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Make Your Accounting Cloud-Compliant in the New Year

By Analytix Editorial Team

February 20, 2017 0 Comments
Make-Your-Accounting Cloud Compliant in the New Year

According to an online report by “451 Research”, 60% of workloads will operate in the cloud by 2018. (Cloud Computing Trends for Accounting)

The accounting profession has evolved to embrace new technology; this includes practicing professionals who have also adapted to working in the cloud. However, as businesses move towards working more consistently in the cloud, there are some essential requirements to ensure successful, cloud-compliant accounting for any business.

Here are a few questions you should consider to assess your cloud-readiness better:

  • How well do you understand cloud concepts in the context of your business? This includes your business and professionals involved, as well.
  • Cloud compliance will include keeping in sync with regulations, such as HIPAA. How ready are you for these regulatory measures? If you have not considered this yet, you may need to take steps to ensure compliance.
  • While many businesses are already leveraging some cloud programs, private or public, you may have clients requesting specific platforms. Are you equipped to supply them with solutions based on their business needs?

Cloud Readiness and Preparation

Compliance will require you to address technology, data security (regulatory and compliance), and operational reliability.

Adapting to Cloud-based Software

This seems like a natural transition with higher acceptance of SaaS products and offerings emerging. Depending on your firm size and volume of clients, you can look for cloud-based software for research, particularly for tax and auditing purposes.

Software readiness will also prove to be useful. For a small to mid-size firm, outsourcing can prove to be of immense help, if not already considered. Your outsourced vendor will have the right infrastructure in place and can help you find solutions relevant to your business, in terms of accounting software and its deployment.

When you look at software infrastructure, remember that software will require updating. The software you install should allow for regular updates and upgrades to ensure smooth and seamless operations.

Policies and Regulations

An important aspect of cloud computing is compliance. Policies and regulations will be applicable, especially with respect to data, including that belonging to the client. Depending on the industry in which you operate, you will have to work according to the applicable regulations.

Policies and regulations are also applicable to the security levels you provide. Whether it is about authorizing access or encryption, you need to keep your security provisions transparent to foster client trust. Though security is a feature built into the process when you move to the cloud, you may need to communicate this to your clients. Outsourcing can be a useful practice here because a vendor will manage and maintain the cloud based program. Furthermore, outsourcing vendors are on top of regulatory and compliance matters, as well. You just need to verify their certifications.

The professionals at Analytix Solutions have helped many small to mid-sized businesses migrate successfully to the cloud, enhancing their security and operations in the process, while adhering to budget. For more information on our services, please visit us at www.analytixaccounting.com or email us at [email protected].

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