Cybersecurity threats continue to pose a serious risk to accounting firms. Accounting firms need to shift their risks to proactively protect their firms' and clients’ data. With the rise of cyber risks, now is the perfect time for accounting firms to explore the cost-benefit analysis of partnering with cloud solutions compared to in-house or local providers. This blog will discuss IT solutions and review why cloud solutions reign. First, a brief explanation of the different storage options.
Storage Options Explained
There are distinctions between cloud, in-house, and local IT solutions.
- Cloud storage: A business’s data is managed and stored by a hosting provider on remote servers.
- In-house storage solutions: This storage strategy involves keeping IT infrastructure completely in-house within an organization.
- Local storage solutions: Involves storing data on physical drives, whether hard drives or USB flash drives, either on your own premises or outsourcing IT to a third-party provider.
Understanding the differences in IT storage solutions is important in determining which solution is right for your accounting business.
The Reality of Local IT Provider Solutions for Accounting Firms
Using local IT provider solutions has drawbacks for accounting firms. This is of particular concern for firms striving to be flexible, innovative, and proactive with advanced cybersecurity measures.
- Inexperience with accounting applications. Local IT solutions often do not have experience with unique accounting applications and software designed for the accounting industry. Often, local providers deliver an out-of-the-box IT solution that does not meet the specific needs of an accounting firm.
- Limited support. Outsourced IT solutions have only a designated amount of time and availability to support each team.
- Ineffective disaster recovery plan. Local IT solutions frequently do not have a well-developed disaster recovery plan. Rather, they tend to leave the data protection strategy to the client.
- Lack of research investment. Investment in top-tier solutions on the market requires time and money. Local or outsourced IT solutions are often not able to invest the resources required to give accounting firms the best daily experience. This can lead to lost productivity and increased downtime.
- There is less availability of security features. Cybersecurity threats remain a paramount concern to accounting firms. The level of cyber risks confronting accounting firms requires a designated cybersecurity team with the expertise to prevent, detect, isolate, and remediate cyber threats. A local IT provider's solution can be limited by their investments in advanced threat protection systems proven to reduce risk and mitigate threats.
As technology advances, local and outsourced IT solutions have some limitations.
The Reality of In-house IT Solutions for Accounting Firms
In-house IT personnel offer foundational services within accounting firms. Yet, with the ongoing risk of devastating cybersecurity crimes and rapidly evolving technologies, in-house IT solutions face economic challenges and time constraints, as noted below.
- Limited security solutions. The long-term cost investment to install and deploy an on-premises security infrastructure, including hardware, software licensing fees, data back-up, etc., is significant compared to the cost of a cloud solution provider.
- Ongoing security maintenance is costly. Protecting an accounting firm from cyber threats requires constant focus and ongoing financial investments. On-premises security systems require high-security expertise and continuous monitoring/maintenance of hardware, servers, and the network to manage risks. As noted in The Daily CPA, “the expenses associated with setting up a local IT infrastructure, in-house servers, and equipment can cost a fortune to accounting firms.”
- Ongoing change in the IT world. IT is complicated and constantly changing, even for the experts. As CPA Practice Advisor discusses, even large multinational accounting firms are struggling to keep pace with the evolving cybersecurity risks. They have to constantly adapt to new technologies, software, data privacy regulations, cybercrime threats, artificial intelligence, machine learning, and more. An internal IT department can struggle without outside, expert IT advisors to supplement their capabilities.
- Rising investment in technology. Accounting firms are recognizing the crucial role technologies have in evolving their businesses to satisfy clients and employees while increasing productivity and mitigating risks in lost revenues.
In-house IT solutions are vital to accounting firms' continued success. However, a technologically advanced cloud solution like Cetrom enhances traditional in-house IT solutions.
The Value of a Cloud Hosting Solution: Cetrom Makes the Switch Easy!
With the continual rise and complexity of cybersecurity threats targeting accounting firms, now is an excellent time for C-suite executives and IT professionals to work with a cloud solutions provider.
- Experienced in accounting applications. Cetrom’s niche is 100% focused on accounting firms.
- Available continuously. Cetrom’s cloud solutions provide 24x7x365 IT support, poised to handle late-night needs during the grueling tax season. Cetrom has held an industry-best 99.9% uptime since the company’s inception.
- Allows flexibility. Cloud solutions satisfy the need for remote flexibility and scalability as staffing demands change. Multi-user collaboration is easily accomplished with a cloud IT solution. With the cloud, various resources can be upscaled or downscaled without having to purchase additional infrastructure. A cloud IT solution allows C-suite executives to customize their solutions to meet their firm’s unique needs.
- State-of-the-art security. Cetrom invests in best-of-breed security technologies, which include proactive and advanced security methodologies. Frequently scheduled security updates and multiple daily backups are part of Cetrom’s comprehensive disaster recovery plan. Cetrom has adopted Advanced Threat Protection solutions to better protect clients.
- Committed service. Cetrom provides white glove migration services with no heavy lifting. Clients are provided ongoing training and resources to maximize their IT experience paired with direct access to its 5-star Support Team anytime, anywhere.
Switching to a cloud hosting solution has clear benefits for accounting firms.
Concluding Thoughts
Cetrom is a well-established, proven cloud hosting solution that provides advanced support to accounting firms of all sizes. Just as businesses hire accounting firms to do taxes, enlist the help of IT professionals to handle cloud hosting solutions and data security! Allow yourself the gift of time to focus on what you do best and leave the IT to the experts. Contact Cetrom today to learn more about how we can help answer your questions on cloud hosting solutions.