Receipt Bank Blog>Advice>Data Security and Cloud Accounting: How to Start a Client Conversation

Data Security and Cloud Accounting: How to Start a Client Conversation

16/11/2020

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interactive accounting

More than 73% of Canadian organizations have moved to the cloud. For accounting professionals, running a practice online comes with client worries around financial data security.

Keeping business data and sensitive information secure is a big concern for business owners. It’s important to explain clearly and sensibly how a cloud accounting approach is not only safe and secure but also brings the client a whole host of other significant benefits.

How Receipt Bank approaches data security

The firms we work with want assurance their clients’ data is safe. Powered by bank-level encryption technology, Receipt Bank keeps all extracted data secure, and accessible from anywhere.

Supercharged network security

Transferring important data between devices or platforms is integral to the way you and your clients work. Our secure networks operate to the highest global security standards meaning you can upload, move or sync your client documents with confidence.

Keeping you in control

Receipt Bank always provides your account administrator with
a clear view of activity across all you and your clients accounts, giving you complete control over access and user permissions to ensure maximum safety and visibility.

An always-evolving application

The Receipt Bank app is designed with the latest security protocols built in, at heart. Supported by a dedicated online security team, our award winning app is best in class when it comes to security management meaning you and your clients can sleep a little easier, too.

Here are a few more ways to sell cloud security to your clients:

Drive home the perks of online accounting software

As a cloud practice, you’re no longer just an accountant in the traditional sense – you’re a trusted business advisor and technology consultant too.

Online accounting platforms such as Xero and QuickBooks Online bring your business clients a highly secure environment to run their accounts and manage the financial life of their business.  

Instead of using a desktop-based application on an office computer (where saved data is in a local hard drive), online accounting lets users work from anywhere there’s an internet connection. The accounting and business data is uploaded to a cloud server, bringing the assurance that the numbers are always backed up and safe.

But there’s one common question you’re almost certain to be asked. 

How secure are these cloud servers, and how safe is my financial data online?

Cloud accounting is secure and here’s why

To answer the security question and help clients feel comfortable with online working, you’ve got to make the security aspects very clear, and emphasize how the protection of client data is a priority not just for you but for cloud providers as well.

Here are some of the key elements to talk through with clients and targets

Saved data is on secure cloud servers

Clients’ accounting data is saved across multiple data centres to make it less prone to malicious hacks, and the physical servers will be protected both by online security systems and real-world security safeguards on the ground at the data centre.

What’s more, there are backups built into these networks – if one site goes down, data is stored elsewhere. 

Bank-level data encryption is present in cloud accounting software like Receipt Bank. What does that mean? It means the strictest possible controls in place to keep client data safe. Bank details are never stored, in line with data regulations. Records are secured, while still ensuring you have access anywhere, any time even if your systems go down.

Software is continuously updated

Logging into cloud software from a browser means clients will always be using the most up-to-date version of the software. That means no updates to download, no fixes to install and security settings that are still 100% current and targeted to resolve any known threats.

To put this in context, one of the most significant ransomware attacks in history (Wannacry from May 2017) happened because of an old vulnerability in Windows.

By the time they sent out an update, it was too late. Not a problem with cloud security though, as all the leading software providers (including Receipt Bank) have dedicated security teams keeping their software fighting fit.

Layout the benefits of the cloud approach

One key point to convey is that storing data in the cloud is just using a computer somewhere else to store your data, rather than the computer in your office.

The same risks exist in both scenarios, but the cloud systems have much more advanced security and full-time teams guarding that data, unlike most accountant’s offices. In addition to this, the cloud also brings many advantages that tip the scales in its favour.

When clients work online:

  • Accounts are accessible 24/7
  • Access is more secure
  • Reduced IT costs
  • A broad ecosystem of online tools

Cloud providers know that online security is a concern for business owners, and proactively update their solutions to meet customer expectations and keep their online security watertight.

By learning the basics of cloud security, and highlighting safety precautions and benefits of an online approach to accounting, you can quickly put business owners’ minds at rest.

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