Accountants Look to the Cloud for Improved Security

If your firm shies away from cloud accounting and cloud-based financial reporting  because of security concerns, you should know:

  • You’re officially in the minority. Almost 60 percent of accountants surveyed by the AICPA in 2016 use cloud-based software. By the end of 2018, that number will exceed 70 percent.
  • You’re falling behind your competition. Without the cloud, you simply cannot match their expanded service offerings or enhanced levels of client interaction. Data released by Xero shows 68 percent of firms in the US plan to have at least 80 percent of their clients using online accounting by 2018.
  • Your fears are largely unfounded. According to Microsoft, more than 90 percent of US companies surveyed say the security of their organization was positively impacted by cloud adoption.

This survey from 2016 illustrates the rapidly increasing adoption of cloud-based technology.

This article contains information that will dispel any lingering doubts you have about cloud security for accountants. It also includes some useful tips to help you enter the cloud confidently so you can take your firm to new heights.

The cloud is more secure than your status quo

Cloud service providers have the resources to offer a level of physical and electronic security – including backup processes – that few accounting firms can match with their internal systems.

Typically, data is stored and backed up on more than one server in multiple large, secure data centers. Providers manage these centers 24 hours a day and ensure financial data security with features like backup power supplies, firewalls, encryption software and regular, third-party security audits.

By ensuring your firm’s eggs are not all in the same basket, the cloud drastically reduces the risk of loss or theft and offers a greater ability to recover quickly from disasters such as floods and fires.

Can data be intercepted?

No. Cloud providers use secure, encrypted connections to protect your information on the voyage from your computer to the data centers and back again. The data is encoded to make it unreadable unless the recipient system has the key that unlocks the code. This means no-one can “listen in” at any stage during the process.

How does Qvinci ensure security?

Qvinci takes data security seriously and strives to provide customers with the most up-to-date and secure environment possible. Hosted by Amazon Web Services, Qvinci offers the same level of security as Intuit, the Department of Defense and NASA, to name a few.

According to Chief Innovation Officer Charles Nagel, Qvinci has an extensive list of security measures in place that accountants should look for in any cloud-based application.

“In addition to using one of the most flexible and secure cloud hosting services in the world, we have security policies to protect data, mitigate risk and dictate how data is managed and developed,” Nagel said. “Only a small number of senior-level employees have clearance to access the database to provide customer service and troubleshooting. Our policy is to obtain an NDA from each client prior to Customer Success reps accessing their account and only with direct written permission. We log employee access, use complex passwords and only sync non-personal information. Social security numbers, bank account numbers or credit card information are never collected or synced.”

Do your due diligence

Different cloud service providers offer different security protocols. Do your homework to be sure the one you choose has adequate controls in place to protect your data.

Nagel suggests asking prospective providers questions like:

  • What encryption software do they use?
  • How often do they back up their servers?
  • What third party security audits and penetration tests do they do?
  • What security certifications and quality standards do they adhere to?

The future is now

Increasingly, today’s clients trust the cloud and use it extensively in other areas of their lives such as banking, email and social media. They simply don’t understand why anyone would not want to be in the cloud.

As a profession, accounting is going through major technology-driven changes. By not moving into the cloud, accountants run the risk of becoming obsolete sooner rather than later.

Attend one of our weekly introductory webinars to learn how Qvinci for Accountants can help grow your firm.

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Qvinci delivers securely

According to CEO Brad Adams: The patented Qvinci cloud-based solutions deliver on the company’s mission and vision to empower its customers with secure and automated ERP-like functionality that is cost-effective and easy-to-use. Capabilities like automated reporting, business intelligence and workflow management platforms offer proprietary near real-time, consolidation, syncing and mapping of data from disparate sources to efficiently gather, view, monitor, compare, report and manage the performance of single and multi-unit businesses and organizations.