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Data Management: Accountants Say Data Management and Retention is their Top Technology Priority
A survey of accountants found that their top technology priority for 2013 is the management and retention of data for their clients, according to the American Institute of CPAs (AICPA).
The top ten technology priorities as cited by US accountants are:
- Managing and retaining data
- Securing the IT environment
- Managing IT risk and compliance
- Ensuring privacy
- Managing system implementations
Frank Colantonio, director of continuing education at CPA Canada, commented that the number one ranking for data management oversight makes sense to him. “Many organizations are facing increased risks associated with data management because of an explosive growth in the volume and the complexity of information being handled. However, in this era of big data, effective management will ultimately lead to better business decisions and service for clients.”
Jason Bramwell of AccountingWeb quoted CPA Bruce Phillips, managing member of Harshman Phillips & Co., as explained why their business had struggled with data management issues for years and then opted for a cloud based solution for managing their data. He said that it was the right decision and that “from a cost standpoint, using Cloud technology saves money. From an access standpoint, with the appropriate permissions and security controls, we have the ability to share files with anybody, anywhere, at anytime. Using discs or paper, all of that is gone. None of our client data resides in our office. Our clients also have access to all the data, 24/7, from any device.”
