How to make sure your Accounting System Hong Kong is secure?

undefined

When running a Business we have particular software systems that store extremely important information. Putting the entire business into accounting software can set off red signals regarding security. After all, your bank account details, pricing and revenues along with supplier and employee details are all saved in the software. Any leak simply indicates that your entire business processes and private and confidential information may be jeopardized.

Thankfully accounting management software has inbuilt security to safeguard your data against malicious attacks. Let’s have a detailed look on what these measures are and how they protect your data:

Personnel and Location Based Security

If the accounting system you use is a pure service, the data will have to be stored on off-site servers. The accounting software firm will ensure safety of data by limiting access to certain authorized employees only, and creating authorization standards: password protection or dual approvals for server access.

A quick way to judge security is the attitude of the staff who you deal with. How do they input the data, how meticulous they are in the storage of physical and soft files, and who do they allow access to the data?

Natural Disaster Protection

When working on security plans, we tend to overlook protection against the natural disasters our area may be prone to like fires, tornadoes, or earthquakes. In the case of data storage servers being located in the same area as your workplace, there is a high chance of total data wipe out. So, during the selection of service providers, ensure that you select one that offers off location server storage.

Data Transfer Encryption

Ask your service provider about what encryption services they use and how they ensure security during transfer of data. This will not only allow you to know the procedures used to safeguard data when at storage but also during the transfer of data from one storage point to another.

Authentication

The most common causes of security breach happen due to unauthorized access. This access may be internal in the company or external from attackers. However, there are numerous protection methods that can help you solve this problem. The most common protection method is authentication – from setting up an email password with its numerous requirements to an automatically expiring password, there are many forms of authentication you can choose from.

Regulatory Requirements 

Take the assistance of your government and only hire accounting system providers that meet the regulatory requirements. To do this, it is equally essential to know about the requirements for cloud based storage, off-site storage, capital investments and board of directors amongst others beforehand. By focusing on these requirements, you can ensure that you have used the basic selection criteria for a reliable accounting firm and reliable accounting management software.

6 Reasons Your Business Needs Accounting Software

There are many reasons your business requires accounting software but if you’re a young business, you probably are not aware of what the benefits are.
Whether you’re a startup or an established business, you need to be accounting for all transactions. There are several reasons for this – some are legal, some are for the effective management of your company and others relate to positioning your business for further growth. Accounting software should lie at the heart of your accounting processes.

undefined

1. Financial accounting is a legal requirement. Wherever you are in the world, you will need to document all transactions, profits (or losses), income, assets and liabilities. This is a requirement for tax purposes and these details will also need to be prepared for shareholders and creditors. In order to do this effectively, you need a solid accounting system based on accounting management software.

2. It makes your life easier. As a director or owner of business that is growing, you will inevitably have teething problems when transitioning from a small company to a large and professionally run outfit. Part of this transition includes formalising your accounts. Instead of tracking sales and inventory using Excel, for example, you will need something more robust to show the state of your finances and inventory at any given time.

3. Accounting management software is an immensely valuable tool in that it tells you where you are as company. It gauges your health as a commercial entity and tracks past performance. Using historical data, trends can be ascertained and strengths and weaknesses identified. Seasonality can also be identified, and you can see which products are most profitable. Having this information allows you to improve and tweak your business and devise management strategies for the future.

4. Customer information is another important part of accounting management software. With all sales tracked, you can identify which customers are buying what products. This gives you valuable insight into your clients’ buying habits and positions you to create targeted marketing campaigns.

5. The beauty of an accounting system based on accounting management software is that it streamlines and automates your corporate processes. It can automate invoicing, banking, payroll and a lot more besides. This means your business can save a huge amount of time and expense.

6. Management accounting software means that you have your company information at your fingertips. If the tax office ever comes calling, you will not have to frantically scramble around looking for half-baked Excel files to find your accounts. Everything will be available and, if used correctly, in order.
You simply cannot manage a business properly without an accounting system based on management accounting software. Further more, if you want to transition into a business that plans for the future with a defined strategy, you need to know the current state of your business against it’s past performance. Strategy defines a mature business, and for that, you need quality management accounting software.

 

Book-keeping a thing of the past, say hello to your Accounting Software program

accounting software

The necessity to keep accurate and up-to-date accounts is an important task in any business. However, for smaller businesses this can be a time consuming task that is often continuously pushed back and forgotten about. This is a problem frequently faced by businesses that are not big enough to employ a specialized accounts person, and hence, the job of keeping accounts is often left to the business owner or manager. The importance of knowing and keeping track of your income and expenditure is imperative to running your business successfully and thanks to technology there are many great software programs available that will save you time.

Accounting management software works like any other software, you click away and you see results. Gone are the days of a pen, paper and calculators, all you need now is your own personal computer to manage your business books and keep them from going haywire. By simply entering data and creating rules for the same spends you can quickly reconcile invoices. It’s also very easy to create invoices for your clients as well as quickly and effortlessly complete your company payrun.

Accounting systems allow you to control your business operations like any other business management system. They save data and calculate your expenses, costs, gross profits and net profits instantly by inputting figures. Accounting systems save you the pain of balancing your books manually only to find your figures are way out. So why not opt for an accounting management system which makes the general running of your business efficient.

With a variety accounting management software systems available for small and medium sized businesses, the options are endless. It might be an idea to really do your research when looking for the right accounting management system. Read reviews and look at what each system offers to help find one that best suits your needs. If you are a larger enterprise don’t be deterred into thinking that these systems will not be robust enough for your company. The truth is many of these accounting systems will allow large enterprises run their finances effectively. There’s not always a need to spend extreme amounts of money on systems that you won’t utilize to their full capacity.

If account management was not such an integral part of running a business, most business owners would probably not want to waste their time doing it because it is a mundane job. However, since it takes up an essential part of running the business effectively, why not streamline your processes as easy as possible by purchasing decent accounting management software. So toss your accounting books to the back of your office and start running your accounts department with state-of-the-art accounting management software today!

 

Home