<p>Don’t be fooled by the name: ‘Cloud-based accounting’ doesn’t mean saving for a rainy day. Rather, it’s a technological term: the ‘cloud’ in this case, is a remote server where your accounting data is stored, rather than having it based on your own computer. Want to access it? Just log into your account from any internet-connected device, <a href="https://sonary.com/content/maximizing-efficiency-the-advantages-of-quickbookss-anytime-anywhere-accounting-data-access/">anywhere </a>on the planet. It really is that simple. </p>
<p>If you’re used to traditional methods of bookkeeping, in which all your accounting data is securely locked in a filing cabinet, or even backed up regularly within your own computer system, cloud-based accounting solutions may seem risky. In reality, storing your data in the cloud eliminates serious risks such as losing key files, or unauthorized access by staff, contractors, and others. It also saves you time and money as all of your accounting data is saved in real-time and backed up regularly for you, so you can be certain that when you input data, it’ll always be there when you need it. </p>
<p>That said, there are some things you need to be mindful of when it comes to storing your data on the cloud. Let’s take a deeper look at what accounting in the cloud is, data security in the cloud, and best practices to follow.</p>
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<h3>What is Cloud Accounting?</h3>
<p>Cloud accounting is accounting carried out using cloud accounting software – <a href="https://quickbooks.intuit.com/global/cloud-accounting-software/" target="_blank" rel="noopener noreferrer">defined by Intuit Quickbooks Online</a> as “accounting software that helps you maintain your books of accounts online.” Rather than inputting your accounting data into a paper ledger or an Excel spreadsheet saved on your computer and backed up on memory sticks, the information is input into an online program such as Quickbooks Online. Your information is then stored in servers located that are maintained by Quickbooks, rather than being stored on your computer. </p>
<p>Storing your accounting data on the cloud, rather than locally, means that it’s accessible anywhere you have an internet connection. All you need to do is log into your <a href="https://sonary.com/content/how-to-set-up-quickbooks-online-get-free-guided-setup/">Quickbooks </a>account on any device and you’ll be able to access your accounting information, along with reports generated by Quickbooks to help you understand and analyze your data. Quickbooks also autosaves new information as you input it, so there’s no need to remember to keep hitting ‘save’ or risk losing all your work.</p>
<p>An added benefit to having your accounting accessible online is that you can give other people access to your account, rather than having to input every item of data yourself – while limiting who can see what. Using Quickbooks, all you have to do is give each person their own login details, and you can set parameters for access. For example, a contractor can log in to your account to log their hours rather than having you do it for them, but won’t be able to view your profit and loss statements. </p>
<blockquote>
<p>With Quickbooks, your accounting data can be viewed and analyzed on your desktop, mobile phone, or iPad, at home, at the office, or even while on the beach if you want.</p>
</blockquote>
<h3>Understanding Data Security in Cloud Accounting</h3>
<p>Cyber attacks are on the rise worldwide and are directed at organizations, both large and small. According to one University of Maryland study, a hacking attack is carried out somewhere <a href="https://eng.umd.edu/news/story/study-hackers-attack-every-39-seconds" target="_blank" rel="noopener noreferrer">every 39 seconds</a>. While government, tech sector businesses and retail are the three most targeted groups, attacks on small businesses make up 43% of all cyber-security attacks. </p>
<blockquote>
<p>A hacking attack is carried out somewhere every 39 seconds.</p>
</blockquote>
<p>Small businesses are especially vulnerable because they can’t afford the high-end security that larger businesses can invest in. Most small businesses, for example, can’t afford their own servers, let alone around-the-clock security details, fire and flood protection, high-end encryption, and data firewalls. This makes cloud accountancy the safer option for most businesses, as the heavy lifting of cybersecurity is done by the cloud accounting service provider. </p>
<p>That said, there are important considerations to take into account regarding data security in cloud accounting. These fall into two categories: data security carried out by companies that offer accounting software on the cloud, such as Quickbooks Online, and data security by the business owners who use the software to store their accounts. </p>
