‘Hosting Services’ have been a common topic on many accountancy blogs and journals since the AICPAs’ Professional Ethics Executive Committee finalized a ‘Hosting Services’ Interpretation in August 2017. While the effective date for its implementation had been delayed till July 2019, the topic continued to remain a source of concern and discussion.

          The Hosting Service interpretation considered the various factors that firms were to adhere to while dealing with a client’s data, along with potential problems faced in the internet centered age of accounting and document management. Numerous blogs discussed the interpretation and what it connotes; and soon a trend appeared – managing client’s data was not only a matter of ethical importance but also a tool to improving organizational efficiency within a firm.

          With the modernization of accountancy firms, many organizations have had to take a closer look at the techniques they implement in managing their client’s data. With computers and emails being the primary means of communication and data sharing, locking documents in a cupboard is no longer a viable option to safeguard sensitive information. Further, studies by the Wall Street Journal and Pricewaterhouse Coopers respectively show that 1 in 20 documents processed are lost during filing and nearly 7.5% of all documents are permanently lost, an added concern to any organization.

          These numbers, whether surprising or not, are bound to have a significant effect on the workflow of an organization. They not only have the ability to stall tasks, but also limit employee’s efficiency in getting work done by diverting time to document management. The age of relying on paper is quickly passing us by, and tech management solutions are the need of the hour.

          A simple solution to both managing documents and maintaining the required levels of security while hosting client’s information are secure data management softwares. The key to finding the right software however remains a task for many. The perfect product is one which provides both easy access and high levels of security, which increase reliability in a firm and adds to a client’s peace of mind.

          Data management software’s such as ACVITS have been built to fill this need in the industry. With bank level data encryption, 99.999% data durability and easy auditing capabilities built in, among numerous others benefits, our data management software possesses both the ease of access and the reliability of a secure hosting service for you and your clients.

          As an affordable and reliable solution, ACVITS works for firms of any size and can help increase efficiency and work flow management in your organization, allowing you more time to focus on your customers and building your business.

          For more information on what ACVITS can do for your organization and how we can optimize your hosting services, please get in touch.

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