The challenge
Shared responsibilities of cloud based accounting pose a risk to your business.
Cloud shared responsibilities.
The cloud provider will define clearly what they will provide as part of the service. Often areas such as security, backups & data compliance are the responsibility of the purchaser. If you licence on your clients behalf then the responsibility falls to you.
Mitigate these example risks
Numbers
Widespread
data breaches in Q42023
Tuckers Solicitors LLP
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Free Assessment
Free Assessment
…we have an it provider
This is great that you have an IT provider and they do a great job, we work with you and your existing suppliers in a true partnership. Your IT provider is a data processor for you, as is any cloud software provider.
Question – does the scope of their service & contract cover all of these risk areas, are they responsible with ensuring you mitigate these risks and proactively advise, guide and monitor for new risks? Typically their scope is limited to your website, devices, printers, office networks etc and they don’t cover cloud software, GDPR compliance, resilience planning, supporting your continual service delivery.
Answer – This is our core, we specialise in supporting accounting firms such as yourself. Our service is friction-less, high value, involves minimum team distractions and we bet that it costs less than going it alone or asking your IT Supplier. Why not contact us today, for a free and confidential assessment of key risks facing your business – awareness is the start.
Case Study – XERO
Undoubtedly XERO have streamlined the accounting software market, they enable accountants to standardise the service offered to clients, enhance services (such as MTD) and reduce the time (and therefore cost) to service clients.
Clients either subscribe themselves and grant access or more often licence a subscription via their accounting service. In either case client data can be easily accessed, downloaded and shared in a matter of minutes. Clients can share expenses, invoices and other items electronically and sensitive employee, client and supplier records managed.
The opportunities for accountants are clear, however our experience shows that accountants are poorly prepared for the shift and new risks introduced could have devastating impact on your businesses finance, market perception and client retention. We can help your practice and your clients reduce the risks introduced.
Some service benefits
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Get Started Today
Our clients typically spend less than 3 hours per employee closing the majority of digital risks we identify, the majority spent in training.
Platform at your fingertips
As part of our service we provide you with a digital governance platform, this is your organisations hub to manage your IT governance. It is crammed with useful guides, policies and procedure templates. Even better the templates will be pre-populated with relevance to your organisation; for example your suppliers, your software and the specific data you process. This enables you to demonstrate compliance to GDPR practices, Cyber best practices and industry leading IT governance practices.
Your team will have access to the hub, they will be able to access training materials, organisational policies & procedures as well as guides on keeping your and their personal data safe. A core element of the platform is incident management, everyone in your organisation & supply chain can easily report incidents (possible data breach, security concerns, phishing email attempts). The platform provides a centralised overview of the risks facing your practice and allows resolution options (ignore, self resolve, third party supplier support or we can mitigate with you).
The hub is also your central point to manage your suppliers within your business, they often play a critical role in delivering on your promises to clients and invariably will have access to your clients data too. The platform enables you to define best practice standards, templates and monitoring for dealing with your suppliers. Understanding your suppliers and their strengths & weaknesses enables you to support them to closing the weaknesses whilst utilising their strengths, as they say you are only as strong as your weakest supply chain member.
Embracing the Digital Era: Challenges Faced by UK Accountants
