How Managed IT Services Cater To Accounting Firms Online Business

Managed IT services enable businesses of all sizes, including accounting firms, to outsource IT tasks to an external service provider, on a contract or subscription service basis. These services can be used to lighten the workload of in-house teams, aid teams that are unable to meet IT demands, or to replace in-house teams completely. Which roles managed IT services take in your business is very much up to the business owner or management team.

According to case studies posted by Robert Half, in-house IT professionals waste about two hours every week trying to audit various types of IT-related complications. Put into context, that is a full eight hour work day of lost productivity per month.

Managed IT services are ideally positioned to address the specific needs of accounting firms, which operate in a highly regulated environment and oversee sensitive financial data. For accounting firms, these services go beyond basic IT support by providing specialized solutions tailored to enhance cybersecurity, ensure regulatory compliance, manage data effectively and improve operational efficiency.

Read on to find out more about how managed IT services can help your accounting firm.

1. Cybersecurity

Cybersecurity is a vital component, especially important for accounting firms due to the confidential nature of the financial information they oversee. Managed IT services offer comprehensive cybersecurity solutions that include:

Advanced Threat Detection and Prevention: Implementing robust antivirus software, firewalls and intrusion detection systems (IDS) to safeguard against malware, ransomware and other cyber threats.

Endpoint Security: Managing and securing all endpoints (computers, laptops, tablets and mobile devices) within the firm’s network to prevent unauthorized access and data breaches.

Email Security: Deploying email encryption, spam filters and phishing detection tools to protect sensitive client communications and prevent phishing attacks.

Data Encryption: Ensuring that sensitive financial data is encrypted both at rest and in transit, adhering to regulatory requirements such as General Data Protection Regulation (GDPR) and Health Insurance Portability and Accountability Act (HIPAA).

Security Monitoring and Incident Response: Providing 24/7 monitoring of networks and systems to detect suspicious activities in real-time, significantly shortening the time taken to attend to a problem thanks to remote technologies, diligent teams and capable network resources.

2. Regulatory Compliance

Accounting firms are subject to strict regulatory standards such as GDPR, California Consumer Privacy Act (CCPA), HIPAA and industry-specific regulations like the Sarbanes-Oxley Act (SOX). Managed IT services assist accounting firms achieve and maintain compliance by:

Policy Development: Developing and implementing IT security policies and procedures that align with regulatory requirements and best practices in data protection.

Audits and Assessments: Conducting regular security audits and vulnerability assessments to identify gaps and ensure adherence to regulatory standards.

Data Management: Implementing data retention policies, secure data disposal practices and access controls to protect client information and comply with legal requirements.

Compliance Reporting: Generating compliance reports and documentation required for regulatory audits to demonstrate adherence to data protection and privacy regulations.

3. Data Management And Protection

Effective data management and protection are critical for accounting firms to maintain client trust and operational efficiency. Managed IT services assist in data management through:

Data Backup and Disaster Recovery: Implementing automated backup solutions with secure offsite storage to protect against data loss due to hardware failure, cyberattacks or natural disasters.

Cloud Services: Leveraging secure cloud computing platforms for data storage, collaboration and remote access to ensure scalability, flexibility and enhanced security measures. It is important to work with a IT management service that takes a proactive approach to implementing or transitioning businesses to the cloud, which can reduce downtime by more than 65%.

Document Management: Introducing document management systems (DMS) that provide secure document storage, version control and audit trails to streamline workflows and enhance productivity.

Data Governance: Establishing data governance frameworks that define roles, responsibilities and policies for managing and protecting client data throughout its lifecycle.

4. Operational Efficiency

Managed IT services contribute to improving operational efficiency within accounting firms by optimizing IT infrastructure and providing critical support:

Proactive IT Maintenance: Conducting regular maintenance, updates and patches to IT systems to prevent downtime, improve performance and enhance overall system reliability.

Help Desk Support: Providing responsive help desk support and IT troubleshooting services to address technical issues promptly and minimize disruptions to client services is a critical component on how managed IT services cater specifically to accounting firms not typically focused on solving IT related issues.

Technology Consulting: Offering strategic IT consulting services to help accounting firms leverage technology investments effectively, such as upgrading accounting software, adopting new productivity tools, or implementing automation solutions.

Remote Monitoring and Management: Utilizing remote monitoring and management (RMM) tools to monitor network performance, security and compliance, allowing for early detection and the resolution of potential issues.

An Example Of How Managed IT Services Can Improve Accounting Firms

A brief case study of Account Firm: ABC, shows managed IT services positive impact.

ABC Accounting is a mid-sized firm specializing in tax preparation and advisory services. The firm chose to partner with a managed IT services provider to focus specifically on cybersecurity concerns and improve operational efficiency.

Enhanced Cybersecurity: The managed IT services provider implemented a comprehensive cybersecurity strategy for ABC, including firewall upgrades, endpoint protection solutions and employee training on cybersecurity best practices. As a result, ABC was able to mitigate potential security risks and protect sensitive client data effectively.

Achieved Regulatory Compliance: With guidance from the managed IT services provider, ABC updated their IT policies and procedures to align with GDPR requirements and implemented encryption measures. This proactive approach ensured that ABC remained compliant with data protection regulations and passed regulatory audits successfully.

Improved Operational Efficiency: By migrating to a cloud-based accounting system recommended by the managed IT services provider, ABC streamlined internal processes, enhanced collaboration among team members and improved client communication. This allowed ABC to deliver services more efficiently and maintain high standards of client satisfaction.

In Closing

Managed IT services play a pivotal role in addressing the specific needs of accounting firms by providing specialized solutions in cybersecurity, regulatory compliance, data management and operational efficiency. By partnering with a trusted managed IT services provider, accounting firms can strengthen their IT infrastructure, mitigate cybersecurity risks, ensure compliance with regulatory requirements and improve overall business performance. The service enables accounting professionals to focus on delivering exceptional client service while maintaining the confidentiality and integrity of sensitive financial information, and to focus on what accounting firms do best – accounting.