Get BAS-Ready While Keeping Financial Data Secure

27 Feb 2025

Every quarter, bookkeepers work diligently to prepare Business Activity Statements (BAS), ensuring compliance with financial regulations and keeping businesses on track. However, while managing tight deadlines and financial accuracy, it’s equally important to focus on securing sensitive financial data against cyber threats.

Cybercriminals are always looking for vulnerabilities, and the increase in financial transactions during BAS preparation makes businesses a prime target. Here’s how bookkeepers can streamline their BAS process while safeguarding financial data from potential security risks.

Why BAS Preparation Puts Financial Data at Risk

1.    Frequent Data Exchanges
BAS preparation involves sharing sensitive financial information within an organization and with external parties such as accountants and tax professionals. These frequent exchanges create multiple access points for cybercriminals to exploit.

2.    Time-Sensitive Deadlines Lead to Errors
Under pressure to meet BAS submission deadlines, employees may overlook red flags in emails or invoices, making them more susceptible to phishing scams and fraudulent requests.

3.    High Volume of Financial Transactions
Businesses process numerous transactions each quarter, making it easier for fraudulent invoices or unauthorized payment requests to blend in with legitimate financial activities.

Common Cyber Threats to Watch Out For

Phishing Emails: Cybercriminals send fake emails pretending to be financial institutions, tax offices, or suppliers, tricking employees into revealing sensitive data.
Fake Payment Requests: Fraudsters impersonate vendors and send fraudulent invoices to manipulate businesses into sending unauthorized payments.
Compromised Email Accounts: Attackers hack into legitimate email accounts and use them to send fraudulent financial requests.
Ransomware Attacks: Malicious software encrypts financial records, holding them hostage until a ransom is paid.

How to Protect Financial Data While Preparing BAS

1. Educate Your Team on Cybersecurity Risks

Training employees to recognise cyber threats is one of the best defences against fraud. Ensure your team knows how to:

Identify suspicious emails and verify senders before clicking on links or opening attachments.
Avoid responding to urgent or unexpected financial requests without verification.
Report potential cybersecurity threats immediately.

2. Secure Financial Communications

Protecting financial data starts with secure communication practices. Bookkeepers and finance teams should:

Use encrypted file-sharing tools instead of email attachments to exchange financial records.
Restrict access to sensitive financial data to authorized personnel only.
Regularly review user access permissions and remove inactive accounts.

3. Implement Multifactor Authentication (MFA)

MFA adds an extra layer of security, requiring users to verify their identity beyond just a password. Enable MFA for:

Accounting software and financial management platforms.
Email accounts that handle financial transactions.
Any third-party financial applications with access to company data.

4. Conduct Regular Cybersecurity Audits

A proactive approach to cybersecurity can prevent potential breaches. Work with IT professionals to:

Identify vulnerabilities in your financial systems before they are exploited.
Ensure all software, including accounting platforms, is updated and patched regularly.
Verify that data backups are functional and securely stored offsite.

5. Double-Check All Financial Transactions

Cybercriminals rely on urgency and deception to manipulate employees into making unauthorized payments. Reduce risks by:

Implementing a two-step verification process for all high-value transactions.
Confirming payment requests directly with vendors through a separate communication channel.
Reviewing financial reports regularly to identify inconsistencies.

Stay Secure While Managing BAS Responsibilities

Preparing and lodging BAS each quarter is a crucial task, but it shouldn’t come at the expense of cybersecurity. By reinforcing security measures, educating employees, and verifying financial transactions, bookkeepers can safeguard sensitive data while ensuring compliance.

Click here to schedule your FREE Network Assessment today!

08 8922 0000