3 Best Password Managers for CPAs and Accounting Firms

CPAs are responsible for a large and ever-changing array of credentials, client information, and application access. 

The complexity of managing this data securely is multiplied by the need to securely share data among coworkers, and for each employee to be able to access it remotely (in the case of remote firms). 

CPAs are looking to password managers to secure shared data and login credentials, and speed up workflow and login access. 

We'll start by investigating which features are particularly poignant to a CPA's daily workflow. Then, we'll look at 3 of the top password managers a CPA should try out. 

What do CPAs need from a password manager? 

1. Zero-knowledge end-to-end encryption. 
2. Custom record groups to organization credential sharing. 
3. Available on multiple devices and operating systems.
4. Handle employee turnover with speedy onboarding and off-boarding
5. Two-factor authentication and activity logs
6. Easy to use and implement
7. Budget friendly

Zero-knowledge end-to-end encryption

CPAs are responsible for large quantities of sensitive client data. The last thing you can afford is for that data to be leaked or stolen by cybercriminals.

End-to-end encryption eliminates the risk of data being stolen while syncing to the vault, such as in a Man-in-the-middle Attack. Zero-knowledge means that even if the password manager itself is compromised, the threat actor won't have a backdoor into your vault.

It's worth noting that zero-knowledge password managers cannot view encrypted data in your password vault. They also cannot "unlock" your vault for you, which means you must memorize your personal password that unlocks your vault.

Custom record groups to organization credential sharing

A good password manager makes credentials and client data easy to find and easy to share with the right people. 

There may be groups of credentials that only admins should be able to access. When inviting a team member to your password manager, you'll want your records organized in such a way that it's straightforward to assign access. 

Additionally, you may benefit from the ability to share a record with someone outside your organization - securely. For example, TeamPassword's One-time Secret let's you share a link to a record with anyone. The link is automatically destroyed after 24 hours. 

Available on multiple devices and browsers

This one is self-explanatory. You may need to access records from mobile devices at times, and you don't want to be tied to one browser or operating system.

Your password manager should have apps for iOS and Android, and be compatible with major browsers on Windows and MacOS.

Additionally, most password managers have extensions that make it much faster to find the record you need, without leaving the browser tab you're on. 

Speedy onboarding and off-boarding

You don't want a new employee spending half a day getting access to the programs and info they need. Onboarding an employee should be as simple as inviting them to your organization, and selecting the groups of credentials they have access to.

Unfortunately, there also comes a time when an employee needs to be removed from your system. In this case, you'll want to delete the team member from the password vault with a single click. 

Two-factor authentication and activity logs

Your password manager should have multi-factor authentication available as an option - preferably with an option to enforce it. Additionally, a built-in TOTP authenticator can be an enormous boon. Once set up for a login, all users with access to that username/password can also get the TOTP code they need right from within the record!

Activity logs are crucial to monitor how records are being used and by whom. You can see when a record was accessed or edited, as well as information such as the last time a user logged into the password manager itself. 

Easy to implement and use

Password managers should enhance your workflow and improve efficiency, in addition to improving your security posture. If the password manager is too obtuse or complex, your team won't use it - they'll resort to saving passwords in their browser, on sticky notes, in emails, and other unsafe and unmonitored places.

Browser extensions and apps, mentioned above, make password managers easy to use and always accessible, so your team never has an excuse to save passwords elsewhere. 

Budget friendly

Last but not least, the password manager can't break the bank. While an important tool, its function within your organization is straightforward: make organizing, sharing, and accessing passwords secure and efficient.

Some password managers are loaded with features that most CPAs just won't use. It doesn't make sense to pay a steep cost for a feature-loaded password manager when you only need the basics. 

3 Best Password Managers for CPAs and Accounting Firms

Let's look at the 3 best password managers for accountants given the criteria outlined above. 

TeamPassword

TeamPassword offers a secure, efficient password management solution tailored to the needs of CPAs. Its intuitive interface ensures that professionals across all technical levels can easily store and access passwords, eliminating the need for specialized IT resources.

Features such as the integrated TOTP authenticator bring exceptional convenience to teams sharing passwords. 

What TeamPassword Excels at:

1. Simple, easy-to-use design: TeamPassword continues to prioritize quick onboarding and minimal technical skill needed to use their password manager. 

• The onboarding process is quick and hassle-free, making it easy for firms of all sizes to integrate TeamPassword into their workflows.

2. Exceptional support: TeamPassword is known for its fast response times via live chat and friendly customer support. 

3. Competitive pricing: TeamPassword has the best business pricing, with plans starting at $2.41/user/month. 

Potential Drawbacks:

1. Minimal features: In order to maintain it's low price point and simple design, TeamPassword lacks the plethora of features offered by some competitors. 

2. Less frequent updates: As a smaller company, TeamPassword offers less frequent feature updates than competitors. 

1Password

1Password has solidified its position as a premium password management solution, favored by businesses, professionals like CPAs, and individuals who prioritize a polished user experience alongside robust security. It is designed to be more than just a vault for passwords, acting as a comprehensive tool for managing one's entire digital identity, from logins and financial data to secure documents.

What 1Password Excels At and Is Known For:

1. A Premium and Polished User Experience: Where some password managers focus purely on function, 1Password invests heavily in form. Its applications across all platforms (desktop, mobile, and browser extensions) are known for their sleek, intuitive, and cohesive design.

• Ease of Use: Features like simple PIN or biometric login on trusted devices allow for quick, secure access without constantly re-typing a long master password. This focus on a low-friction experience encourages consistent use.

