Backup Your Data Or Risk Losing It Forever

If you are a tax or accounting professional, you know how important it is to keep your data safe and secure. You deal with sensitive and confidential information every day, and you need to comply with various laws and regulations. But what if something happens to your data? What if your computer crashes, your hard drive fails, your device gets stolen, or your network gets hacked? How would you recover your data and resume your work?

The answer is simple: you need to backup your data regularly. Backup is the process of making copies of your data and storing them in a different location from the original source. By doing so, you can restore your data in case of any disaster or emergency. Backup is not only a good practice, but also a legal requirement. The IRS has included backup as one of the “Security Six” measures that all tax and accounting professionals should implement to protect their data and systems.

In this blog post, we will explain why backup is essential for tax and accounting professionals, what are some common methods to backup data, and how to choose the best backup software and services for your needs.

Why backup is essential for tax and accounting professionals?

Backup is essential for tax and accounting professionals for several reasons:

1. Backup protects your data from accidental or intentional loss or damage. Data loss can happen due to human error, hardware failure, software malfunction, natural disaster, theft, or cyberattack. Data damage can happen due to corruption, encryption, alteration, or deletion. Backup allows you to recover your data quickly and easily in case of any of these scenarios.
2. Backup preserves your reputation and credibility. Data loss or damage can have serious consequences for your business and your clients. You may lose valuable information, miss deadlines, breach contracts, violate laws, face penalties, lose clients, or even get sued. Backup helps you avoid these risks and maintain your professional reputation and credibility.
3. Backup complies with legal and ethical obligations. As a tax or accounting professional, you have a legal and ethical duty to protect your data and your clients’ data. You need to follow the standards and guidelines set by the IRS, the AICPA, the PCAOB, the SEC, and other authorities. Backup is one of the key components of these standards and guidelines. For example, the IRS Publication 4557 states that “all return preparers should have a written data security plan” that includes “backup procedures for client data”.

What are some common methods to backup data?

There are many ways to backup data, but they can be broadly classified into two categories: local backup and cloud backup.

• Local backup means storing copies of your data on physical devices that are connected to or near your computer. These devices can include external hard drives, flash drives, CDs, DVDs, or tapes. Local backup has some advantages: it is fast, easy, cheap, and gives you full control over your data. However, it also has some disadvantages: it requires manual intervention, it takes up space, it can be damaged or lost along with your computer, and it does not protect you from online threats.
• Cloud backup means storing copies of your data on remote servers that are accessible via the internet. These servers are managed by third-party providers that offer backup software and services. Cloud backup has some advantages: it is automatic, convenient, scalable, secure, and protects you from both online and offline threats. However, it also has some disadvantages: it depends on internet connection and speed, it may cost more than local backup depending on the provider and plan you choose, and it may raise some privacy and compliance issues.

How to choose the best backup software and services for your needs

There is no one-size-fits-all solution when it comes to backup software and services. You need to consider several factors before choosing the best option for your needs. Some of these factors are:

• The size and complexity of your data. How much data do you need to back up and how often? Do you have multiple files, databases, or applications that need to be backed up separately or together?
• The security and reliability of your backup provider. How secure is your data in transit and at rest? How often does your backup provider test and verify the integrity of your backups? What is their recovery time objective (RTO) and recovery point objective (RPO)?
• The cost and convenience of your backup solution. How much does it cost to back up your data and restore it in case of a disaster? How easy is it to set up, manage, and monitor your backup process? Do you have the option to automate your backups or schedule them at your preferred time?
• The compatibility and scalability of your backup solution. How well does your backup software or service work with your existing hardware, software, and network infrastructure? How flexible is it to accommodate your changing needs and growth?

Conclusion

In this blog post, we discussed how to protect your data with backup software and services. We explained why backup is essential for tax and accounting professionals, who deal with sensitive and important information on a daily basis. We also shared some tips on how to choose the best backup solution for your needs, and how to set up a regular backup schedule. We hope you found this post useful and informative. Remember, backup is not a luxury, but a necessity for your business. Don’t risk losing your data and your reputation. Start backing up your data today!

Visit Watch Cloud Cyber Security to learn more about our portfolio of cybersecurity solutions designed for tax and accounting professionals.