Cloud-based accounting data is one of the biggest assets to running and developing a business. However, this data can become your biggest liability if unsecure.
How does cloud-based accounting data impact your company’s wellbeing?
First, the reality is that your cloud-based accounting data is directly tied to your company’s wellbeing. Besides helping you fund your operations, this information helps you drive your business towards new goals. It’s also data that is directly tied to your customers and vendors. If your accounting data is breached, customer, partner, and potentially even employee finances are threatened.
Secondly, as cybersecurity threats increase globally, you must understand what’s at stake. Your accounting is your greatest business asset. But, if the system is breached, your accounting data can be used to harm your business, partners, and customers. So, let’s look at how accounting data plays a role in the safety and prosperity of your business.
Accounting: Your Greatest Asset
Accounting, particularly in the cloud-based environment is extremely insightful. In fact, accounting data is critical for understanding your customers and business performance.
Through automation and cloud connectivity, accounting data is consolidated and used to assess every financial dimension of your business. Return on investment for products, projects, staff, and other resources are clearly visible. Accounting data empowers you to make better decisions for both business operations and customer satisfaction. Therefore, you have a lot to gain through clear, automated accounting. However, the benefits of this data can work completely against you if the system is breached.
Un-Secure Accounting: Your Greatest Liability
When your accounting data is improperly secured, your company’s livelihood, work efficiency, and reputation are at stake. If financial data is corrupted, altered, or stolen this will affect all of your business processes. Your entire IT management system could be working with false or inaccurate data. Data with critical amounts of key information will be absent or exposed. In addition to your own company’s disruption, customers can be threatened by financial theft or fraud. Stolen financial data can include:
- Account numbers
- Transaction details
- Credit card numbers
- Bank accounts
- User names
- Personal and private information.
If this information is stolen, your company risks potentially millions of dollars in loss. Additionally, your company may be held responsible for customer compensations. Consequently, your capital is funneled into reparations and legal fees as a result of the breach. But, that’s not all. Any accounting security breach can damage your reputation and threaten customer relations. Customers will leave and prospects will look elsewhere if they feel working with you is unsafe.
Secure Your Accounting, Secure Your Future
Cloud data threats are only growing. While you can’t prevent this trend, you can prevent data theft from damaging your business. Investing in a reliable accounting platform with the latest accounting security features like Accounting Seed isn’t just a preventative measure, it’s essential for thriving on the cloud.