Cloud Security for Accounting Firms: Why It’s Not An IT Issue

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4-minute read    Cloud security for accounting firms is one critical factor that is holding back firm owners and partners from building dedicated offshore teams. With growing market awareness around cyber security from the Mandatory Breach Reporting legislation coming into effect in February 2018 and the increased media attention from recent high-profile breaches, cautiousness is at an ... Read more

Stereotype Shattered: How We Address Offshoring Data Security Concerns

offshoring-data-security-featured-image
7-minute read   Hearsay. Horror story. Whatever it may be. Long has there been an unfair stereotype that your data is unsafe when you offshore. This is because of a misguided fear. It is this fear that steers accounting firms away from offshoring. It is the fear that a client’s data may fall into the ... Read more

Cybersecurity For Accountants: 6 Ways To Avoid Being A Target

Cybersecurity For Accountants: 6 Ways To Avoid Being A Target
According to data obtained by the Australia Cyber Security Centre (ACSC) through its 2017 Threat Report, 47,000 major cyber security (a 15% increase from the previous year) attacks occurred during the past financial year. This data only reiterates the fact that accountants are targets for security breach because of the quantity and quality of data ... Read more

CEO Nick Sinclair Shares Insights On Handling Top Concerns With Outsourcing

Top Concerns With Outsourcing
Download Presentation Here View Transcription Here Nick Sinclair, CEO of The Outsourced Accountant (TOA), shared expert advice on how to handle the biggest concerns with outsourcing as polled in our webinar entitled Essential Guide To Outsourcing And Cloud Security For Accountants held in 10 May 2017. The webinar is joined by Jamie Beresford, CEO of Practice ... Read more

Big Increase In Accounting Firms Using Outsourcing


In the latest poll data from our webinar Essential Guide To Outsourcing And Cloud Security For Accountants, 43% of the audience were shown to have outsourcing solutions up and running. This represents a big jump compared to the data gathered from the joint webinar with Panalitix, How To Become a Real-Time Accountant and Add Value to Your Firmheld in November 2016 with only 11%. Over 40% of respondents were also thinking about setting up offshoring support or inquiring.

 

Latest Data Shows A Big Increase In Accounting Firms Engaging In Outsourcing

[Part 2 of 3 series]

 

Nick Sinclair, CEO of The Outsourced Accountant (TOA), with Jamie Beresford, CEO of Practice Protect covered the following topics with over 200 respondents:

  • The vital case for outsourcing
  • Expert insights into how leading firms are outsourcing
  • Tips on managing a global workforce
  • Identifying the most crucial cloud security risks
  • How to ensure that you’ve got your clients’ data (and yours) secure

 

“With the advent of cloud technology and globalisation, we see outsourcing as a viable option now particularly the accounting industry.”

Nick Sinclair

Are you outsourcing right now?

 

are you outsourcing right now

Essential Guide To Outsourcing And Cloud Security For Accountants (May 2017)

have you already got an offshore team

How To Become a Real-Time Accountant and Add Value to Your Firm (November 2016)

The large jump in accountants practising outsourcing is certainly a  good pulse on the industry. Outsourcing has gained ground and been welcomed in the accounting industry as firms strive to respond to numerous challenges, improve efficiency and deliver more for customers than ever before.

Nick Sinclair was quick to note the change in how accounting firms currently look it as an angle to entice applicants for recruitment.

 

“A large number of firms are advertising to graduates stating — you’ll never have to do a tax return. You’re coming into the business for an advisory role — with a lot of the compliance work being outsourced to a global team, it provides a great opportunity for graduates to focus on local client facing work.”

 

A good part of the audience has also considered outsourcing with 30% indicating they are not outsourcing right now but are thinking about it. 11% have engaged in outsourcing but not at the moment while 14% are looking into starting their outsourcing journey. This is all indicative of how much change and firm reviews are happening in the industry.

A number of case studies can be viewed here around how outsourcing can be a positive change factor for a firm, improving efficiency and productivity.

“Outsourcing is not just about tax and compliance, it’s about efficiency and setting a firm up for long-term growth,” Nick says.

The webinar discusses reasons why outsourcing amidst industry changes is such a practical option to take. From addressing capacity restraints to attracting and keeping talent, from price pressure to labour costs, Nick shared his insights from his own experience on running The Outsourced Accountant in the Philippines.

If you are having capacity restraints, or looking to grow your firm, or just want to know what is possible with outsourcing, we are here to help.

