A recent study has shown that there are an average of 689 accounting firms in existence in Singapore. Furthermore, about 55,000 professionals work in the accounting industry.
Additionally, a separate survey of office professionals found that a minimum of 19 minutes per day were being wasted in dealing with IT issues. When you do the math, it equates to 80 hours of non-productivity a year – for each employee alone. It’s no wonder that managed IT services for CPA firms are becoming a necessity.
Current IT Issues Accounting Companies Faces
Despite accounting firms being a popular commodity in Singapore, they aren’t without their struggles. Many accounting companies face similar problems. We’ve listed the most prominent.
- Lack of IT literacy in the accounting field: Accounting, like everything else, is becoming increasingly more digital. One of the top challenges CPA firms face is being able to use cloud-based accounting software effectively.
- Accounting automation: Integrating accounting automation remains a challenge and if it can successfully be mastered, will enhance an accountant’s role.
- New skills requirements: To remain relevant in an ever-changing industry, accountants need to become more adept in understanding business requirements and processes. Accountancy is moving away from bookkeeping and gearing toward analytics.
- Constantly changing tax laws: Keeping up to date with constantly changing tax laws and regulations can be challenging. This is because so much of the accounting world is moving online. Accountants need to remain abreast of these changes as well as the tech related to these changes.
The Important IT Services to Outsourced in Accounting Companies
To ensure that your CPA firm performs as expected in the modern environment, you will need to outsource your IT services to a company that understands your specific needs. A few of the IT services you will require are:
- IT office support for internal and remote employees
- Protection of confidential information
- Implementation of the right hardware and software solutions
- Secure emailing between employees and clients
- Regular IT audits to identify needed upgrades
- Access to the latest cybersecurity software and online security protocols
Benefits of Outsourcing IT Services for Accounting Companies
Your accounting business will enjoy significant benefits from outsourcing its managed IT services. In an industry where your success relies on the various technology tools at your disposal, having experts on your team is crucial.
The most impressive benefits that your CPA firm can expect to experience include the following:
- Reduced IT labour costs: Outsourcing IT services reduces the need for a full-time in-house IT team. Support services are provided only when they’re needed and as a result, you’ll save on staff salaries, office space, and related overheads.
- Minimised cyber risks: With cybercrime on the increase, it’s necessary to have skilled experts on hand who not only understand Regulatory Compliance but can also provide data encryption and cloud computing.
- Access to expert knowledge: Having access to expert IT skills will ensure your business has hardware and software upgrades when necessary.
What’s Included in ITEASYCO’s IT Services?
Since ITEASYCO is regarded by many as one of the top IT Consulting Services, it makes sense that it should be every CPA firm’s go-to IT company. With that said, some of the more significant services you can look forward to including the following:
- Operational support: CPA firms will benefit from having easy access to the most updated software and hardware systems and solutions. Furthermore, the skilled support team at ITEASYCO will also assist with creating the most streamlined and efficient office set-up. Support also extends to any remote employees needing remote access to your system.
- Risk Management: Financial firms are at increased risk of cybercrime. Fortunately, our experts understand the importance of safeguarding sensitive data and providing secure network security options.
- Technology management: Having access to the latest industry-related business technology will ensure that your CPA firm stays relevant.
- Disaster recovery: In the unfortunate event of a data breach, your IT service provider will ensure that the necessary data backup takes place. As part of their disaster recovery strategy, they will also ensure that your financial records are restored.
- IT Audit: In addition to ongoing and proactive maintenance, your IT company will also perform regular IT audits to identify your organisation’s specific needs. This will enable you to provide the best service to your clients which in turn helps your business grow and enables business continuity.
Work with ITEASYCO on your IT needs
Understanding the importance of partnering with the right IT company is just the first step. Choosing a credible managed IT Service provider such as ITEASYCO is the next step and the good news is that it’s a quick, efficient, and professional process.
Your CPA firm simply has to request a free consultation to identify exactly what your organisation needs. From there, it’s a matter of installing or applying the necessary software solutions while you create the peace of mind that your business and client data is not only secure but safely managed.
With the sensitive information that CPA and accounting firms have to handle, it’s imperative to have the right IT services in place. Choosing to outsource these services not only saves costs but ensures that the right people, with the necessary skills, are handling your IT department. Partnering with a leading managed IT service provider is just what your accounting firm needs to stay a step ahead of the rest!
Essentially, managed IT services are customised to suit your organisation’s needs. Since services can range from general to more specific, the key functions include the following:
- Monitoring and maintenance of equipment
- IT systems management
- Remote monitoring and management of servers
- Network monitoring
- Any other relevant IT support services
In an attempt to keep up with digital and global accounting industry trends, accounts are opting to use the latest accounting software technology. The most prominent of these include the following:
- Cloud Computing Standard
- The Internet of Things (IoT)
- Big Data
- Remote Working (Also known as Agile Working)
- Blockchain Technology
- Real-Time Analytics
- Artificial Intelligence (AI)
- New Skillsets
Accounting companies use accounting information systems (AIS) to collect, manage, store, retrieve, process and even report financial data. For the most part, AIS can be used by accountants, consultants, business analysts, managers, chief financial officers, auditors and regulators.