When you're running any finance business, there are a few non-negotiables. For one, you want to take care of your clients in a timely and efficient manner, as they place a lot of trust in you. Second, as a part of good client service, you must protect and properly handle their financial records.
These two things become much more challenging in light of new, complicated technology and the emergence of cyber attacks targeting the finance industry. You might find yourself inundated with technical issues and cybersecurity risks, which is why many accounting firms and other financial businesses turn to outsourced IT.
If you're wondering if these services might be a good fit for you, here's an overview of some common IT issues you might run into in a modern accounting firm.
1. Downtime Disrupting Client Service and Billing
Downtime can be very expensive - for both you and your clients. Faulty network performance can disrupt operations, making it difficult to measure and bill clients for labor hours. This discrepancy can hurt client trust in your business, so it's essential to avoid downtime and reduce it in any way you can.
Avoiding downtime starts with creating a solid tech stack with an IT team to properly support it. Some problem areas that could cause system outages or disruptions include:
- Outdated software or devices crashing
- Slow network speeds
- Printing and faxing issues
- Cyber attacks such as ransomware or phishing shutting down systems
- Mishandled workflows causing disorganization
Managed IT is a great resource to help you iron out these common wrinkles that can cause downtime. These services often offer Virtual Chief Information Officers (vCIOs) who are experienced IT professionals ready to help you optimize your technology environment.
Read more about vCIO services in our blog: FAQ's About Virtual Chief Information Officers (vCIOs)
2. Communications Issues from Faulty Phone Systems
Communication is the framework that your service quality relies on. Good communication can foster client retention and business growth. Conversely, faulty communication can damage trust and lead to unhappy clients and subsequent bad reviews.
Many businesses still cling to old-fashioned analog phone lines and fax systems. The switch to the cloud, on the other hand, has streamlined new technology to allow for more dynamic and effective client and staff interaction.
Some communications issues you might run into with aging phone systems or poorly configured cloud systems include:
- Broken or malfunctioning analog phones
- Expensive fixes requiring on-site service, causing downtime
- Faulty connections due to storms and downed phone lines
- Miscommunication due to a lack of phone integrations with cloud tools & email
- Misconfigured settings in cloud platforms putting data at risk of unauthorized access
To learn more about applications of the cloud for accounting firms, check out our blog: How Finance Firms Can Level Up With Cloud Technology
3. Data Security Issues
Finance is one of the top industries hackers target, because they know these businesses have a lot to lose. Financial records are subject to protections such as the Gramm-Leach-Bliley Act, requiring adequate protection of sensitive financial data.
Cybersecurity is a complicated task with all the avenues hackers now have to access information, so businesses are turning to managed IT support for assistance.
Learn more about cybersecurity in the finance sector in our blog: Is Your Financial Business Vulnerable to a Cyber Attack?
4. Compliance Concerns
Not only can managed IT companies help you protect your data with industry best practices and tools - they can also help you achieve compliance. With new frameworks released every year for businesses in varying industries to comply with, this is the new frontier of cyber readiness.
To learn about Governance, Risk Management and Compliance as a Service, read our blog: Ask the Expert: What is Governance, Risk Management, and Compliance (GRC)?
4. Clunky Workflows
Document sharing has become more sophisticated, but many businesses are still living in the past with hard copies of financial records floating around.
Keeping physical records as a primary medium for data is risky for both your business and your clients. It can lead to lost paperwork if documents are misplaced or filed incorrectly. This can in turn complicate processes such as audits.
Printing or faxing hard copies can also lead to data protection issues if print jobs are abandoned in your printer trays. Abandoned prints can also cause wasted paper and toner, which can be a major hit to your print budget over time. A few solutions to these common workflow, security, and waste issues include:
- Cloud document management systems for better organization
- Cloud faxing solutions to streamline faxing operations and document security
- Cloud printing tools like Papercut or uniFLOW for enhanced print security
Learn more about how to maximize efficiency and planet-friendliness in your print environment in our blog: Is Printing Bad for the Environment? Eco-Friendly Printing Solutions Can Reduce Your Carbon Footprint
How to Find IT Services for Accounting Firms
If you're considering investing in managed IT services for accounting firms, it's important to evaluate whether your chosen provider has:
- Experience working for finance businesses
- Familiarity with industry compliance frameworks and data protection regulations
- Fast response times to minimize downtime
- Good reviews from clients in the finance industry
Once you've ironed out these details, you can dive into securing and optimizing your IT environment with the right provider. If you're interested in learning how outsourced IT can transform your operations and data security, click the button below to speak with an IT expert.
