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Paper or Electronic? Tips for Financial Record-Keeping

November 8, 2012

How do you like to receive your financial information? You can choose the old-­‐fashioned way with statements, confirmations and any other news about your accounts and allow them to arrive in the mail box. Or would you prefer to save a tree, and ask that mail about your accounts be suppressed with everything coming to you in the form of an email that directs you to a secure electronic portal where your information resides? I am not the most computer literate person in the world, but my preference is to eliminate mail and paper, and go paperless for this information.

A top concern of many is Internet security. Clients want to know how safe their information is in cyberspace. I’m not sure that anyone can answer that for sure, but understand that between government standards and the financial services firm integrity on the line, most major financial firms take Internet security very seriously.

Another issue for many is the difficult task of remembering too many passwords. This is especially true for the do-­‐it-­‐yourselfer with accounts all over the place. In this day of regularly changing passwords, this task is only getting more difficult. To alleviate this pain, consider storing all of your passwords in a protected place not accessible to anyone but you.

Frequently not considered is the possible danger of receiving paper information through the mail. The U.S. Mail in particular is quite secure and reliable, but once the information gets to your mail box, it is under your control and the vulnerability of the information contained in the envelope increases. While not prevalent, there are thieves out there whose primary targets are mailboxes. Their mission is to intercept as much confidential information about you as possible to either steal your identity or use your credit cards.

If you migrate to, or already are an electronic financial user, make sure that your Internet connection is secure and that your anti-virus protection is strong and current.

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The certified public accountants (CPA) and advisors at Sadd Velazquez Higashi Shammaa are ready to assist you with all of your accounting and consulting needs. Contact us today and we will connect you with the professional you need.

Sadd Velazquez Higashi Shammaa, LLP
330 North Brand Blvd., Suite 200
Glendale, CA 91203

Phone: (818) 547-5701
Fax: (818) 547-5708
Email: info@svhscpas.com