Using a Managed Service Provider for Your Accounting Business

Information technology (IT) has revolutionized the financial sector. From video conference meetings to cloud-based data handling systems, accounting has become more efficient and accurate than ever. Not every change has been for the better, however. Innovation has also introduced new challenges, which accounting firms must overcome to keep their business productive and secure.

Tekie Geek is a managed IT service provider that delivers superhero support to business clients in New York and New Jersey. Here, we discuss some of the obstacles your accounting business may face and how our services can help you overcome them.

Keeping Up With Innovation

The financial world no longer revolves around calculators and spreadsheets. Digitalization and the introduction of new technologies have transformed the industry. It continues to change rapidly as new innovations emerge, each of them reshaping the way we do finance. These are some of the hot technology trends impacting today’s financial landscape:

In this ever-changing landscape, it’s essential that accounting firms keep pace with innovation. Falling behind, at best, means losing your competitive edge. At worst, it can mean leaving your business open and vulnerable to attack. Keeping up may seem daunting to smaller firms, however. These small businesses may lack the resources, staffing, or expertise required to keep their systems up-to-date with the latest innovations, but neither can they afford to fall behind.

Stay Ahead With Managed IT Services

Managed service providers (MSPs) like Tekie Geek present an opportunity for businesses to partially (through co-managed IT) or fully outsource their IT needs. We handle everything, including server hosting, maintenance, cyber security, and updates, through a cloud computing service that eliminates the need to host your own hardware. This enables us to keep all technology current with the latest trends. As new developments arise, our team can advise yours on the best implementation – helping you stay ahead of the competition with up-to-date systems and solutions.

The Importance of Data Security

Accounting firms handle sensitive information, including client names, identification documents, and financial records. This makes them a prime target for ransomware and cyber-attacks – a problem that is already rampant in the financial industry. According to a 2023 study by Statista, 72% of businesses surveyed have been victims to ransomware. Small firms are disproportionately targeted due to their frequent lack of robust cyber security.

Falling victim to an attack can be devastating. Not only may businesses face significant financial loss, but the blow to their reputation may also result in long-term loss of clientele and revenue. In addition, accounting firms are subject to strict regulatory frameworks. These add extra complexity when handling the fallout after an attack. If the business is deemed non-compliant, it may face fines and legal fees.

Let Us Keep Your Data Safe

Accounting firms can improve their protection by partnering with an MSP like Tekie Geek. We prioritize cyber security in all our services, leveraging a variety of data security tools to protect clients against ransomware, phishing, and other forms of attack. Some of our strategies include:

We also provide full-picture assessments to identify weaknesses that may be exploited. Our assessments use the same tools commonly used by hackers, allowing us to evaluate your vulnerability accurately. We can then install security patches to block malicious actors and keep sensitive data secure against unauthorized access – protecting both you and your clients.

Managing Financial Budgets

While the latest technologies are essential to keep accounting firms competitive and secure, these do not come cheap. On-site hardware maintenance, accounting tools, and task management and communication software all require some investment.

These costs extend beyond purchasing licensing and subscriptions. Firms must also cover staff training, support expenses, continuous maintenance, IT staffing, and more. Integrating new software into current workflows may cause downtime and decreases in productivity, negatively impacting revenue. These challenges are compounded when multiplied over several different software subscriptions, applications, and platforms.

This financial burden may prevent firms from updating their technology. Small- to mid-sized companies may struggle to afford upgrades with their limited capital. Even for those with budget to spare, it may be difficult to justify diverting funds that could be used elsewhere.

Invest in Your Company’s Future

Managed IT services can also be expensive. Because MSPs include all services under a single umbrella, however, they can often optimize costs. Paying a single reliable partner for managed IT is often more cost-effective than spreading your investment between multiple licenses and subscriptions. With managed IT, one payment can cover:

When shopping for an MSP, it may be tempting to select the least expensive option. It’s important to remember, however, that you are investing in your company’s future. Thorough vetting is essential to ensure a successful partnership. Many of the cheapest providers are “trunk slammers” who lack expertise and cut corners to lower costs. Make sure you’re fully protected by selecting a high-quality service like Tekie Geek. It might require a higher investment, but you’ll save in the long run.

Overcome Tech Challenges With Tekie Geek

Constant updates, limited budgets, and the pressing need for security are common challenges for accounting firms. Find help overcoming them with Tekie Geek. Our managed IT services are available to clients throughout New York and New Jersey, who receive comprehensive assessments and customized packages to protect their data and bring their businesses into the new age. Contact us for more information about our services and insights into how we can bring value to your accounting business.

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