Many small business accounting departments still use manual data entry to input orders and inventory into spreadsheet programs or accounting software. But relying upon this technique is a detriment to financial health on several levels. In fact, lost data or incorrect data can cost businesses hundreds, thousands, or even millions of dollars in the long run.
The amount of information an accounting firm processes every day is staggering. Incoming documents and expedited workflows make keeping track of all data a challenge for any CPA. As these firms also manage personal and financial information, it makes them uniquely susceptible to cyberattacks. Keeping in mind that the technological landscape continues to evolve, staying up to date with the latest developments in information technology isn't easy.