 

Check the two other blog series of this webinar:

  • Cloud Security Concerns For Accountants, A Top Concern … And Growing!
  • CEO Shares Insights On Handling Top Concerns With Outsourcing

Cloud Security Concerns For Accountants, A Top Concern … And Growing!


A perfect session for firm owners or practitioners in the accounting, bookkeeping or financial industry. If you want to know more about outsourcing, offshoring or know what competitors are doing in this space, the biggest concerns particularly on cloud security – then this webinar is not to be missed!

 

Cloud Security Concerns For Accountants, A Top Concern … And Growing!

[Part 1 of 3 series]

In our latest webinar, Essential Guide To Outsourcing And Cloud Security For Accountants, 23% of the audience identified cloud security as one of the top concerns about offshoring ranking it 2nd in the list from the poll conducted.

The share of this concern has grown considerably in the last six months, with over two-thirds of respondents citing the need to review their business exposure to security risks.

What is your biggest concern with outsourcing

Essential Guide To Outsourcing And Cloud Security For Accountants (May 2017)

biggest offshoring concern

How To Become a Real-Time Accountant and Add Value to Your Firm (November 2016)

“Do you have a plan on how to manage your cloud security?”

Jamie Beresford

 

The growing concern can be linked to the latest legislation on the mandatory disclosure of data breaches in the accounting industry. More importantly, the uptake of cloud technologies in recent years has been aggressive in the accounting industry. Room for improvement certainly exists in adopting tighter security controls to control firm IP and protect client data.

Jamie Beresford, CEO of Practice Protect, discussed the ways in which firm owners can ensure data security. Included in Beresford’s list is a single sign-on system (SSO) to ensure password protection. This means that offshore (and onshore) staff will not have only one password to access to various platforms or systems your business is using. This certainly brings:

  • convenience in not having to remember several passwords for each platform that you are using
  • a firm’s systems and data are locked in and accessible only in an assigned location with permission — in this case, where your offshoring office would be. Staff cannot log in outside of these premises unless given due access.
  • an option to lock specific locations by IP address
  • additional layers of protection if a computer is shared
  • the ability of a single click to lock a team member out of all applications
  • easy tracking and deleting of access should an employee leave

 

“Fundamentally, it’s about consolidating passwords in a single identity per person, that can be monitored and tracked 24/7.”

 Jamie Beresford

 

Mr. Beresford stresses, “it’s really important that you have that log in from a compliance perspective and from a due diligence perspective” as a reference to an example where a firm’s client was hacked.

Tracking the list of people who had access proved to be a very good way of getting to the cause and, at the same time, identifying the party responsible for the incident.

Practice Protect integration

At The Outsourced Accountant, this single sign-on system is implemented along with:

  • No access to flash drives or any external drives, photocopy machines, among others, to prevent unauthorised copying of data. Several levels of approval from immediate superior to team leader to client are enforced before access is granted.
  • Certain sites are prohibited
  • Office premises are accessible only via an encrypted card
  • Building access only via a thumbprint security

 

Jamie Beresford and his team at Practice Protect work to provide the safest environment for global businesses particularly those outsourcing into the Philippines. Learn more about cloud security and reach out to Jamie Beresford here.

If you are having capacity restraints, or looking to grow your firm, or just want to know what is possible with outsourcing, we are here to help.

 

Check the two other blog series of this webinar:

  • Latest Data Shows A Big Increase In Accounting Firms Engaging In Outsourcing
  • CEO Shares Insights On Handling Top Concerns With Outsourcing

What You Ought to Know About Employees Selling Work Passwords under $1,000

Corporate security is threatened with the alarming news that one in five employees would sell their work passwords for less than $1000. Some would even give up their corporate access credentials for less than $100 or equivalent to just the price of a dinner, according to a report by SailPoint—an identity and security management company. ... Read more

Keeping Your Data Safe in the Cloud

Cloud software is becoming increasingly popular in professional services as more reputable software vendors provide world-class technology in securing large amounts of data. Also, more and more companies are able to send their business process offshore through the cloud in order to save on cost and time. But there are some who are hesitant to … Read more

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With the growing complexity of information and communications technology in this day and age, corporations are getting overwhelmed with security threats and data risks. This is one of the very reasons firms are reluctant to outsource their critical business processes. Managers fear of losing sight of control to data security by handing it over to … Read more

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