New digital technologies are having a huge impact on accountants and financial firms, both directly and indirectly. Being prepared and ready to make the most of the opportunities is vital.
EXAMPLES OF CHANGE
Secure data sharing techniques have resulted in the EU ‘Open Banking’ directive requiring leading banks to share their data with authorised organisations. This in turn syncs with the rise of the new digital-first banks.
Robotic Process Automation (RPA) and Artificial intelligence (AI) are other new technologies already making an impact: from initiating payments and matching purchase orders to helping analyse financial trends by automated data entry and data categorizing.
We provide specialist IT support to help accountants run and grow their businesses. Our experience comes from being trusted IT partners of UK accountancy firms, large and small, since the 1990’s.
For accountants and other businesses operating in the finance industry, our advice and support focusses on three main areas:
IT SYSTEMS SUPPORT: AVOIDING DISRUPTION AT WORK
We aim to prevent disruption to the day-to-day running of accountancy practices due to IT issues. We’re aware how problematic IT failures can be, particularly during peak times.
You’ll find a proactive, strategic approach to identify IT weaknesses and avoid possible breakdowns before they occur. We also actively monitor key systems continuously. This enables problems to be detected and fixed fast.
Regular planned visits to clients’ premises and face-to-face meetings are another way we minimise the possibility of unexpected IT problems.
SECURITY OF DATA: PROTECTING YOUR DATA
Businesses depend on their accountants to keep their private data secure. In turn, for accountants, keeping clients’ data they hold safe is paramount. The importance of data security, especially to financial firms, cannot not be overstated.
Legal obligations aside, a significant data loss is a devastating blow to an accountancy firm. We take protecting against these types of threat and others, like fire and even simple human error, very seriously. It’s a core part of what we do.
When working with accountants, we create effective backup solutions and disaster recovery plans as a matter of course. You need to be sure that your data is safe.
Ransomware attacks, for example, are designed to encrypt files and make them unopenable. This type of malicious software will often infect backups too, so the right backup strategy is crucial.
However, with the right approach, it can be possible to repel such attempts or, if necessary, restore data and get up and running again with little downtime.
THE BEST SOFTWARE PACKAGES & IT SYSTEMS
The IT systems used by accountants are now more important than ever. It is likely that AI will take over many routine jobs, automating accounting tasks such as audits, payroll, tax and banking. So while new technologies will make some jobs redundant, new ones will be created and the handling of complicated processes will become more highly valued than ever.
This means you need the very best advice on IT infrastructure and accounting software, current and future. It can be complex. Working with many accountancy firms, we’re aware of the pros and cons of the industry’s most reliable options (such as CCH, IRIS, CaseWare and Digita). We also keep up to speed with the latest releases and new products.
As well as helping you choose what accountancy software to use, we routinely install and set up new software, and apply updates when appropriate. This avoids installation problems and leaves your staff as free as possible to service your clients.
WHAT CLIENTS SAY
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REPORT AN INCIDENT
To access the Lifeline IT support portal and log an incident, please click the button below. Alternatively, phone us on 020 8238 7838.