In November 2021, Drake Software and Right Networks collaborated on a three-part series highlighting different software solutions available to tax professionals.
In part one, we learned about the different ways tax practices run software.
Part two covered how cloud application hosting handles data security.
And in part three, Drake Software taught us how cloud application hosting facilitates remote work.
Now, we will answer the question: If I have been using Drake Software without the cloud, why do I need to host now? Here are three reasons:
- To secure Drake Tax and Drake Accounting data.
- To get one step closer to the FTC’s “The Safeguards Rule” compliance.
- To enable hybrid-remote, fully remote, and on-site work.
1: To Secure Drake Tax and Drake Accounting Data
Roman Kepczyk, Right Networks’ director of firm technology strategy, recently attended The CPA Practice Advisor Ensuring Success event. This annual sit-down of some of the industry’s thought leaders focused on one topic this year: firm security.
Unfortunately, it was the thought leaders’ consensus that firms haven’t taken cybersecurity threats seriously enough. Cyber attacks can happen to anyone, at any time, and firms handling taxpayer data are at greater risk—because hacking into one firm is like hacking into thousands of bank accounts at once.
There are various reasons behind why firms aren’t prioritizing security, but often it’s because firms don’t believe that they’re enough of a target (they are) or they don’t have enough resources to implement safeguards (they do).
Here are a few ways hosting Drake Tax and Drake Accounting software data in the Right Networks Cloud makes your firm more secure:
- Tier-4 data centers store data. Multiple tier-4 data centers across the US create an end-to-end redundant data infrastructure. (Tier-4 data centers are the most advanced type of data center, and the standard used by global banks.)
- Nightly 90-day rolling backups protect data from accidental loss or deletion. Accidentally delete the previous day’s work? Give our support agents a call and we’ll restore it for you.
- 24/7/365 intrusion detection systems help monitor for suspicious activities. Ever go on vacation and get a call from your bank about suspicious card activity? Our security experts are constantly monitoring for any potential threats and will notify you about any suspicious cloud activity.
Learn more about Right Network’s built-in security measures for hosted Drake Software.
2: One Step Closer to FTC Safeguards Rule Compliance
The FTC understands the proverbial goldmine target that’s on firms’ backs and has put together a list of requirements that every financial institution must follow. Failure to comply with the FTC Safeguards Rule can result in fines and cause irreparable damage to your firm’s reputation.
According to the FTC, the first step to being compliant with The Safeguards Rule is “developing a written information security plan.” And “as part of its plan, each company must … select service providers that can maintain appropriate safeguards.” *
That brings us back to the reason why we’re here: How cloud hosting (and specifically Right Networks cloud hosting for Drake Software) safeguards client data, helping firms get that much closer to FTC compliance.
Here are a few ways Right Networks cloud hosting builds in security safeguards to protect any hosted apps, software, and data (above and beyond what other providers may offer):
- Multi-factor authentication powered by Duo: Passwords can be cracked. Multi-factor authentication uses a combination of 1) something you know, 2) something you have and 3) something you are to verify that it’s really you before it will allow access to your cloud portal. All Drake Tax and Drake Accounting cloud hosting customers get Duo included in their package, for no extra charge.
- Employee security: Our employees are all 100 percent US-based. What does this have to do with security? If employees are US-based, data is, too. So, in support cases, you can rest assured that the individual supporting you isn’t remoting in from a country with sketchy-at-best data privacy regulations.
*There’s a lot more to complying with The Safeguards Rule; learn what it takes to get into compliance by visiting FTC.gov.
3: To Enable Hybrid-Remote, Fully Remote, and On-Site Work
The Right Networks Cloud was around long before remote work became the norm, and it has a lot more to offer than just enabling secure remote access. However, it did become that much more popular in March of 2020 precisely because of its ability to facilitate an easier, safer way to work remotely.
“It has made working remotely not only possible but just like I’m in the office! Throughout COVID there have been many changes, but I have been able to work normally, efficiently, and consistently with this system. There isn’t a learning curve; it just works!” Jennifer M., Full Charge Bookkeeper
We don’t know what next year, or even next month, will bring. We don’t know if teams will be required to go back home to work; we can’t predict how clients will want to meet. We do know this: Tax season is nearly upon us. And every business must be prepared to work from anywhere—the office, home, client sites—full stop.
Maintaining business continuity is key. And with Drake Software hosted in the cloud, teams can maintain business continuity by:
- Being able to work from anywhere, from any device
- Keeping pre-determined processes and workflows
- Inviting clients to collaborate in-cloud, saving you from trips to client offices (or worse: snail-mailing confidential information)
- Saving time on non-tax related tasks, such as backing up files or installing applications (we do that for you!)
Who is Right Networks?
Right Networks is a company dedicated to serving the accounting industry. Our mission is to provide our accounting and tax firms with the tools they need to make every workday more efficient and secure.