Computers are important for many businesses, but some companies are in need of well functioning IT support to assist their operations. One such industry that requires a strong IT infrastructure and financial firms IT support is the accounting industry which requires complex and secures IT systems to earn their customers’ trust and support their employees’ needs.
Protecting Client Data
Accounting firms gain access to many pieces of sensitive client data that their customers need to protect. Examples include social security numbers for a significant number of employees, proprietary data supporting their business operations, and sensitive client financial information. Accounting and financial firms IT support will help to protect data and introduce financial controls to drive their business success forward.
Doing so is of critical importance for a company because, for many clients, protecting this data is not only a smart business decision, it is also a legal requirement. Data breaches and leaks of financial data can lead to lawsuits and exposure to investigations by regulators. Accounting firms risk a poor reputation and lawsuits from their customer base if they do not protect their client data and IT support for financial firms like accounting companies is, therefore, an essential step towards maintaining relationships with customers.
Gaining Access to Complex Programs and Significant Data Loads
Some accounting firms need to access some fairly sophisticated programs on behalf of their customers. Examples include ERP systems like SAP and NetSuite and other supporting systems like Concur and Share works. Many accounting firms use some fairly sophisticated accounting programs such as Lacerte and need to run complex calculations.
An financial firms its support team can help to make sure that the accounting firm has the resources in order to access these programs without overstressing their systems and without the data overloads that many of these programs face during the busier points of the year, such as deep into tax season.
Peer Reviews from Other Accounting Firms
CPA firms undergo peer reviews from other accounting firms in order to provide audit and other attest services. These peer reviews occur every three years and involve procedures to test the internal control over technology and IT process. Companies without proper IT controls in place are at risk for findings from these peer reviews which can be published and accessible to clients and regulators. It is therefore essential for an accounting firm to put into place accounting controls to help to secure a positive peer review.
One way that this is done is with IT Support for Financial Firms to implement controls to secure an accounting process. There are many examples of common sense steps that accounting firms can take such as backing up financial data, barring access to computer servers, and requiring complex passwords and regular password changes.
Designing these process is a role that is best filled by a quality company that can provide IT support for financial firms and has the experience to implement best practices that can make the IT system strength of the company as opposed to a potential liability.