The adoption of IT services and support has seen a sharp increase over the last decade in accounting and financial firms. This is primarily due to the increasing amount of financial data that has been digitized, as well as the rise in sophistication of the information technology platforms that much of the customer experience is based on. Bank Innovation, an online publication published by FinTech, states that these platforms dictate both which services are offered, and how they are administered.
Customer demands has been another primary draw behind the steady migration to information technology and its associated services and capabilities. Customers want the ease and availability of technology-driven services, and these services are powered by the wealth of electronic data that is a part of each business’ portfolio. As such, it should come as no surprise that a strong and comprehensive IT strategy is a must have for any business that truly wants to succeed.
With over 25 years of experience, Network Depot is in a prime position to assist an Accounting & Financial Firm develop and coordinate the most suitable IT strategies for their unique operation. Many of these strategies focus on the regulations and strictures set forth by the government, as well as solutions that ensure customer experience is at its best.
IT Support for Accounting and Financial Firms
Our services include solutions in many of the most important areas of the financial and accounting industries. These include such mainstays as:
Cloud or Dedicated Servers
Given just how much of the financial and accounting industries rely on customer and corporate data, more so than most other industries out there today, finding the right place to store said data electronically is of vital importance. The choices available to most businesses are cloud based, a local server, or a combination of the two. Each firm is different, which translates into the need to consider several key factors when making the decision that is most suitable for your individual setup. These factors include:
- Budgetary Constraints
- Data Processing Requirements
- Risks to Security
- Software Needs
One critical IT decision your company has to make is where to store your Email, files, and business applications and how you can most effectively access these functions. Your decision in each case will be one of the following: using a dedicated server, using a cloud solution, or using a hybrid solution.
The following articles explain the pros and cons of each method and will help your company make the decision that works best for your unique needs.
Long-term planning is also important when figuring out which medium to use. As your firm grows, you may be presented with new challenges and requirements that can shift your data-storage needs substantially. Network Depot can help you understand the pros and cons of each storage type, as well as what you will probably need down the line.
Network and Data Security
The need to keep internal networks, and the valuable data and files they contain, safe from outside threats has never been higher. In fact, nearly half of the companies polled had either experienced a breach in security or a failed audit, according to a report published by Data Privacy Monitor in 2015. Over half of the companies asked also stated that breaches in their network, and the subsequent havoc that can be wreaked, is their top IT priority. The digital environment contains massive threats that must be combated in order to keep your company’s virtual assets safe.
Given that the data most used in the financial and accounting arenas is so sensitive and valuable, firms operating in these areas are juicy targets for online black marketeers. Not only does a company have a responsibility to achieve the utmost in safety and security for their clients as a motivating factor, the resulting press and fallout from a breach can easily result in extensive loss of revenue.
The different areas of operation for an accounting or financial firm that can be affected in case of data breach are numerous. This translates into a need to fully understand how all the internal operations of your company work, on a broad scale. This allows an effective IT framework to be developed that will meet any potential security concerns head on, and reduce the likelihood of data loss or company downtime. Network Depot can help to mitigate these concerns by assisting you in the building and maintaining of a secure and easy to use network that can pass data to and from your clients with the utmost in safety.
Compliance with Government Regulations
When it comes to accounting and financial services, the health and well being of your business is not the only important reason to keep data safe. Regulations exist for virtually every piece of financial data that is handled, making potential exposure to legal repercussions a possibility, if it is not all handled properly. How you store, protect, and handle your data are issues that also fall under these government strictures, with stiff penalties administered to those who fail to do them properly.
If your firm deals with any securities transactions, or any customer investment activities, whatsoever, you must adhere to the mandates of the Financial Industry Regulation Authority, or FINRA, completely. These mandates deal specifically with the handling and storage of personal financial information, and are designed to achieve the pinnacle in safety and security. Network Depot can make sure that you understand these mandates, and have taken all steps necessary to remain compliant.
This Network Depot blog post provides more helpful information about FINRA: What Your Company Needs to Know about FINRA
Network Depot understands the gravity and importance of having an effective and comprehensive IT support solution, and is ready and willing to assist you in making the informed decisions needed to implement your IT vision. We have achieved this capability from over 25 years of experience dealing with a clientele comprised largely of those operating in the financial and accounting arenas. If you would like more information on how Network Depot can help you with IT services geared specifically towards those in your area of business, we urge you to contact us at your earliest convenience.