Accounting firms across the globe have been caught up in a bind. On the one hand, they must implement measures that assure the safety of their employees. And on the other hand, they cannot fall short on the quality and compliance requirements.
Due to this, a vast majority of firms are finding it difficult to continue their business operations smoothly. However, owners who have opted for technological innovation like cloud accounting (from a reliable cloud service provider) successfully operated during the pandemic and continuously ran their business.
If you are an accounting firm owner and are yet to make a decision, here are three ways in which cloud accounting empowered accounting firms to operate during COVID-19 continuously.
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1. Rapid onsite transition
While technological innovations make our life simpler, sometimes they could be equally tricky to use. However, cloud accounting is one such innovation that is simple to use and can be rapidly deployed. It has immensely helped multiple business owners successfully run their operations, manage everything remotely, and continuously bring in revenue. When it comes to accounting firms, cloud accounting can be a game-changer for them as well. Unlike traditional setup, once established, it offers rapid user transition with much greater operational capacity.
In a hosted cloud accounting solution, the CSP establishes the cloud infrastructure. Providers also take care of everything from maintenance to regular updates; everything is taken care of by them. Also, you can conveniently scale up/down as per your needs. So if you need extra RAM, user, or computational resources during the tax season, all you need is to contact your CSP for it.
2. Remote accessibility
COVID-19 had a debilitating effect on the world. Apart from overburdening our healthcare infrastructure, it forced governments to impose stringent lockdowns leading to the complete shutdown of office spaces, restaurants, factories, educational institutions, etc. This caused industries to suffer drastically since most of them required the onsite deployment of their employees for running daily operations. Also, even if the lockdown conditions were relaxed, the resulting public apprehension towards COVID-19 and the preventive social norms made it difficult to work again like the pre-COVID period.
However, business owners who could have carried out their work remotely and had already implemented remote working were able to trump the lockdown and successfully continue their business. Similarly, accounting firms too can manage their organizational operations through cloud accounting and continuously run their business operations. In a cloud accounting solution, accounting software like QuickBooks, Sage, etc., can be hosted on the cloud servers. This way, these applications can be easily accessed from anywhere, anytime, using an internet connection. This way, your employees do not need to be present in the office as they can log into the cloud and complete their tasks from the comfort of their homes. So, suppose you want a safer option that completely eliminates the in-person presence within your firm and still lets you continue your business operations. In that case, cloud accounting is the ideal choice for your endeavors.
3. Quality security framework
According to a report in PRNewswire, there has been a phenomenal rise in cyber-attacks, with about 4000 cyber-attacks per day after COVID-19 started spreading. Using COVID-19 related information as a cover, hackers carried out cyber-attacks ranging from stealing user information to encrypting entire databases using ransomware. Out of these, the latter is most dangerous as it could easily cripple your business operations and disrupt them for a long time. In some worst cases, it could even be days before you get everything right and return to normal functioning again. So what to do? In this post-pandemic era, an accounting firm can’t operate without a digital presence. And as more and more accounting firms are working remotely, you need to adopt methods that offer equal data security.
With a cloud accounting solution from a reputed CSP, you can get quality security measures to guarantee your data security and effectively safeguard it. A reputed CSP also deploys a multi-tier security framework for guarding your data. So even if your employees are using their devices, the cloud environment is equipped with several layers of defenses like software/hardware-based firewalls, AI monitoring, 256-bit bank-grade encryption, the latest IDPS system, and an up-to-date anti-malware/antivirus solution. What’s more, CSPs deploy expert IT professionals for carrying out regular maintenance runs and vulnerability checks across the system. This way, you can quickly run your firm without worrying about a cyber-attack disrupting your business operations.
Cloud Accounting is one of the best ways to ensure business continuity dung these challenging times. Additionally, it opens gates for a new accounting experience and offers you an edge over your competitors.
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