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There is no doubt cloud computing has taken the accounting industry by storm to transform processes and change how accounting is done. A recent study reveals over 67% of accounting professionals opt for cloud accounting over traditional computing solutions. Cloud not only ensures easy access to crucial files and workflows from any location but also improves data security while optimizing efficiency and communications.
There are two options when it comes to cloud computing: the public cloud and the private cloud. We will look at the difference between the two and why CPA firms in Boston should choose private cloud over other options.
A public cloud is an IT model in which on-demand computing solutions and infrastructure are provided and managed by third parties and shared by several firms using the public internet. In essence, the public cloud ensures cloud computing resources are available to any organization for purchase. The services range from infrastructure as a service (IaaS), platform as a service (PaaS), to software as a service (SaaS) offered to users for either a pay-per-day use fee or a monthly one-off fee. Because of economies of scale, public clouds help businesses cut costs by eliminating the need for firms to host essential IT services on-site in their own data center. However, because it is a shared resource, the public cloud may not offer the robust data protection and security that accounting firms need. It is also not flexible and may not allow easy customization.
A private cloud is a type of cloud computing and architecture dedicated solely to a single organization. With the private cloud, all cloud computing hardware and software resources are only accessible to a single CPA firm. It offers all the benefits of a cloud computing environment with better security and enhanced control of on-premises IT infrastructure. Compared to a public cloud, a private cloud also offers more elasticity, access control, scalability, and ease of service delivery.
Most accounting firms in Boston choose private cloud over public cloud because the private cloud offers an easier way to meet the various regulatory compliance requirements of their firms. CPA firms typically deal with mountains of highly confidential documents and financial data, and private cloud promises better security. The following are the main benefits of private cloud to your accounting firms.
Better reliability and resilience
Since they offer virtualized private server environments, private clouds ensure data security and better network resilience to failure. Private clouds allow you to undertake backups in real-time, meaning should failures happen, your team can move resources from crashed servers to healthy servers. This undoubtedly helps mitigate the impact of unexpected events.
Although all cloud solutions are flexible, the private cloud offers you more power for flexibility. With private cloud computing, you won’t have to worry about investing in new servers to accommodate new business needs. A private cloud solution enables relocation resources with much ease. This means you can launch new servers and create new protocols for your team spread out in various remote locations quickly and efficiently.
Guaranteed Security and Privacy
As mentioned earlier, accountants deal with myriads of confidential and sensitive data that is often targeted by cybercriminals. Recently, the financial sector has seen an upsurge in cyber events targeting the industry. A study by VMware revealed the financial sector saw a 238% increase in attacks from the beginning of February 2020 to April 2020. The private cloud environment offers dedicated security solutions, including robust physical security, firewalls, and antivirus software to ensure all data is safe and adequately protected.
With a private cloud, you gain complete control over how to manage and configure the IT infrastructure to suit the specific needs of your accounting firm. This applies both to the resources and costs. Ideally, the public cloud offers ideal resources that allow you to avoid unexpected costs that typically arise with public clouds that are not adequately managed. You can build and configure your private cloud the way you want to and allocate resources prudently in a manner that best serves your accounting firm while ensuring minimum wastage.
Guarantee Business Continuity
With the public cloud, you can never be sure of business continuity in case of a significant event that leads to data loss. In the rapidly changing accounting and evolving technologies, there is no guarantee your public cloud service provider will stay forever in business. Should the provider unexpectedly encounter a crisis or disaster, it will be tough for you to migrate your data and accounting applications to new servers. You can easily mitigate these risks by choosing a private cloud over a public cloud for your firm. As mentioned earlier, the private cloud offers better control, enhances security, dedicated backup, and recovery, all of which ensure business continuity.
Better Performance and Scalability
In a private cloud, resources remain entirely at the owner’s disposal, thus removing the risk of capacity or resource contention. It means you can allocate resources with a lot of certainty and at will. This also makes it easier for accounting firms to scale up infrastructure to meet changing business needs. In a nutshell, the private cloud allows you to tailor the IT resources to meet your accounting firm’s performance needs without having to worry about whether the servers can handle extra workloads.
Another crucial benefit of private cloud for CPA firms in Boston is the unmatched level of customization they provide. Essentially, each accounting firm has different needs and diverse specialties. Private clouds allow companies to choose a specific cloud computing infrastructure with ideal storage and networking characteristics that allow their networks and systems to meet particular business requirements perfectly.
By now, you have a perfect idea of the benefits of private cloud for your firm. As an accounting firm, security, privacy, and control are crucial for business success, and the private cloud guarantees all this and more. If you have further questions or need help to get started with your private cloud, contact Radius Executive IT Solutions today. Radius Executive IT Solutions works with Boston CPA firms to manage and optimize their private cloud solutions and ensure they reap maximum benefits from their investment.
We provide trusted IT resources for CPA firms in their target market and can help ensure that you have the right cloud solution. Contact us today to learn more.