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.

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

With strong encryption, TeamPassword safeguards sensitive client and firm data, ensuring that former employees or contractors can no longer access critical accounts—an essential feature for accounting firms managing sensitive financial information.

Its flexible group collaboration allows administrators to set up customized teams, sharing passwords securely with the right members. This supports a seamless, firm-wide management system.

Additionally, TeamPassword provides responsive customer support and budget-friendly pricing, with plans starting at $2.40/user/month. 

1Password

1Password is a versatile password management solution ideal for CPAs who need reliable, quick access to confidential client data. Features like PIN and biometric login streamline access without compromising security, while the Watchtower feature proactively alerts users to weak or compromised passwords, adding an extra layer of data protection.

Though the interface may require some initial adjustment, IT teams can assist CPAs in customizing 1Password to their specific needs. Credential sharing is straightforward, allowing secure collaboration even with colleagues not using 1Password.

Support is available through a contact form and community forum, with pricing starting at $7.99 per user per month.

Bitwarden

Bitwarden is an open-source password manager, known for its reliability and competitive pricing. 

Bitwarden is an excellent option for accountants with constrained budgets, but offers less thorough support than other password managers. You can contact them via email, or browse their extensive forums and help articles to self-serve. 

Individual plans are free, but for a business plan with shared vaults you'll need to spend $4/user/month. Enterprise plans start at $6/user/month. 

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.