As one of the world's oldest professions, accounting has existed for as long as trade and business has existed. Defined as the system of recording a business' financial transactions, accounting has even allowed ancient civilizations the most basic form of bookkeeping and auditing.
In today's world, rapid technological advances have pushed accounting to shift from the background to the foreground of imperative business decisions. With effortless data acquisition, improved productivity and organization, and effective and efficient statistical analysis, accounting has come a long way from physical balance sheets and manual bookkeeping. Paving the way to a more technologically-inclined revolution for the accounting industry.
The shift in the fundamental role of accounting as a profession and its changing role within a business now requires a different skill set and an intermediate technological know-how. With rapid technological innovation, streamlining accounting processes becomes more complicated and, for people that are learning, more time-consuming. More businesses are using the assistance of managed services providers to address their IT needs. In essence, managed IT services are essentially outsourced services that provides reliable, affordable, and timely solutions to a business’ IT needs. Here are three tips on how managed IT can help your accounting firm:
Software(and Hardware) Advancements
When a company grows, software and hardware requirements grow along with it and the swift rate of software and hardware advancements may be difficult to keep up with. However, with managed IT services, companies will be able to scale the level of support that it needs to keep up with the growth process.
“The great thing about managed IT is how customizable it can be,” says Emil Isanov, CEO, ETech 7. “The best way to get your money’s worth is to determine what your company needs and clearly communicate it with your prospective managed IT service provider. From accounting software like Quickbooks to safe and secure database management, managed IT services will be able to accommodate any and all of your company’s tech needs.”
Control and Reduce Costs
RecruiterBox has posted an article about how the cost of hiring a new employee could cost a business as high as $5000 or more. With managed IT services, interviewing, hiring, and training new IT hires may now be a thing of the past.
Managed IT services offer fixed value contracts that are usually billed on a monthly basis. This means that companies will be able to design their own service package and pay for said services accordingly. “It is important to note that one of the biggest expenses for any type of company, for any type of industry, is manpower. With managed IT services, your company will have access to a dedicated team of IT experts often at a lower cost than a single IT employee,” says Isanov. “For instance, when a disaster occurs and it results to downtime for your business, a single IT employee could take days (or sometimes even weeks) to fix the issue but with managed IT services, a readily available team will be able to cater to your needs and will be able to keep your business running with backup and disaster recovery plans. In redirecting resources, accounting firms can expect predictable IT expenses and can focus on growing its client base rather than worrying about IT issues.”
Safety and Security
Equifax - a consumer credit reporting agency - has reported a breach that lasted from mid-May 2017 through July 2017. Hackers have accessed people’s names, Social Security numbers, birth dates, and addresses as well as stole credit card numbers. A year later, the US General Accounting Office (GAO) has released a report confirming that a single Internet-facing web server with out-of-date software led to the breach. What does this have to do with you? Think of it this way - Equifax might have had access to the latest and most sophisticated security measures but a single out-of-date server allowed hackers to access and expose sensitive information of 2.4 million people.
Accounting firms quite possibly handle more sensitive information than an average company since it basically deals with financial information. “When working with managed IT service providers, it is important to ask what types of safety and security measures they can offer. Often, IT service providers offer various types of security measures that intertwine with one another to provide a sort of layering. For instance, layer A is in place to ensure that your basic security needs are covered while layer B is in place to cover anything that layer A might have missed,” says Isanov.
While the points listed above may serve as a starting point for accounting firms to consider managed IT services, these tips are just that: tips. Hiring a managed IT services provider has its pros and cons and having a bit of know-how will help you form an informed decision.
ETech 7 is a managed IT services company dedicated to providing superior quality service to a wide range of businesses. Leveraging state of the art software and world class service, ETech 7 strives to deliver affordable and reliable solutions for your company’s IT needs. For more information, visit www.etech7.com.