UHY Hacker Young | Chartered Accountants

Never lose data again!

2 February 2017

Managing your accounts in the cloud can be more secure and you may never lose any data ever again!

Although cloud accounting is now well established, many businesses remain concerned about the security of their data as well as getting access to it when it is held off-site. However, most businesses need not be concerned, as data held on most cloud accounting systems is encrypted using industry standard data encryption with multiple layers of firewalls. In addition to this, datacenters and servers are controlled and monitored 24/7 with regular security audits. All in all, this is very often much more security than is found with in-house servers in companies.

Of course, the valuable benefit with cloud accounting solutions is that you are not confined to working in any one place: you can access your data 24 hours a day, 365 days a year, from wherever you are – if you have an internet link. Many systems also allow you to work offline, holding a local version of your accounts to work on that will then synchronize with the cloud system when you next connect to the web. You can also use your mobile phone to access and view more essential key information on the move, relating to matters such as debtors and cash. Another benefit is that you will only ever have one data file that can be shared and therefore one correct version, as opposed to several people editing several different versions. Most cloud system providers also ensure that all information is continually backed up to reduce the risk of losing data to an absolute minimum.

Beyond the technology, we are finding that the way we work with clients is also changing; especially when we are given access to clients’ cloud accounts. This allows us to prepare year-end statutory accounts and tax computations at arm’s length in a timely fashion without clients having to search for or send information to us. Depending on the degree of automation that has been set, such as real-time bank feeds, we have also been able to speed up the processing of work at year-ends while at the same time reducing the workload of our clients.

We have also started to provide more simple cloud-based software for personal tax clients who may not have historically used any form of software to maintain their records. The benefits are again similar; our personal tax clients can manage their financial affairs more effectively, allowing us to provide the most cost effective support.  By allowing us access to personal cloud accounts we are able to quickly review a significant amount of data that, without the cloud, would involve time consuming reviews of paper based information.

For a limited time, we are offering personal tax clients free of charge access to our Sage cloud software and to find out more about this please contact us.

You can also find out more by visiting our dedicated cloud accounting website, www.uhy-cloudaccounting.co.uk.