Steps Required Prior to Artificial Intelligence and the Blockchain

by | Oct 18, 2018 | Cyber Security, Law Firm Protection, Legal Tech Software, Software Reviews, Useful Tech Tips | 0 comments

Artificial intelligence, known as AI, the blockchain and machine learning are making waves in the tech industry.  Each of these technologies is poised to change life and business.  However, these exciting breakthroughs will not benefit everyone equally.  Those who do the work to be in the proper position to leverage such technologies will maximize their value, please clients that much more and enjoy a meaningful competitive advantage.



Cloud-based Functions


Accounting systems that function on the cloud permit accountants and, in some cases, clients, to view information online by way of the cloud.  This access occurs at any point in time, regardless of the user’s location or type of web-connected device.  The ease of access facilitates collaboration.  Furthermore, cloud-based software allows for automatic security improvements, file backups, upgrades, etc.  These are all important selling points when attempting to convince clients to hop aboard.



If you or your partners are concerned about whether the cloud is secure, don’t fret.  Storing information on the cloud is just as safe as conventional methods.  There is no sense paying through the nose for a managed services provider to safeguard servers as the costs of relying on massive software providers such as Microsoft or Amazon will be spread across numerous users.  If you still have cloud security concerns, discuss them with the cloud provider.  In particular, it makes sense to inquire about the cloud provider’s standards for privacy. Review each party’s responsibilities. Determine if there is an audit trail.  It will also help if everyone in the office establishes strong passwords and maintains an offline backup of important data at all times.



Shifting to the Online Environment


Instead of simply replacing software with online software that is nearly the same, it is better to consider what the design will be like in the years to come.  Consider your firm’s purpose and plan your technology accordingly.  Above all, your focus should be on helping clients solve their problems.  Once you have selected the software that is ideal for your business, software must be tested with a couple clients.  Your team should be provided with adequate training so they are not confounded during the migration process.  The majority of the latest software empowers your team to migrate data in a seamless manner yet there is still the possibility for a loss amidst the move.  Consider establishing mock accounts to train on so your team is familiar with the nuances of the software prior to its use with actual clients.



Artificial Intelligence


Once the cloud system is in place, the proper tech must be available to take full advantage of the latest innovations.  Accounting firms of all types and sizes are adopting artificial intelligence (AI) as it allows for the completion of tasks without human observance and effort.  Maximize your firm’s automation and your team will be liberated to solve more complex problems that machines cannot handle.






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