Top 5 Accounting Challenges That An IT Services Provider Should Help You Overcome

Top 5 Accounting Challenges That An IT Services Provider Should Help You Overcome

The technological landscape is continually evolving and being integrated into the business environment. With these advances comes the demand to quickly incorporate them into your networks and systems. From enhanced cybersecurity to lowering costs, these advances offer businesses various benefits.

Although technology is meant to make work easier, keeping up with its advances is an exhausting and expensive task for many accounting firms. To cater to their IT needs, lower costs, and prevent issues that may slow down their productivity, accounting firms turn to managed IT services.

What Major I.T. Challenges Do Accounting Firms Face And How Will An IT Services Provider Solve Them?

The following are five key issues that accounting firms are putting up with and how IT services for accounting firms will help you overcome them:

Leveraging the Latest Technology

For accounting firms to remain competitive and relevant in the ever-competitive business market, they need to keep up with advancing technology. However, this has proven a challenge for many firms. To have the latest network services and software is often reserved for larger accounting firms since it is often expensive and a commodity that small firms cannot afford.

An IT company avails this technology to you at a lower cost and ensures that your systems and software are always up to date.

Cybersecurity

Cyberattacks against accounting firms are rapidly increasing and becoming more sophisticated. According to a report, the cost of cyberattacks in the banking industry reached 18.3 million US dollars annually per company. Therefore, accounting firms must invest in the latest technology-driven security measures to keep sensitive customer data safe.

An IT company helps you enhance your cybersecurity measures and secure your client data by setting up controls. These controls include:

  • Email encryption to securely transmit personal financial data.
  • Email filtering.
  • Firewalls.
  • Multi-factor authentication and authorization.
  • Mobile device management and security.
  • Data encryption.
  • Patching/updating all IT and security systems.
  • Offsite backup in a secure, encrypted data centre.
  • Password policies.

Integration Of Your Services With Cloud Computing

With the demand for working remotely increasing, employees’ need to work from the office is becoming extinct. For accounting firms, adopting remote working has been a challenge.

Cloud-based computing has proven to be essential. The cloud allows you to securely share files with your clients and staff, host applications, and effectively communicate with employees and clients. It also helps to lower your overall IT costs by eliminating the need for physical storage equipment.

An IT company not only allows you to leverage cloud computing to your firm’s advantage, it also makes recommendations on which cloud solution to use to ensure that your IT needs and goals are being met.

Scalability & Sustainability

For many accounting firms, scalability is a daunting task. From retaining the quality of services, focusing on your clients, to expanding your workforce to meet your growing needs, growth comes with many challenges.

With your goals in mind, an IT company can keep up with your IT needs as your firm grows by changing the services they offer you to new ones that meet your current IT needs. An IT company also takes up non-crucial tasks to help your employees focus on your core duties.

Compliance

Regulatory compliance has become one of the most significant challenges that accounting firms encounter. With the growing number of regulations that financial institutions must comply with, maintaining compliance can significantly strain resources. Additionally, the compliance landscape is rapidly changing, posing a constant challenge to accounting firms.

Faced with severe consequences due to non-compliance, accounting firms have incurred additional costs and risks to stay up to date on the latest regulatory changes and implement the controls necessary to satisfy those requirements. Overcoming regulatory compliance challenges requires accounting firms to foster a culture of compliance and implement formal compliance structures and systems.

An IT company helps ease compliance by implementing automated audits, automated reporting, and processes to identify and minimize compliance risks. An IT company also enables you to keep up with new regulatory and industry policy changes.

Although accounting firms are faced with numerous challenges, with the right IT support in place, your accounting firm will be able to overcome all these challenges, meet all its IT needs, and improve its productivity.

Looking To Leverage Reliable IT Services For Your Accounting Firm?

At Sysoft Consulting, we offer years of expertise and experience in providing managed IT services to accounting firms in Toronto, North York, Richmond Hill, Scarborough, Markham, Vaughan, Mississauga, Oakville, Burlington, Barrie, and the entire GTA.

Consult with us today to get reliable, proactive, and customized IT solutions that will help your accounting firm achieve its goals.

BY Scott Weingust | Nov 22nd, 2020 | IT News, Information and Tech Tips For Toronto Business