Last updated on July 18th, 2022
In order to stay relevant in this highly competitive market, law firms are now inclined to use modern technologies.
For instance, many firms are now using data analysis to get an edge over their competition by offering customized services, forecasting the profitability of cases, and giving more accurate and reliable advice to their clients.
Some law firms have also started investing in in-house IT infrastructure. They believe that there is no need to wait for others to develop the tech they need – they’ve started building their own solutions.
Firms that do not have the funds to develop their own infrastructure are now hosting their accounting application such as QuickBooks on the cloud to narrow this technological gap. This way, every law firm can leverage the advantage of cloud technology and automate their accounting tasks while focusing solely on its core legal activities.
Let’s try to understand how QuickBooks hosting can benefit law firms in detail:
1. Anytime, Anywhere Remote Access
QuickBooks cloud hosting opens a new dimension for law firms to operate and manage their finances. You do not have to be present in the office to access your QuickBooks account. QuickBooks hosting allows you to access your data from any place in the world – all you need is a compatible device and a stable internet connection.
This gives your employees the freedom to work from the comfort of their homes (it is proving to be a game-changer during the COVID-19 pandemic as almost 70% of attorneys wish to continue working remotely). The employees can also brush up their knowledge while on the go, helping them achieve better results.
2. Increased Security
No one else understands the importance of data security than law firms as they handle loads of sensitive data. If such data leaks out, the reputation of their firm is at stake, and it may also lead to a change in the result of the cases. Also, the physical security of data is of utmost importance for law firms.
When you host your QuickBooks data on the cloud, it is the responsibility of your service provider to offer enterprise-level data security. They follow strict guidelines to ensure data protection – automatic intrusion detection, use of the latest antivirus and firewalls, and a team to monitor your accounting data for any unusual movement.
In short, your data security is the responsibility of your hosting provider and to respond if anything goes wrong.
3. Disaster Recovery
What would you do if an earthquake or any other disaster hits your office premises? What if your local server crashes? These are some ways by which you can quickly lose your invaluable data. A data loss can result in decreased revenue and a bad reputation for your law firm as legal data is highly sensitive.
QuickBooks hosting offers a unique approach to disaster recovery for law firms. The hosting provider backs up your data and applications and stores them in backup servers across multiple geographic areas. This way, your data is always available and can be recovered easily if a disaster strikes.
4. Always Available
What if your website goes down for a few minutes, and your competition approaches a potential client? In simple words, your website’s unavailability meant that your business didn’t exist for the client, and your competitor grabbed the opportunity.
Imagine how much money you could lose if the same happens with your QuickBooks data. You’ll not be able to assist your customers properly, let alone grabbing new business opportunities.
However, with QuickBooks hosting from a reputed service provider, you’ll get data at least 99.999% availability. This means that your website will be unavailable for approximately six and a half minutes during the entire year. All these details are mentioned in your Service Level Agreement (SLA).
Sometimes, multiple stakeholders need to collaborate to complete a task. For instance, a team of lawyers might have to work together to research a case. This may involve regular collaboration with the client as well. When all these tasks are concerned, it becomes very inconvenient.
This also means that there are multiple versions created (of a single file), leading to a lot of confusion and delay in task completion.
When law firms host their QuickBooks solution on the cloud, the accounting files can be accessed from multiple devices, any location, and by various users. Parties such as lawyers, accountants, and clients can work together on the accounting data and ensure that everyone is on the same page. They can easily make changes, share files, and provide quicker and smoother task completion.
If you decide to host your QuickBooks solution on the cloud, your legal firm will get the technological boost needed in this digital era. With the financial data hosted on the cloud, your employees can access it from anywhere and collaborate effectively to ensure smoother operations. In short, it can prove to be the magic button that your organization needs.
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