<h3>QuickBooks Online and Data Security</h3>
<p><a href="https://sonary.com/b/intuit/">Intuit’s Quickbooks</a> takes data security very seriously and has implemented a series of measures designed to fortify data security within its system. Intuit’s servers are housed in a secure facility protected by video surveillance, a full-time security staff monitoring the site 24/7, and alarms to sound the alert against attempted high-tech breaches. </p>
<p>Break-ins are not the only physical threat, which is why the servers are also protected with smoke detectors, fire suppression systems, and flood detection and prevention systems. There’s also a secure power supply with backup generators in case of power cuts. </p>
<p>Technologically, Intuit applies the same stringent standards to safeguard against hacking attacks. QuickBooks Online is secured by DigiCert®, the leading secure sockets layer (SSL) Certificate Authority, which encrypts all the data within Quickbooks’ system using 128-bit Advanced Encryption Standard (AES). It’s a little technical but put simply, 128-bit AES means that data is secured via a symmetric algorithm (i.e., one that uses the same key in encryption and decryption) that utilizes a 128-bit block key. Using a key that long gives an impossibly large number of possible combinations, making the key impossible to crack. Even using the most cutting-edge computing power, it has been estimated that it would still take <a href="https://www.makeuseof.com/aes-128-vs-aes-256-encryption-whats-the-difference/" target="_blank" rel="noopener noreferrer">a billion years</a> to run through all possible combinations and find the right key, which is why 128-bit AES is the industry standard used by banking and government institutions alike to protect sensitive data. </p>
<h3>Best Practices for Data Security in QuickBooks Online</h3>
<p>Quickbooks does everything it can to eliminate vulnerabilities at the server level, ensuring that your data is kept safe and secure within Quickbook’s infrastructure. However, it’s still up to you to ensure that your account is secure at the point of access – that is, to ensure that no unauthorized user can log into your account. Here are a few tips for ensuring that your account is secure from the user end. </p>
<p><strong>Use of strong and unique passwords:</strong> When you first set up your Quickbooks account, and for each new user you add to an account, you’ll need to create a password. With so many passwords to remember nowadays, it’s tempting to use something easy to remember, and to use the same password for all your accounts. But that leaves you vulnerable to hacking. </p>
<p>“Today, it’s about as difficult for a cybercriminal to get your password as it is to make a cup of coffee, particularly if you use the same passwords for everything you do online,” George Finney, the chief information security officer at Southern Methodist University told Reader’s Digest. His comment came in reference to a list of the top most guessable passwords. The list included ‘123456’, ‘password’ and ‘1q2w3e’ (you can <a href="https://www.rd.com/article/passwords-hackers-guess-first/" target="_blank" rel="noopener noreferrer">check the list here</a> to make sure your passwords aren’t on it). </p>
<p>Top tips for creating secure passwords include: </p>
<ul>
	<li aria-level="1">Use a mixture of capital letters, lowercase letters, numbers, and symbols</li>
	<li aria-level="1">Don’t use full words, names, or phrases</li>
	<li aria-level="1">Don’t use birth dates</li>
	<li aria-level="1">If you’re worried you’ll forget the password, use the first letters of a phrase, mixed in with numbers and characters. For example, ‘I love to vacation in Caledonia’ would be ‘I&lt;32viC’</li>
	<li aria-level="1">Use a different password for every account you have, and change them routinely. </li>
</ul>
<p><strong>Two-step verification:</strong> Intuit Quickbooks automatically requires multi-factor authentication, in which you receive a one-time verification code via email or mobile phone the first time you log in on a new device. However, we recommend that you upgrade to two-step verification, whereby you’ll need to verify that it’s really you using a code sent to your mobile phone each time you log in. That way, if your laptop is stolen, thieves won’t have access to your Quickbooks account. </p>
<p>To turn on two-step verification, log in to your Intuit account, and select sign in and security; in the &#8220;2-step verification&#8221; section, select turn on, and then follow the instructions from there. </p>
