6 Ways MSPs Benefit Accounting Firms
As an accounting firm, safeguarding your clients’ data is not only essential but also a legal requirement in many cases. To ensure the utmost protection, a reliable IT system is crucial.
However, managing IT can be challenging for firms lacking the necessary resources and expertise. This is where Managed IT services for accountants come into play, providing a viable solution to address these concerns.
6 Ways MSPs Benefit Accounting Firms
What is a Managed Serviced Provider?
While the specific services offered may vary, Managed Service Providers play a crucial role in streamlining IT management, providing comprehensive support, and ensuring the smooth operation of clients’ systems and networks.
Why you should Utilize Managed IT Service Providers for Your Accounting Firm.
A report by Robert Half Staffing Agency shows that more than two hours of work is wasted weekly on IT-related issues. To get a better picture, that is over a week of work lost annually! Let’s take a look at some significant reasons why your Accounting Firm Needs a Managed IT Service Provider.
1. Saves Time and Money.
Efficiently managing your IT infrastructure requires a significant investment of both time and financial resources. The costs can quickly escalate, particularly when unexpected issues arise that demand swift resolution. Attracting, hiring, and retaining skilled IT professionals has become increasingly challenging in today’s competitive landscape, making it an impractical option for many accounting firms constrained by time and budget constraints.
By outsourcing IT support for accounting firms, you can alleviate the burden of staffing concerns and reduce the mental strain associated with managing complex IT systems. This strategic decision not only optimizes your staffing resources but also delivers cost savings in the long run.
2. Strengthen Your Cybersecurity Defences
The handling of sensitive and confidential client data makes accounting firms an attractive target for cybercriminals. In recent times, these firms have experienced a substantial surge in cyberattacks, with reports indicating a staggering 300 percent increase since the onset of the pandemic.
These malicious attacks not only expose valuable client information but also disrupt day-to-day operations. Sometimes, leading to irreversible consequences, including business closures. Alarming statistics from a 2022 study, which surveyed 1,200 SMB accounting firms and industry service providers, reveal that 75 percent of accounting firms would be incapable of recovering from ransomware attacks.
However, by partnering with a managed IT provider, you gain access to specialized expertise, advanced cybersecurity tools, and continuous 24/7 monitoring for early detection of suspicious activities. Given the growing reliance on remote work and cloud-based software solutions, effectively managing cybersecurity has become increasingly challenging for businesses.
By collaborating with a highly skilled cybersecurity team proficient in cyber threat mitigation and prevention, you can exponentially fortify your cybersecurity defenses, safeguarding your firm and ensuring the protection of your valuable assets.
3. Top-Notch Maintenace and Management
In addition to prioritizing the security of your systems, a managed services provider takes responsibility for ensuring proper maintenance of your software. Regular software updates and patches are vital, failing to implement them can create vulnerable points that cybercriminals can exploit.
Maintaining proactive measures for both hardware and software is imperative in order to stay ahead of emerging threats. Also, ensuring optimal operational efficiency for your accounting firm. By staying vigilant and proactive, you can effectively safeguard your systems while keeping your firm running at its highest level of performance.
4. 24/7 Support
Outside of making sure your systems are secure, a managed IT services provider will ensure your software is properly maintained. Software updates and patches occur regularly and failing to implement them can leave exploitable openings for cybercriminals.
Proactive maintenance of your hardware and software is crucial to stay on top of emerging threats. This will keep your accounting firm running at peak efficiency.
5. No need to worry about Industry Compliance & Regulations
Accountants are well aware of the ever-growing number of reporting requirements, regulations, and compliance concerns that surround the industry. Collaborating with a managed service provider experienced in working with accountants can provide invaluable assistance in establishing and maintaining the essential framework required for compliance.
This is particularly critical for accounting firms serving clients across multiple states or engaging in business operations spanning different jurisdictions. Currently, there is no federal data privacy law enforced uniformly, and each state has its unique approach to data handling and privacy regulations. In light of these complexities, expert guidance is essential to ensure comprehensive compliance, ensuring that your accounting firm meets all relevant requirements and safeguards sensitive data with the highest level of diligence.
6. Maximize Your Earnings
Every minute spent grappling with IT problems in your accounting firm is a minute lost in nurturing business growth. By leveraging managed IT services, you can substantially minimize the time devoted to infrastructure concerns and redirect your focus to what truly matters: effectively managing your clients’ financial matters. With the support of experienced professionals handling your IT needs, you can regain valuable time and energy to prioritize the core aspects of your business and nurture stronger client relationships.
The bottom line: Managed IT support for accounting firms is a game-changer.
In smaller to mid-sized accounting firms, it can be challenging for small IT teams to stay on top of everything. In some cases, IT support may even fall into the hands of accountants or support staff, diverting their attention from client interactions and business growth.
By opting for managed IT support, you offload the responsibility of infrastructure management and maintenance. This allows you to redirect your efforts toward what truly matters: nurturing and expanding your client base.
Get in touch with us today to discuss your accounting firm’s specific managed IT support requirements and unlock the benefits it can bring to your business.
