Access denied during Backup

Scenario:
You tried to backup the SharePoint content using Central Administration UI and got following error :
Access to the path '\\servername\backup\spbrtoc.xml' is denied.

Reason:
Folder been used for backup doesn't have necessary permission to write a file into it.

Resolution:
Add the service account running SharePoint Timer job to backup folder with Write permissions.

Steps:
1. Navigate to the folder you are using for backup storage
2. Right Click and Select properties
3. Click on Security Tab
4. Add the Service Account with Full Control permissions