Five Ways CPA Firms Benefit From Expert IT Services In Durham, NC

If you own and operate a small CPA firm (or sole proprietorship), you may assume that managed CPA IT services are either unnecessary or outside your reach. But every minute you spend searching through thousands of Excel cells for a specific number or re-inputting data in several different databases wastes time that could better be used to serve your clients. Meanwhile, failure to take steps to adequately safeguard client data amid increasing vulnerabilities could leave you legally liable in the event of a breach.

There are many other important reasons to delegate your IT services to an expert. Learn about five of the top ways in which IT companies in DurhamNC can directly benefit your CPA firm, no matter its size.

#1: Ensure Compliance with Data Privacy Laws

Handling personal and business income tax returns for your clients can require you to collect and input some of the most sensitive financial information available, from Social Security numbers to gross wages. CPA firms and individual tax preparers are subject to some strict data privacy and protection laws, and many states have passed (or attempted to pass) legislation that would require CPA firms to notify state agencies at the first indication of a breach.

Not only do data breaches subject you to potential civil liability, but they can also significantly reduce your standing and reputation in the local community. If you become aware that client data has been breached, you’re legally obligated to inform all affected or potentially affected clients. Once word of this breach spreads, you may find it tough to attract new clients or even to keep your current ones.

#2: Process Automation Frees Up Time

Automating repetitive IT processes can free up your time to attend to matters that require your tax expertise. Nearly every day marks the release of new software programs and applications designed to reduce the human time spent on repetitive and easily-automated tasks. By seeking out managed IT services that take advantage of these programs, you can spend less time hunting through documents for one specific piece of information and more time on marketing your services to prospective clients or focusing on the intellectual work you were trained to do.

#3: As Technology Becomes More Complex, it’s Impossible to DIY

Even if you’re far tech-savvier than the average CPA, today’s data privacy technology is so complex it’s incredibly difficult for a single person to attend to a CPA firm’s tech needs. Rather than pay the necessary costs to retain your own IT person on staff (or fulfill this role yourself), you may want to take advantage of managed IT services, which allow you to structure your own tech support according to your needs, budget, and other individual factors.

Managed IT services can also provide 24/7 support, which is tough to replicate on a W2 employee basis (at least, without spending hundreds of thousands of dollars each year on IT salaries, benefits, and payroll taxes).

#4: CSP’s Accounting Firm IT Services Will Assess Cybersecurity Risks

Not only can IT services help you keep sensitive client data secure, but they can also assess any potential cybersecurity risks. Often, these proactive measures can identify and stop any hacking attempts before they start. Instead of playing cleanup after a data breach, you’ll be able to use your firm’s stepped-up cybersecurity measures as a marketing tool, attracting customers who might otherwise be leery of having their tax data inputted and uploaded to the cloud.

#5: CSP’s CPA FIrm IT Services Can Help You Implement the Wave of the Future: Blockchain Technology

While cryptocurrencies like Bitcoin and Litecoin may not seem relevant to account services, their framework—blockchain technology—is already being used by the Big Four accounting firms to keep their transactions even more secure. Unlike other types of online transactions, blockchain technology requires each step of a transaction (or “block”) to be independently verified before it can be added to the “chain.” This all but eliminates the risk of data breach, even though blockchain transactions are generally viewable by members of the public.

Smaller CPA firms and sole proprietors can significantly benefit from using a managed IT service that understands this technology and can implement it in the tax preparation context.

Who Can Help Your Durham, NC CPA Firm With Quality IT Services & Tech Support?

If these factors have convinced you that you can no longer afford to forgo a dedicated IT team, check out CSP’s website for more information. As “Your IT Partner,” we support CPA firms with quality IT services and support in Durham, NC.

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