Coronavirus’s Impact on CPA Firms

Netgain Blog TeamCloud Computing, Financial IT

Cloud Technology Can Help CPA Firms Adjust to Growing Need to Work Remotely

According to the CDC, more than 75 countries have reported confirmed cases of COVID-19, also known as coronavirus. From its origin in Wuhan, China, coronavirus has grown to be a global epidemic, prompting travel bans and quarantines in an effort to quell its spread.

As the disease travels rapidly through cities across the country and around the world, companies are being forced to either shut down operations entirely or pivot to remote work. This can prove difficult for many companies whose business is built around serving customers at the time and place they need it. For accounting firms, in particular, growing concerns of coronavirus have the potential to significantly slow down operations. Many firms find themselves working through the details of remote work in this stressful time, which are impacting a company’s long-term profit projections.

Cloud technology is a good solution to this problem. With immense application capabilities and improved ease of access, the cloud makes remote work easier than ever.

Many Have Implemented This Today

With the growth of both online applications like Wolters Kluwer CCH Axcess and completely cloud desktops, many firms have a leg up in dealing with the technology needed to have everyone work from home. Data sharing via OneDrive and ShareFile, collaboration with Microsoft Teams, and Office 365 have already enabled the basics.   

Enabling and Empowering Staff

With long hours during tax season, the ability for staff to work securely from anywhere has dramatically changed the landscape in the industry.  These capabilities fit perfectly in the current situation.  If you’ve not worked through these details, most likely you are now.  Things like gathering your client’s information, meeting with them, and getting questions answered, become immediate needs.  Cloud services dramatically help here as well.

Addressing Security Concerns

It’s no secret that people have been wary of cloud technology’s security capabilities. In fact, Scientific American reported that millions of more users would consider online data storage if they were more confident in their data’s safety. Social media and recent data breach scandals related to it have created fear and a sense of distrust in the public, but those issues are actually separate from cloud technology.

In reality, data stored online is safer than data that’s kept locally within the firm. Data encryption helps across the board, both in terms of cloud storage and systems, as well as local laptops. Combined with stronger login methods, this extra level of security is an effective deterrent when it comes to preventing cybercrime.

While some individuals choose to store their personal files on a cloud storage system that only requires a personal password, CPA firms should err on the side of caution and enlist a multi-factor authentication method, sometimes called “2-Factor”, to lock down access even more.  Most services offer these extra protections today. When dealing with sensitive and confidential information and systems, getting help from an industry expert makes great sense.

Why Choose Netgain?

Not only is Netgain’s platform advanced and secure, but it is also designed specifically for financial services. Your firm is able to run accounting apps like Quickbooks and CCH with a cost-effective, always-on, and secure cloud solution that will boost productivity for all users. For more information about how to take advantage of the benefits of the cloud, browse the website or get in touch today.