The success of any organization depends on its clients’ trust in the organization to maintain data security and confidentiality. Any breach in the data results in many ill consequences like financial loss, loss of client trust, and degraded brand reputation.
As per a study, data breaches cost small and medium organizations and SMEs $120,000 per cyber incident on average.
Though data security is what all organizations seek, it is essential for accounting firms and accountants. They need to maintain their own financial and employee data and the information related to their clients and vendors. They also need to ensure that the accounting software they use is secure and protects their data.
Most accounting businesses use QuickBooks Desktop for all their accounting needs. However, when installed on-premise, QuickBooks Desktop may lack the data security tools necessary in this digital age. QuickBooks hosting is one solution that offers a safe platform for the financial process. Accounting firms and accountants are opting for QuickBooks hosting to practice secure accounting.
Below are the points that make QuickBooks hosting a secure solution for businesses.
Table of Contents
1. Hardware Independent
Accounting firms have to be extra careful with their data as they have access to sensitive information such as tax details, credit card details, SSNs, and the like. Imagine you’re traveling for work and suddenly you realize that someone stole your work laptop. If you use QuickBooks Desktop, it puts your data at risk, which means it could be misused for illegal activities.
When hosted on the cloud, QuickBooks becomes hardware independent. So, even if you lose your office laptop, your data is safe as it is present on secure cloud servers. You can access it from any compatible device and resume your work without worrying about your data. Also, nobody can access your data unless they have login credentials.
2. Multi-Factor Authentication
In today’s world, where hackers are finding new ways to hack the system and steal the data, any additional layer of security is always welcomed. Though password security implementation is important, another layer of security is recommended to make sure that only authenticated users are accessing the system.
QuickBooks hosting providers implement multi-factor authentication for additional data security. It makes the user authenticate the login on another mobile device like a smartphone, tablet, iPad, etc., once the password is verified. This way, it reduces the risk of hackers accessing the system.
3. Data Encryption
Many concerns have been raised about transferring data over the Internet as the data becomes susceptible to attacks. Hackers can steal the data and use it for their own profits, resulting in financial losses.
QuickBooks on the cloud encrypts your data and makes a strong case for data security. The cloud hosting providers deploy bank-level encryption technology (256-bit SSL encryption and TLS 1.3) security norms to ensure a foolproof solution. The sensitive data is encrypted that can only be decrypted using the decryption keys. This means that even if the hackers gain access to your data, they cannot understand it without the decryption key.
4. Role-Based Access
Most cyberattacks or data leaks occur because of the negligence of some internal factor. For instance, an employee may receive a fraudulent email, and he/she may end up clicking on it. This puts the whole system and data at great risk of a cyberattack. In shorts, havoc is created when there is internal negligence.
QuickBooks, when hosted on the cloud, allows employees to access the files as per their role. Also, the administrator has the right to view any unauthorized activity or suspicious logins into the system. If any fraudulent activity is observed, it is reported, and the account is disabled, thus, avoiding data leaks.
5. Data Recovery and Business Continuity
In a traditional system, data loss means complete loss of data where the business has to bear the grunt of the same. QuickBooks hosting includes regular and secure data backup services on secure data servers. The reputed cloud service providers backup your data on a daily basis.
This is extremely beneficial in case of any human error or natural calamity; the data can be easily retrieved and restored. Thus, you can quickly continue with your normal business operations and get back to work within no time by retrieving the data stored in the cloud.
6. Cloud Security Features
QuickBooks, when run on a local device, is a standalone unit. It has limited security features like firewalls and antivirus. Updating them regularly is a big task for the IT team, any delay in which puts the data and system at risk.
When hosted on the cloud, QuickBooks gets the additional security features provided by the cloud service provider like regular automatic updates of firewall, antivirus software, antimalware, and anti-ransomware software that protect the data from cyberattacks. Also, the cloud service provider ensures compliance with the security policies issued by the government, making sure that the security cannot be breached.
Businesses experience better data security after they shift to QuickBooks hosting. This has become a must in today’s digital age, where almost every business is prone to cyberattacks and data thefts. Also, such attacks lead to huge financial losses and sometimes legal consequences as well.
Want to avoid the hassle involved with data thefts? Get in touch with our Solutions Consultant at 1-855-ACE-IT-UP.