<p><strong>Regular updates and software patches:</strong> Intuit Quickbooks regularly releases software updates that help keep your security at the cutting edge. To ensure that your data is fully protected, you can get notifications from Quickbooks whenever there is a new software update for you. To turn on automatic updates, visit Quickbooks on your desktop, click ‘help’ and select ‘update Quickbooks’. In the overview tab, you’ll be able to see when your last update was and if there are any new updates. You’ll also be asked if you want to turn on automatic updates. Select yes; you’ll be given a prompt every time there’s a new update, and have only to select ‘update now’ to stay fully protected.</p>
<p><strong>Secure data backup:</strong> While you can be sure your data is secure on Intuit’s cloud servers, the best practice is also to back up your files to your own desktop. You can do this through Quickbooks using <a href="https://quickbooks.intuit.com/learn-support/en-us/help-article/account-management/set-intuit-data-protect-back-files/L7a49nC0w_US_en_US" target="_blank" rel="noopener noreferrer">Intuit Data Protect</a>, opting to back up either your entire computer or your Quickbooks files and folders only. Once turned on, Intuit Data Protect will back up your files daily. The program is included free with QuickBooks Desktop Pro Plus, Premier Plus, and QuickBooks Enterprise subscriptions. </p>
<p>Once you’ve signed up to Quickbooks, you’ll need to download Intuit Data Protect to use the program. Once downloaded, go to your Quickbooks account and select ‘File’. Select ‘Back Up Company’ and then ‘Set Up/Activate Online Backup’. From there, follow the instructions to complete the process. You can also backup your files manually using Intuit Data Protect, by opening the program on your desktop and selecting ‘back up now’. You’ll be asked which files you want to back up. Once you’ve selected them, click ‘back up now’, and your files will be downloaded. </p>
<blockquote>
<p>95% of online security breaches &#8211; that’s 19 out of every 20 cyberattacks &#8211; are down to human error.</p>
</blockquote>
<p><strong>Create a culture of data security:</strong> According to an IBM study, some <a href="https://www.engineeringnews.co.za/article/the-role-of-human-error-in-cybersecurity-breach-2022-08-29#:~:text=According%20to%20a%20study%20by,of%20%243.33%20million%20in%202020." target="_blank" rel="noopener noreferrer">95% of online security breaches</a> &#8211; that’s 19 out of every 20 cyberattacks &#8211; are down to human error. That doesn’t mean your employees are actively sabotaging your business; it means that people make mistakes when tired or distracted and end up doing something like sending an email to the wrong person, or they make a bad decision such as opening a phishing scam email or clicking on a suspicious link. </p>
<p>That’s why creating a culture of data security is so important. Employees need to understand that being given access to certain information or programs, like Quickbooks Accounts, carries the weight of responsibility for the data they’re accessing. Before granting access to new employees, it’s worth reiterating their responsibilities when dealing with sensitive data, especially if that includes data that has been entrusted to you by customers and clients. </p>
<p>You may also want to hold workshops or <a href="https://www.ispringsolutions.com/blog/data-security-training" target="_blank" rel="noopener noreferrer">training events</a> on data security and how to protect data within your organization. This can range from information on how to create a strong password and reminders to change passwords regularly, to how to spot phishing attacks, to workshops on recognizing different forms of data and how to handle them safely. </p>
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<h3>Conclusion</h3>
<p>The importance of data security in cloud accounting can’t be overstated. It’s been estimated that the cost of global cybercrime will reach $10.5 trillion USD annually by 2025, making online security a priority for any business holding data in the cloud. </p>
<p>Quickbooks is actively working to protect its clients’ data on multiple fronts, from physically protecting its servers with fire and flood prevention, and security guards posted 24/7, to using technology to encrypt the data using unbreakable ciphers. </p>
<p>Yet vulnerabilities remain at the client level. Weak passwords, carelessness when granting access to your organization’s Quickbooks account, or lax data security standards within an organization all leave room for data breaches to occur. </p>
<p>To prevent data security breaches in your QuickBooks Online account, make sure you are up to date with best practices in online security, organization-wide. </p>

How to Protect Your Data in Cloud Accounting: Best Practices & Considerations

Don’t be fooled by the name: ‘Cloud-based accounting’ doesn’t mean...

