Managed IT Solutions are the Cornerstone of Modern CPA & Accounting Firms
An in-depth look at the efficiencies and use of IT solutions in the Accounting & Financial industry.
The crucial need for reliable IT solutions in CPA & accounting firms
It is safe to say that the days of utilizing anything tangible in the world of finance are for the most part behind us. Mobile banking, digital bank statements, and cryptocurrency have officially become the new normal. Because of this, we have become more reliant than ever on our technology to not only safely store but diligently protect any and all information.
At the forefront of this financial digital renaissance are accounting firms, dealing with massive amounts of confidential client information on a daily basis. Managing and protecting all of this information effectively and efficiently is the expectation held by their clients. Financial trust between clients and CPAs is pivotal for business.
According to a recent survey dealing with clientele financial trust, 72% of respondents stated that they would cease to work with a firm should their funds be mismanaged. (financialplanning)
CPA and accounting firms turn to the aid of IT service providers to help secure client data.
Advantages of leveraging IT solutions for CPA firms
Time is money, right? So why spend yours trying to repair technology, thus missing out on valuable billing hours. Instead, with the help of managed IT services, these issues could be resolved swiftly and effectively. Moreover, the amount of issues and malfunctions decreases with the hiring of IT support for any CPA and Accounting firm.
Hiring IT support also helps financial compliance and regulatory requirements. As one can imagine collecting, securing, and managing all necessary client data to comply with requirements is a tedious extensive process.
CPAs generally spend about 40% of their time collecting and managing client information needed to meet compliance and regulatory requirements. (accountingweb)
Dependable software and technology are needed to automatically process and store this client data. IT services can provide this software and technology that can proficiently reserve and protect this information.
These services include:
- Email encryption for data security
- Offsite backup with secure data center
- Secure WiFi for employees and guests
Once again, TIME IS MONEY. As a CPA if your time is spent more often as a tech repairman or data collector you are losing money. Investing in IT solutions for your accounting firm will ultimately maximize business. This way your time and money is spent building trust and relationships with clients, for in accounting firms time quite literally is money.
IT solutions help combat against cyberattacks on accounting firms
Accounting firms of any size are at a high risk of cyber threats. Containing private financial client data, all firms are a top target for cybercriminals. Medium to smaller sized firms believe themselves to be not as vulnerable as larger corporations, however, this simply is not the case. These firms are actually at a higher risk due to a lack of technological infrastructure. Pursuing necessary IT solutions is an absolute must for accounting firms looking to defend themselves against cybercriminals.
According to an IBM report, the global average cost of a data breach is estimated to be around $3.9 million (journalofaccountancy)
Regardless of the size of an accounting firm, dealing with the cost of a data breach is rigorous. Rather, to counteract data theft, having a dependable data backup system with the help of managed IT services would exponentially benefit an accounting firm.
Optimizing IT solutions for your accounting firm
Helping maximize our clients’ businesses through IT solutions is our priority. For CPAs and accountants, we look to do just that. Today, in the digital age the need for secure and reliable IT solutions is a no-brainer. Spending time and money picking up the pieces of a costly data breach simply is not worth it. At Your Tech Team we look to handle any IT services to help you protect, manage, and thrive in your accounting firm.