Professional Document Sharing with SmartVault

Posted on
January 17, 2019
in
Apps
Posted by
Ronald B. Allen


In the never-ending search for profits, businesses streamline their operations. In the internet age we live in, one of the best ways to make workflow more efficient is online storage and sharing of information. This allows employees to work together even when they are physically far apart. Many people are familiar with file sharing applications like Dropbox, OneDrive or Google Drive. While these applications may be useful for personal use, they do not provide the professional grade cloud-based document sharing features of an application like Smart Vault. If your business or accounting practice is going to store and share sensitive information in the cloud, go with the professional solution, SmartVault.

SmartVault
Built for Professionals

SmartVault is an online document storage and sharing platform used by more than twenty thousand professional in business and in accounting practices. SmartVault facilitates document sharing as well as storage. The system is so fast that it will seem like you are simply working with files on your own computer even though you are pulling information off the cloud, sharing with a colleague half a world away, move lots and lots of data.

Efficient Paperless Solution

Using this app you can centralize your data and streamline workflow throughout the organization. This is a "paperless” document solution. Because all of your information is accessible via the internet, it can be accessed and worked on from anywhere on the planet. The system sets up a branded portal for which employees, and clients have unique logins giving them access only to the information you want them to see or work with. This degree of efficiency is, by itself, a good reason to use SmartVault but there is more.

Best in Its Class Security

This application has “best in its class” security. Files are encrypted when stored and also when transferred or shared. Sharing, backing up and routing files all occurs with data encryption to protect your information. This is yet another reason to pick SmartVault over any of the usual apps that folks use to share pictures of their kittens or photos of their vacation!

Integrates with Your Accounting Software

When you use the best small business bookkeeping software, QuickBooks, you can integrate it with Smart Vault. The same is true for Hubdoc, DocuSign, and Xero. When you use a smart approach to business like Profit First, you will more efficiently find the ways in which to reduce expenses and manage cash flow. You will also budget more efficiently.

But, there are even more reasons to get professional grade cloud-based document sharing with SmartVault.

SmartVault Is Designed to Support Your Compliance Requirements

One of the stark realities of the modern business world is that companies need to follow strict rules for complying with numerous regulations. The price of not complying is often very heavy and the cost of complying with the wrong setup can be prohibitive. Luckily, SmartVault comes to the rescue with technical features and process controls that create a basis for you to successfully deal with compliance issues. Here are some specifics.

GLBA

If you do not recognize the letters, this stands for the Gramm, Leach, Bliley Act. This federal law requires the development, implementation, and maintenance of physical, technical, and administrative safeguards by financial institutions for protecting the confidentiality, integrity, and safety of customer information.

This is a law you need to pay attention to because the maximum fine to the business for non-compliance is $100,000 plus $10,000 each for officers and directors per violation! And, there can be revocation of licenses and criminal penalties for up to five years in prison!

Banks need to comply with this law but so do any “financial institutions” that are “significantly engaged” in providing financial services and products.

Under GLBA, a “financial institution” is defined any business, regardless of size, that is “significantly engaged” in providing financial products or services. These businesses can include tax preparers, auto dealers who extend credit, real estate appraisers, and mortgage brokers.

What SmartVault can do for GLBA compliance is provide “best in class” safeguards for customer information with security measures that are the standard of the industry. These include access controls, auditing, authentication, and encryption as well as employee training and management, information systems, and system oversight.

For more information about GLBA compliance, talk to the experts at Exigo Business Solutions.

FINRA

This is another federal law that deals with financial institutions. It has to do with setting up and maintaining safeguards for client confidentiality, security, integrity, and the ability to retrieve financial documents in a timely manner.

With this law, penalties can run into millions of dollars for financial organizations. While other companies will not be punished under this law, financial institutions often need to use third-party providers for services and an understanding of how this law works and a compliant-strong data sharing system may be used in getting business with these companies.

GDPR

The General Data Protection Regulation has to do with citizens of the European Union and gives the substantial protection in how their information is used. Fines can be very steep. If you are unsure whether this law applies to you or any of your foreign customers, ask us at Exigo Business Solutions. If you do need to comply with the law, a great asset is SmartVault.

SEC and IRS

SmartVault is an excellent choice for data storage and sharing for the securities industry and is a protected way for e-Filing with the IRS.

HIPAA

This is the Health Insurance Portability and Accountability Act. This federal law deals with health care organizations and requires them to have physical, technical, and administrative safeguards for the confidentiality, integrity, and security of patient information.

Entities who are affected under HIPAA include health care providers of any size as well as health plans, and health care clearing houses when they use electronic means to transmit or store any health information that has to do with the Department of Health and Human Services.

If you don’t know if this applies to you, contact us at Exigo Business Solutions. If this law applies to you, then look at SmartVault store and use it to move your data. SmartVault can provide the administrative, technical, and physical safeguards required by this law. And, SmartVault can train your employees as well.

Get Professional Grade Cloud-Based Document Sharing with SmartVault

If you want to take advantage of cloud-based solutions to make your business more efficient and more profitable, look for an application that was designed for business. If you have issues of compliance with federal regulations go with an application that meets the tests of quality, integrity, and performance. For more information about SmartVault, feel free to contact us at Exigo Business Solutions.

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