<p>Financial wellbeing is an essential component of overall health, affecting a person’s mental state, productivity, and ability to cope with any challenges that may arise. Yet the current economic climate is taking its toll on employees’ financial wellbeing, as inflation starts to bite. More than six in ten employees are currently stressed about their finances, a recent Bank of America <a href="https://business.bofa.com/content/dam/flagship/workplace-benefits/id20_0901/documents/2022-WBR.pdf" target="_blank" rel="noopener nofollow noreferrer">survey found</a>. Eight in ten are concerned about inflation, while more than seven in ten feel the cost of living is rising faster than their salary, leaving them worse off as time goes on. Little wonder, perhaps, that 97% of employers now feel a sense of responsibility for their employees’ financial wellness, up from 41% in 2013. </p>
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<p>The good news is that it’s never been easier to provide resources for employees to understand their finances better and plan for the future. Intuit Quickbooks Payroll is taking active steps to help small businesses facilitate financial wellness for their employees through <a href="https://sonary.com/hr/">easy-to-use HR</a> and <a href="https://sonary.com/payroll-services/">payroll software</a> and through services such as a personal HR advisor. Quickbooks Payroll allows small business owners and managers to automate payroll, ensuring employees are paid correctly and on time, but also to manage 401(k) retirement plans and health insurance payments, taking the stress out of financial planning for employees and enhancing their financial wellbeing.</p>
<blockquote>
<p>35% of employees search for a new job for better benefits</p>
</blockquote>
<p>Source: <a href="https://quickbooks.intuit.com/payroll/employee-benefits/" target="_blank" rel="noopener nofollow noreferrer">QuickBooks</a></p>
<p>It’s not just the employees who benefit when employers are proactive about financial wellness; with one in five employees thinking of switching jobs within the next year, offering such benefits can help with employee retention. Happier, less financially stressed employees are also more likely to be loyal, satisfied, engaged, and productive. Now that’s what you call a win-win situation. </p>
<h3>What is Employee Financial Wellbeing? </h3>
<p>The Financial Health Institute <a href="https://financialhealthinstitute.org/learn/financial-health/" target="_blank" rel="noopener nofollow noreferrer">defines </a>financial health as “the dynamic relationship of one’s financial and economic resources as they are applied to or impact the state of physical, mental, and social well-being.” They point to the World Health Organization’s definition of ‘health’ as not just an absence of illness, but “a positive concept emphasizing social and personal resources, as well as physical capacities,” and “a resource for everyday life.” In other words, the more financial stability and flexibility a person has, the more likely they are to be able to face the challenges, including mental and physical, that life throws at them. </p>
<p>Unfortunately, the current economic climate is not conducive to financial wellbeing. A recent survey by <a href="https://www.bankrate.com/banking/savings/emergency-savings-report/" target="_blank" rel="noopener nofollow noreferrer">Bankrate </a>found that four in ten Americans have fewer savings this year than they did last year, and nearly three-quarters are saving less this year than last, due to high inflation and other economic factors. Consequently, only 43% of Americans said that they would pay for an unexpected expense of $1,000 from their savings, while a quarter said they would have to take out credit card debt to do so – a record number since polling began in 2014. 36% of Americans now have more credit card debt than savings for use in emergencies, again, the highest on record since 2011. </p>
<blockquote>
<p>Less than half of small business employees get retirement benefits</p>
</blockquote>
<p>Source: <a href="https://quickbooks.intuit.com/payroll/employee-benefits/" target="_blank" rel="noopener nofollow noreferrer">QuickBooks</a></p>
