Rob Mills

09 Oct 2018

Cloud Adoption: Latest trends and developments

Satago recently spoke at the Digital Accountancy Forum and Awards 2018 on this topic and with developments occurring everyday we think it’s a pretty exciting time for the accounting industry.

What are the latest trends?

• Edge computing – in comparison to the big centralised data servers, critical data may soon be captured, stored and processed locally better helping you work with data that matters to you in real-time
• Cloud Security – our increased reliance on the cloud has meant the number of hacks are not decreasing but are continuously on the rise.  From “script kiddies” to state actors, we’re seeing increasingly sophisticated attacks targeting all sectors and industries – this in turn will give rise to a new wave of security
• Enhanced internet connection – 5g is coming and will be a realistic alternative to having a wired landline.  It will allow for better connectivity allowing the network to handle more data and connect more devices simultaneously, this is particularly important for the internet of things
• Open source continues to reign – the open source ecosystem is thriving with no evidence of slowing down
• Cloud keeps growing – sounds obvious right? But cloud is expected to be worth almost 6 times more per year at the end of 2019 as it was in 2010

Implementing cloud approach and adding a competitive edge to your auditing services

Accountancy reinvented – technology is providing you and your Practice with a new opportunity to streamline workflows and satisfy the needs of your clients more efficiently. All this whilst being able to better forecast the cost of services clients, leading to more efficient working practices and more competitive pricing. The availability of real-time data will allow you to add value to your clients’ businesses by providing them with more accurate forecasting and being able to offer more insightful advice.

How can you effectively store data on the cloud?

Now you can access your client data anywhere at any time…all via the internet. Do how do you do this and remain risk free?

• Make sure you know who has access to your data and control how users share that data
• Enforce strong authentication/ multi-factor where possible
• Consider the user of password managers
• Single sign-on can help limit your attack footprint and simplify account management
• Don’t assume your cloud provider has your back – consider commercial backup solutions or backup data locally
• Use cloud services that encrypt data
• Make sure that your service provider is GDPR compliant
• Think about BYOD and how you can segregate data to protect it if the device is compromised

We partner with many cloud and on-premise accounting software providers so you are sure to find the right solution for you. Get in touch today to find out how cloud accounting can help your Practice and you clients.