is Safe

1. Review the company’s privacy policy. Read through the company’s privacy policy to make sure your data is not sold or shared with others. If you have contracts with clients that require a certain level of security or privacy, run the privacy policy by your legal team to make sure it meets the minimum threshold to maintain compliance with your legal obligations.

2. Ask about application security. Don’t assume that because a company is in the financial application business that its security is automatically top-notch. Check to make sure they use firewalls and appropriate encryption to guarantee the safety of your information; 256-bit encryption is considered the standard for financial information.

3. Review back-up frequency. Make sure your expense tracking software company’s back-up frequency is compatible with your needs. In the event of failure, you’ll be responsible for recreating all the information lost since the last back-up. Is a weekly back-up sufficient for you? Or do you have multiple people inputting information from various off-site locations each day, so backing up data multiple times a day makes more sense?

4. Don’t forget about physical security. Your data may live in the cloud for you, but it lives in a physical location somewhere. To avoid data loss from a physical emergency or security breach, investigate the security measures implemented at the company’s physical location. Ensure they have adequate measures in place for fire suppression, climate control, power back-up, and controlled physical access.

5. Establish requirements for employee use on personal devices. Your expense tracking software may have strong safety measures in place, but you have a responsibility to ensure it’s safe on your end, too. If employees will be using their personal laptops or cell phones to remotely log expenses, establish usage requirements to ensure that the security on their personal device is sufficient. Some conditions may include:

  • Password- or fingerprint-protected device access
  • The use of anti-virus software
  • The use of a VPN when using public wi-fi

Secure Online Expense Tracking Software from MindSalt

At MindSalt, your security is our top priority. We take the protection of your data seriously by employing cutting-edge security measures to protect your company’s vital information and give you peace of mind. Strong access controls, secure encryption, physical security measures, and four-hour backups are just the tip of the iceberg – all combined with a user-friendly expense tracking platform accessible to your employees from anywhere. Sign up for a free 30-day trial today!