<p>However, headline figures slightly obscure the true picture as they include the very young, who have not yet taken on debt, and retired people, who have relatively little debt. Among those of prime working age, between 27 and 58 years old, some 44.5% have more debt than savings, up from 28% just a year ago – that’s a staggering rise of 16.5 points in just twelve months. That figure alone demonstrates the difference the current poor economic conditions can make to employees, drastically impacting financial wellbeing and, by extension, employee performance. </p>
<h3>Automated Software Can Help </h3>
<p>Even in this economic climate, there is a lot that employers can do to enhance the financial wellbeing of your employees, no matter how big or small your organization is. One of the most straightforward is the use of an <a href="https://sonary.com/content/how-quickbooks-payroll-can-help-small-business-owners-save-time-and-money/">automated payroll system</a> such as Quickbooks Payroll to ensure that salaries are paid accurately and on time. Simply knowing that they can rely on their salary relieves an enormous amount of stress for employees, which translates into happier, more productive people in the workplace. </p>
<p>But payroll is just the start. Good accountancy software such as Quickbooks Payroll now integrates seamlessly with other accounting functions and HR practices, allowing employers to offer a range of benefits and programs that can enhance employee financial wellbeing. Let’s take a deeper dive into some of those functions, and find out how Quickbooks Payroll is helping employers to safeguard their employee’s finances. </p>
<h3>QuickBooks&#8217; Efforts to Prioritize Employee Financial Wellbeing</h3>
<p>Employees value benefits included in their remuneration package – one in ten even say that they would take a lower salary in return for better benefits, according to <a href="https://www.forbes.com/advisor/business/best-employee-benefits/" target="_blank" rel="noopener nofollow noreferrer">Forbes</a>. Mindful of the key role that benefits play in attracting and retaining talented employees, Quickbooks has partnered with financial experts and organizations to offer seamless automated benefits payments as part of your payroll software. </p>
<blockquote>
<p>87% of employees would take more benefits over a pay raise</p>
</blockquote>
<p>Source: <a href="https://quickbooks.intuit.com/payroll/employee-benefits/" target="_blank" rel="noopener nofollow noreferrer">QuickBooks</a></p>
<h3>Health Benefits</h3>
<p>It’s probably no surprise that health benefits routinely top the list of benefits most desired by employees when looking for a new job, or when considering a move. We all worry about how we might look after loved ones and retain hard-earned assets should illness strike; it’s only natural, then, that a solid healthcare package can really set employees’ minds at ease and enhance their financial wellbeing. </p>
<p>Quickbooks Payroll has teamed up with SimplyInsured to offer medical, dental, and vision insurance at a budget to suit your business and employees’ needs. The value, deductibles, coverage, and costs of each plan can be easily compared so that you can easily choose the plan that’s right for you, and applying takes just ten minutes. Best of all, Quickbooks’ payroll software automatically calculates the payments to be made each month and adds them to the payroll accounting, so you know the values are correct, and payments are being made accurately. </p>
<h3>Workers Compensation</h3>
<p>Health worries aren’t only down to illness. Unfortunately, workplace accidents can still happen no matter how much attention is paid to workplace safety, and a bad accident can significantly impact an employee’s ability to work and provide for their family. Not only can a good comp package take some of that worry away for employees and employers alike, but it’s also actually a requirement in all states except Texas. </p>
<p>Quickbooks Payroll is collaborating with Next to offer workers comp’ plans that integrate with your payroll. Simply choose your plan, connect it to your payroll account and let the software take care of the rest. </p>
<h3>401(k) Plans</h3>
<p>A good retirement plan is an essential component of long-term financial stability, and can really help put workers’ minds at rest about what their financial future holds. Yet too many workers still aren’t saving adequately for retirement – with the shortfall landing disproportionately on women. Quickbooks has partnered with Guideline to help employers offer affordable, easy-to-manage 401(k) plans to employees. </p>
