Cloud-based accounting programs are the latest in accounting technology. There are plenty of upsides, from ease of use and mobile access to seamless integrations with niche programs and complex accounting systems. Yet, like everything, cloud-based programs are not without some risks as well. Included among the considerations are, lack of physical control of servers, data transmission out of office, and the potential to be affected by loopholes and exploits that not explicitly aimed at your company. These cloud security risks must be considered when outsourcing accounting, but there are opportunities to mitigate the risks as well.
The cloud-service provider hosts all hardware on location, such as the servers hosting the application and your data. You connect to the application through an app or your browser in order to access its resources. Because you don't have the servers on-site, you don't have physical access to the hardware nor do you control its security. Talk to cloud-service providers about their data center security, determine whether they co-locate their servers or have complete control over the server room or center, and find out what measures they have in place to control physical access to the devices. Ask about data redundancy, back up procedures and processes in place in case of breach.
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