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Even though many online accounting solutions have been launched in the market today, many business owners still feel insecure about using a web-based accounting vendor to trust their financial information. We all understand as business owners that the safety of our accounting data is a big issue, and companies usually go to lengths to protect it.

And for the same reason, companies are reluctant to trust cloud hosting solutions for their online accounting needs. But it may be surprising to know that using a web-based accounting solution can be better or more secure than a privately hosted and maintained accounting system.

Confused?

Don’t worry. In this article, we’ll talk about the various reasons how online accounting software can be safe and secure for your account.

What makes accounting software secure?

  • Keeps you safe from unauthorized access

Good accounting software helps you protect your financial information from being accessed or hacked. Such access might be due to poor handling of personal accounts, a compromised user, a system break-in, or even a malicious employee on the loose.

Accounting software can help you avoid such situations by preventing unwanted users from accessing, using, or disclosing your information. The owner of the application is the one who decides who can have access to which document and how many changes they can perform in it.

You can also track the latest modifications by date and the individual’s name who made a change that makes taking ownership for a mistake easy to follow.

  • Gives two-step authentication support

Two-step authentication refers to the second step of a two- or multi-step authentication process, which verifies the identity of a user through the use of two independent factors. There are two types of authentication systems commonly used here: Password-based authentication and other factors authentication.

As the first part of the authentication process, you can use a username and password to access a website or online service. This is a traditional approach to user authentication. The second part usually generates an OTP that goes to the user’s registered mobile number or email address. It helps identify and validate user identities and reduces the risk of a potential attack.

This also ensures that you’re able to log in to your account even if your password is compromised.

  • Bank-level data encryption

The bank-level data encryption offered by most online accounting software helps keep your data secure from unauthorized access. This is achieved through the use of 256-bit SSL encryption. This robust level of encryption is used by banking institutions and e-commerce sites, as shown by the lock in the left corner of your browser‘s address bar. A similar robust encryption method is used by online accounting solutions, ensuring that no intruders can steal your data while you’re operating.

This provides you with the peace of mind that your information is secure even if your system is hacked.

  • Data backup and system update

Data backup and system update is another prominent feature of online accounting software that helps keep your data safe. Most software automatically backs up your data regularly so that you can restore it in case of a system failure or a data breach. This helps you avoid data loss and system downtime, which are common issues caused by system failure.

Continuous software updates are another add-on to strengthen your data security. As we all know, with the ongoing advancements in the software industry that help deliver thousands of technical solutions to millions of users worldwide, a new threat to data breach comes into the market every day. with continuous vulnerability assessment, testing, and system updates, online accounting software keeps your data secure from all kinds of potential threats that can hamper your business processes.

  • Multiple server support

The multiple server support offered by online accounting software hosted on the cloud helps keep your data secure and your system running in case of system failure. Most solutions work on multiple servers for increased data availability, enabling you to avoid system downtime caused by system failure. Instead of shutting down your website or service, the online accounting software automatically redirects your users to the alternative server, keeping your business running 24/7.

This prevents the loss of critical data. In addition, it allows you to scale your system to meet the needs of your business. You can add as many servers as you need to support the growth of your business when needed. Additionally, these server farms are super secure. Along with firewall protection, these farms are also protected from physical damage, including natural disasters like floods, earthquakes, etc.

  • Firewall and network protection

In addition to data backup and system update, the firewall and network protection offered by most online accounting software help keep your data secure from all kinds of outside threats, including hackers. Firewalls protect your network from unauthorized access and block malicious traffic. They also keep out unwanted traffic, such as spam and malware. Most online accounting software has multiple firewalls and network segments configured to allow only approved connections to your system. This helps secure your system from external attacks. They also use advanced vulnerability assessment and penetration testing to identify and prevent potential security breaches.

Summing up

With all these impressive features, online accounting software is the best solution to keep your business data secure and your system up and running when you need it. It is the right choice for businesses that need a reliable platform to run their daily operations. In addition to its core functionality, it also offers advanced security features that help you protect your data from all kinds of outside threats. In addition, it is a cost-effective solution that delivers business-grade performance and is easy to use.

As you can see, the features mentioned above provide you with significant data security while using cloud-based accounting software. They help you avoid data loss and system downtime caused by system failure. In addition, they help you secure your system against the ever-increasing number of threats that are designed to steal your data and disrupt your business processes. This provides you with the peace of mind that your information is secure even if your system is hacked. To know more, check out the best online accounting software.

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