<p>Quickbooks offer three levels of plans to suit every budget. <strong>Core</strong> is ideal for small businesses wanting to make a contribution to their employees’ 401(k) plan; <strong>Flex</strong> is perfect for those who want the flexibility to choose their own features to meet personalized goals; and <strong>Max</strong> offers the most customizable options, allowing businesses to maximize savings and gain access to expert help. We can help you find the plan that’s right for you. </p>
<p><img decoding="async" class="aligncenter size-full wp-image-22553" src="https://assets.sonary.com/wp-content/uploads/2023/04/17071533/chatbot-support-_4_-1.webp" alt="QuickBooks Payroll 401K plans" /></p>
<h3>HR Advisors</h3>
<p>HR is easy when you first set out in business: if you started as a solopreneur, you only had yourself to worry about. But as your enterprise expands and you start taking on staff, laws and regulations start to come into play, along with employee expectations. To avoid having to wade through mountains of regulations and best practice papers yourself, Quickbooks Payroll has partnered with Mineral Inc to offer an HR advisory service to our customers. They can help with a whole host of HR functions, including recruitment, onboarding, career development and legal compliance, but they can also help you to offer financial education workshops, and resources to enhance your employees’ financial wellbeing. </p>
<h3>Going Beyond Benefits</h3>
<p>As alluded to above, enhancing your employees’ financial wellbeing doesn’t only have to be about putting money into their paychecks as salary or benefit payments. Sometimes, all it takes are some words of advice and support from a friendly expert. </p>
<p>Increasingly, companies are offering bespoke financial wellness programs for their employees. The best of these programs involve sitting down with employees to figure out how they can set and stick to a budget to get out of debt or start saving for life goals like home ownership and retirement. Others might involve offering a financial planning course or literature on the subject. </p>
<p>Company culture is also an essential component of employee financial wellness. Business owners may also want to consider the culture of their company, and whether it offers a supportive environment when it comes to financial wellbeing. Simply being able to discuss financial concerns with a line manager, or, in smaller organizations, with the owner, can greatly dissipate any concerns that employees may have about their financial situation. Conscientious employers may want to conduct an audit of their company’s culture, whether through anonymous surveys or a series of friendly company-wide conversations, to identify ways to improve company culture when it comes to financial wellbeing. </p>
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<h3>Conclusion</h3>
<p>High inflation and an uncertain economic outlook have taken their toll on employees’ financial wellbeing in 2023, eroding savings and pitching more people into debt. At the same time, employers feel a greater sense of responsibility for their employees’ financial wellbeing than ever before. Thankfully, automated payroll systems can do a lot to put both business owners’ and employees’ minds at ease when it comes to financial planning, chief among them: simply making sure that employees are paid accurately and on time. </p>
<p>Mindful of the current economic climate, Quickbooks Payroll has partnered with a range of expert organizations to help small business owners go a step further and offer reliable financial planning products and services. Quickbooks customers can use their account to automate 401(k), health insurance, and workers comp payments, taking the stress out of managing these vital benefits.  </p>
<p>Intuit Quickbooks Payroll customers can also benefit from the services of an HR expert, who can help roll out financial wellness programs and workshops, adding value to employees above and beyond financial help in their paychecks. To get the most out of the outstanding features Quickbooks Payroll offers when it comes to employee wellbeing, take a look at <a href="https://sonary.com/b/intuit/quickbooks+payroll-services/">what they can offer you</a> today.</p>

Employee Financial Wellbeing in 2023: How Payroll Software Can Help

Financial wellbeing is an essential component of overall health, affecting...

Donna Rachel Edmunds is a former journalist-turned-entrepreneur. She enjoys writing about all aspects of running a business and helping others grow their enterprises and expanding their dreams.