• Thoughtful Organization: Users can easily organize confidential data using tags, favorites, and multiple vaults for different contexts (e.g., personal, work, specific client projects). This makes it simple for a professional, such as a CPA, to keep sensitive client data completely separate and secure.

2. Comprehensive Security Beyond the Basics: 1Password's security model is multi-layered and proactive, aiming to protect users from more than just unauthorized vault access.

• Secret Key: Upon setup, every user receives a unique 34-character Secret Key. This key is stored locally on your devices and works alongside your master password to encrypt your data. It provides a powerful second layer of defense; even if your master password were stolen, an attacker would still need your Secret Key to access your vault.

• Watchtower: This is a standout proactive feature. Watchtower acts as a central security dashboard, automatically scanning your saved credentials for weaknesses. It alerts you to reused passwords, weak passwords, and logins that have been exposed in known data breaches (by integrating with services like Have I Been Pwned). It will also identify sites where you can enable two-factor authentication, actively encouraging you to strengthen your overall security posture.

Potential Drawbacks and Considerations:

While 1Password is a top-tier solution, its premium nature comes with certain considerations that may influence a purchasing decision.

1. Premium Pricing: 1Password is positioned at the higher end of the market. Unlike some competitors, it does not offer a free-for-life tier. The pricing, starting at $7.99 per user per month for business plans, can be a significant investment, especially for larger teams or firms with tight budgets. The cost reflects its polished design, extensive feature set, and robust security, but it is a key factor for those comparing it to more budget-friendly options.

2. Potential Learning Curve and Complexity: The sheer number of features and customization options, while a strength for power users, can present a steeper learning curve for those new to password managers or who are less tech-savvy.

• Initial Setup: While straightforward, getting the most out of 1Password by organizing vaults, setting up advanced features, and customizing it for specific workflows may require some initial adjustment and time.

• Admin Controls: For business users, IT teams may need to be involved in the initial configuration to set up policies and manage user permissions effectively, which could be a hurdle for organizations without dedicated IT support.

3. Standard Support Model: While 1Password's support is reliable, it follows a more standard tech-industry model which may not suit users who require immediate, live assistance.

• Primary Channels: Support is primarily handled through an email-based contact form. The company also maintains an extensive community forum and a detailed knowledgebase where users can often find answers to their questions.

• No Live Chat/Phone: There is no option for live chat or immediate phone support for standard plans, which can be a drawback for users who need urgent help with a critical issue.

Bitwarden

Bitwarden has carved out a significant space in the crowded password manager market by building a reputation for trustworthiness, security, and exceptional value. It is particularly well-regarded within the tech-savvy and security-conscious communities, but its straightforward approach also makes it a strong contender for businesses and individuals alike, especially those operating on a constrained budget.

What Bitwarden Excels At and Is Known For:

1. Open-Source Transparency and Trust: This is Bitwarden's most significant differentiator. Its source code is open-source, meaning it is publicly available for anyone in the world to view, scrutinize, and audit. This transparency builds a high level of trust.

2. Good value

Affordable Premium and Business Tiers: For business use, the paid plans are among the most affordable available. The Teams plan, at $4 per user per month, provides essential features like shared vaults and user management. The Enterprise plan, starting at $6 per user per month, adds advanced capabilities like single sign-on (SSO) integration, SCIM provisioning, and detailed audit logs, offering enterprise-grade features at a fraction of the cost of many rivals.

3. Robust Security and Encryption: At its core, Bitwarden is built on a foundation of strong, zero-knowledge security.

• End-to-End AES-256 Encryption: All data in your vault is encrypted on your device before it is sent to Bitwarden's servers. This means only you can decrypt and access your information. Not even the Bitwarden team can see your passwords.

• Self-Hosting Option: For organizations with strict data control policies or those who want ultimate sovereignty over their data, Bitwarden offers the ability to self-host the password management server on their own infrastructure. This is a powerful feature not commonly offered by mainstream competitors.

• Cross-Platform Reliability: Bitwarden provides reliable and consistent applications across a vast array of platforms, including Windows, macOS, Linux, all major web browsers, and mobile apps for iOS and Android.

Potential Drawbacks and Considerations:

While Bitwarden is a powerful and reliable tool, its model comes with certain trade-offs that may be important depending on your team's needs.

1. Less Comprehensive, Hands-On Support: To maintain its low price point, Bitwarden's support structure is more self-serve oriented compared to premium-priced competitors.

• Primary Support Channels: Direct support is primarily available through email. While response times are generally considered reasonable, there is no live chat or dedicated phone support for immediate, real-time assistance.

• Reliance on Community and Documentation: Users are heavily encouraged to use the extensive online help articles and community forums to find answers and troubleshoot issues. While these resources are thorough, they require a willingness from the user to self-serve rather than having a support agent walk them through a solution. This may be a drawback for less tech-savvy teams or organizations that require on-demand, white-glove support.

2. The User Interface is Functional, Not Flashy: While the user interface (UI) is clean and highly functional, it is often described as more utilitarian and less polished than the sleek, modern designs of competitors like 1Password or Dashlane.

3. Fewer "Quality of Life" Bells and Whistles: While Bitwarden excels at the core functions of password management, some premium competitors offer more advanced "quality of life" features. For example, some tools have more sophisticated automatic password changers or more integrated identity protection services. Bitwarden focuses on doing the essentials perfectly rather than offering a wide array of auxiliary features.

TeamPassword is the best password manager for CPAs

TeamPassword is the ideal blend of affordability, security, and team-focused features. 

Ready to test it for yourself? Sign up for a 14-day free trial - no commitment required - to see how TeamPassword can transform your password management experience.