CHALLENGE

 

The safety of clients’ financial data is one of the top critical issues for every accounting firm. Financial files are extremely important to an accountant because of a holding of financial records of clients’ companies. But a loss of such important data can be crucial for any accountant. The reasons for losing of clients’ database can be different – viruses, fires, floods will be able to destroy important files without any chance to recover.

According to the CNW news based on a survey conducted for the Chartered Professional Accountants of Canada, 73 per cent of the respondents agree that they are concerned that Canadian business is vulnerable to cyber attacks regarding personal information.

As a Chartered Professional Accountant of Canada, CPA is a trusted business advisory who is helping organizations assess privacy policy. So, Professional Accountants have to backup and protect financial information of their clients.

Besides, according to the article “Keeping it Confidential: Securing Your Clients’ Information” of the Chartered Professional Accountants, a recent survey of practitioners in Canada revealed that only a small percentage (between 10% and 15%) of CAs always encrypt the financial statements, tax returns and other financial information that they email to their clients.  To follow these rules is a liability for every CA.

 

SOLUTION

The success of CPA firms and Accountants depends on many factors. But accountants’ liability is a protection clients’ personal information that means secured network access, antivirus protection, reliable backup and disaster recovery solution today.

The main point of security is about managing risk. This can be defined by keeping of confidentiality, integrity, and availability of data. Data protection, duplication, and backup are strongly suggested to preserve the integrity and accessibility of the clients’ financial records by accountants. Backup strategy for accounting information includes the creation of backup records on regular basis and disaster recovery solution. Keeping a backup of vulnerable finance data of clients (bank statements, tax returns, payrolls ant etc.) is the simple first step in accountants’ daily duties. Backups should be taken on daily basis, copied and held on other storage devices that will prevent the data loss.

 

RESULT and BENEFITS

Downtime Illustration Example:
File server failure at a 10-user accounting firm

No access to the documents for 8 hours

The firm partners’ and associates’ utilization rate = 70% (billable time)

During this failure, they work at 30% of the normal productivity level

Service provider begins remediation two hours after failure

Legal partners (2) bill themselves out at $250/hr

–        Utilization rate 70%, effective billing rate is $175/hr

Associates (8) bill themselves out at $140/hr

–        Effective billing rate = $98/hr

Downtime Incident Cost Calculations:

–        6 hrs of technician time to fix the server:

–        2 partners’ lost billing at 30% utilization:

–        10 associates’ lost billing at 30% utilization:

 

 

 

 

 

$600

$1,960

$4,385

TOTAL COST OF DOWNTIME INCIDENT: $6,920

 

We provide support for a variety of accounting applications such as QuickBooks, Simply Accounting, and many others.

We offer the following services for CPAs:

  • Secured network access – leveraging user accountant password, firewall protection against outside penetrations
  • Backups – backup your data and disaster recovery solutions for data protection against malware (ransomware)
  • Antivirus protection – setting antivirus monitoring on your entire system
  • OS updates – daily update your operation system against new cyber threats
  • IT consulting – leveraging the expertise of setting high IT performance.

Would you like to know more about our IT Services?

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