Cloud Accounting: Is My Financial Data Secure?

‘Alexa, please play acoustic favorites from Spotify.’  

A cup of coffee in the morning coupled with some cool Spotify music and a quick look at Instagram and Facebook is a perfect time to start the day. 

Whether we are aware of it or not, we are living in a society that is revolving around the cloud every single day; to quickly access everything from favorite playlists, email, photos, information, surveys, and  social media. 

Based on a survey conducted by Netscout.com, cloud migration is taking place for the majority of companies and over 56% of the respondents have already started migrating workloads to the cloud. 

Another 2018 cloud computing survey reveals 73% of organizations have at least one app or a portion of their business accounting is done through cloud based management software.

Businesses have expressed their interest to invest into cloud accounting and cloud based management software, up to an average of $3.5 million.

It is without a doubt that growing businesses all over the world have shifted to the cloud for cloud accounting, cloud management, and cloud human resources.

This raises a critical question: Is it secure to put everything in the cloud?

Should you trust the cloud to safely store your company’s critical, sensitive, and confidential data?

What if there is a breach of security?

Scary stories about hackers and data breaches might keep you wondering.

Is cloud accounting really safe and secure as it claims to be?

Before migrating, there is a need to have a more informed decision.

It is understandable to have a safety check. 

If you are probing to know more about cloud security, here are some insights that you need to consider:

1. On-premise accounting may seem to be secure and convenient, yes and you are ok with it.

But if there is just a coffee spill, a neighborhood fire, or acts of God like earthquake, flood and typhoon, all your confidential data could be lost in the blink of an eye.

Notwithstanding the fact that there are hackers, ransomwares, and viruses threatening the system.

Is on-premise safe?

Not totally.

2. As compared to on-premise and other traditional accounting methods, Microsoft reports that about 91% of businesses claimed that the safety of their business was positively reinforced after migrating to cloud based management software.

Safe?

Yes.

easyFS gives you a highly-accurate and real-time view of your financial statements.

Sign-up for a FREE easyFS Accounting System now!

easyFS gives you a highly-accurate and real-time view of your financial statements.

Sign-up for a FREE easyFS Accounting System now!

3. Cloud based management software can help mitigate the risks of data theft, breach and total loss by offering a strong defense for threats to your sensitive data. 

4. Data stored in the cloud are placed in powerful physical servers with tremendous safety precautions and  that are all connected to the internet.

But it is not a resident of just one place.

The service providers also have their own servers in several areas, states, countries, and even different continents to ensure information is stored in multiple storage sites, not just in a single place.

This ensures multiple copies of data for the higher levels of redundancy.

Safe?

Totally.

5. There is also 24/7, round the clock security in all of these data centers. 

6. Automatic backups and automatic offsite storage are made available.

So you need not worry about losing those expense reports data.

No need to worry about forgetting to save mission-critical records, and failing to cascade business strategies.

This is synonymous to automatic save in bookkeeping. 

BIR-accredited easyPOS is your all-in-one solution to manage your sales, inventory, and customer data in real time!

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BIR-accredited easyPOS is your all-in-one solution to manage your sales, inventory, and customer data in real time!

Click to Learn More.

7. There is not one or two backup files but multiple copies of your stored information in several locations to make certain that your information is never lost.

The convenience of automatic offsite storage is at your fingertips. 

8. Digital and paper trails are available so you have the comfort of an audit trail and easy-to-read history of transactions in case you have the need to run through it again.

9. Cloud based management software uses encryption to store all this information.

Cloud accounting powered by cloud based management software is the safest tool to secure your financial data.

At the same time, service providers go through the rigors just to keep the stored data safe and secure.

However, it is not all up to them.

You have a significant role in all these.

Make sure to do the following:

• Define Custom Roles and User Permissions

Delegate work and manage access carefully and diligently.

• Change passwords regularly

Bolster your security by consistently changing passwords. 

• Stay on FRAUD ALERT always

Make sure to work with companies and individuals that you trust.

Keep in mind that there will always be threats so be extra wary of malware.

So is your financial data secure with cloud based management software?

The answer is, definitely yes! 

Offering cloud based management software to make your financial data secure, Human Incubator’s Original Cloud Service Easy Series is your go-to solution. 

HII brings to the table the following: EasyFS software for your accounting and financial information system; EasyHR for your payroll and HR needs, and EasyPOS for your point of sale and inventory management system.

For more details, please see: https://human-incubator.com/company/profile/

Automate your payroll processing with easyHR’s cloud-based software solution

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Automate your payroll processing with easyHR’s cloud-based software solution

Click to Learn More.