Accounting and IT are deeply intertwined industries. From the moment technologies like computers became available, they have been programmed to carry out accounting applications. Over the course of the last century, we’ve progressed from tabulating machines the size of pianos to cloud computing capabilities that allow accountants to work remotely.
Modern technology has paved the way for more productivity and efficiency in the financial world. However, as accountants become more reliant on it, they’re exposed to a host of new risks. What happens if your systems fail to work properly or get compromised? If you don’t have world-class IT support and thorough contingency plans, an IT outage can put your profitability and your customer relationships at risk.
This is why many Australian CPAs and accounting firms have a managed IT support company as their secret weapon. From cutting-edge technology to advanced cybersecurity, a managed services provider (MSP) can deliver the reactive support you need to weather IT dramas and the proactive guidance you need to remain competitive and profitable.
Here’s a breakdown of the most significant benefits you can look forward to if you work with a managed IT services provider:
More Value from Your Accounting Tools and Technology
When you work with a managed services provider, you tap into a wealth of IT expertise. MSPs like Invotec will set you up with a team of IT consultants who specialise in your industry. For accounting firms and CPAs, this means you’ll have access to IT advice tailored to the specific needs and challenges you face.
The right MSP will take the time to understand your business and what you’re looking to achieve with your accounting tools and software. They’ll conduct an audit of your technology, ensuring it aligns with your current business initiatives and your plans and goals for the future. By taking this proactive approach, an MSP can help you leverage your IT investments in the most productive and cost-effective way.
Implement New Technology Without the Steep Learning Curve
Even if your current suite of accounting tools is perfect for your needs and goals, there will come a time when you need to upgrade. An MSP will streamline this process, handling all the technical details and ensuring you and your staff have the training you need to get up to speed with minimal drama.
New software and hardware can feel intimidating, so resistance to change is common. This is why the best managed services providers have processes in place to ease the transition and ensure you’re able to not only maintain your efficiency and productivity but improve it. So, whether you want to improve your cloud computing services or switch to a new Customer Relationship Management system, an MSP can ensure the upgrade is a success.
Reduced Operational Costs & Improved Profitability
Invotec specialises in IT strategy for professional service providers, including CPAs and accounting firms. By looking for inefficiencies and engaging in executive-level consultation, our IT consultants can develop and implement an IT strategy that reduces your operational costs, improves your profit margins, and gives you the platform you need to outperform your competition. If you’re curious about how this works, enter your details into the contact form below this article to request a free consultation.
24/7 Access to IT Expertise
While there are plenty of benefits to hiring an in-house department, the main drawback is that you only enjoy active IT monitoring during business hours. By contrast, an MSP is active 24/7, continuously monitoring your systems and reacting immediately if anything requires urgent attention.
You can rest easy when you clock off from work each day, knowing there’s always someone looking out for your systems. You’ll also have seamless monitoring and support across weekends and public holidays, which are the most common times for cybercriminals to strike.
Less Down Time & More Billable Hours
With this level of seamless IT support, you’re guaranteed fast response times whenever a tech issue arises. In turn, this will significantly reduce your IT downtime, ensuring you and your team are able to maximise the hours you spend on productive work.
If you regularly have to drop tools to get to the bottom of an IT issue, this is a strong sign that you need to reassess your current IT strategy. An MSP can set you up with the resources, technology, and support you need to keep your business running smoothly.
Robust Cybersecurity & Data Protection
As you’ve probably gathered from the previous two points, a managed services provider can be a powerful secret weapon in your cybersecurity arsenal. As we head deeper into the 21st century, cyber threats are growing exponentially, and the need for robust countermeasures is growing with it.
According to a recent survey of small to mid-sized businesses (SMBs) conducted by CyberCatch, 71% of accounting firms wouldn’t survive longer than 7 days after a ransomware attack. With more and more cyber criminals targeting SMBs, there’s never been a more critical time to ensure your cybersecurity measures are up to scratch.
Data protection goes hand-in-hand with cybersecurity, and the best Australian MSPs will ensure your sensitive information is kept safe and secure. Accountants deal with some of the most sensitive information about their clients, so data protection measures and disaster recovery strategies and back-up plans are vital for maintaining business continuity and nurturing strong client relationships.
Monetary Savings
IT costs can bank up quickly when you’re running an accounting firm. One of the most attractive benefits of managed IT services is that it can help you keep these costs under control.
IT budgeting becomes a whole lot easier when you work with an MSP. You and your service provider will work out a bespoke package to suit your needs. Then you’ll have one flat monthly fee to work into your budget – that’s it. If you want to arrange a one-off job or add or remove services from your package, you can negotiate this with your MSP, ensuring you always know what you’re paying for and never get any nasty surprises on your bill.
Ensure You’re Always Compliant with Industry Regulations
Accounting firms are subject to an array of industry and governmental reporting and compliance regulations. From quality management to anti-money-laundering legislation, the consequences of violating these rules can be severe. However, the right managed service provider can collaborate with you to install and maintain a critical framework that ensures you remain compliant.
The benefits of working with an IT managed services provider extend from must-haves like compliance and cybersecurity to aspirational advantages like simplified budgeting and increased profitability. If you’re looking for an IT support company that can deliver all these benefits in a package designed to suit your business, contact Invotec today. You’ll get to talk with an IT consultant who specialises in the accounting industry. Together, we can develop a package suited to your needs, goals, and budget.
