In this year’s 6th annual roundtable, sponsored by the Journal of Accountancy, some familiar themes emerged: the importance of cloud computing, improving technology training for all staff, and cybersecurity. But among the topics discussed during the roundtable, new trends emerged that are worth nothing.
Mid-Sized Accounting Firms Struggle with Technology
According to the experts participating in the roundtable, mid-sized accounting firms lag behind both small and large-sized firms in many areas of technology. Implementation, maintenance, and strategy are three areas in which mid-sized firms lag behind. By lagging behind, they run some risk of problems.
For example, lagging behind in cybersecurity puts your entire IT infrastructure at risk. Cyber attacks aren’t limited to big firms; mid-sized and small-sized nonprofits may be at greater risk since criminals view them as low-hanging fruit and quick to capitulate and succumb to things like ransomware. They may also have no dedicated staff to cybersecurity, which means less attention is paid to it and criminals may have an easier time accessing critical data, personal information they can resell, and other information.
Cloud computing may bridge the gap mid-sized firms experience in the technology world. Because cloud computing services are set up through the internet, they are accessible to all sizes of companies. They also offer higher security since cloud-based companies providing software and services invest in tighter security to protect multiple clients.
Software delivered through the cloud can also be less costly than previously available versions that were seat-based. Cloud software, shared among multiple mid-sized firms, spreads the cost out so that it is more affordable. Better computing power at a lower cost makes it an obtainable goal for many mid-sized companies.
Technology Improvements Needed
Throughout the roundtable discussion, the need for overall improvement in the use, adoption, and understanding of technology was apparent. Many nonprofit organizations feel overwhelmed by the sheer volume of technology solutions they are expected to learn and apply.
Partnering with a strong consulting firm who can teach, advise, and guide you through the process of adopting tighter cybersecurity practices and cloud-based software solutions may be a good path to follow. Small to mid-sized nonprofits do not have the resources or time to invest in cybersecurity, but they can partner with a company or consultant who is an expert in this area to help them. Understanding your nonprofit’s strengths and partnering with others to shore up your weaknesses is a smart way to proceed.
Simple Changes that Reap Big Results
A few simple changes suggested by the experts that can produce big results include:
- Encrypting emails: Encryption can protect sensitive information and provide an additional layer of security with an easy fix.
- Training: Training staff how to screen for phishing schemes, how to craft strong passwords, and other simple cybersecurity measures needn’t be a huge undertaking, but even a little training can go a long way to improve cybersecurity.
- Updating hardware: Many experts talk about updating software, but how about updating the hardware your staff uses? Bigger monitors may sound like a strange thing to focus on, but they can make workstations more comfortable and prevent mistakes by simply enlarging information on screen.
There’s a lot to focus on when it comes to technology for your nonprofit association. It can feel overwhelming to tackle everything on your technology to do list. Finding and working with a consulting partner may help you move into a better, more comfortable place when it comes to technology.
Welter Consulting bridges people and technology together for effective solutions for nonprofit organizations. We offer software and services that can help you with your accounting needs. Please contact Welter Consulting at 206-605-3113 for more information.