Table of contents
- Introduction
- Enhanced security and compliance
- Improved efficiency and streamlined workflow
- Enhanced client communication and collaboration
- Mitigating cyber threats
- CCH iFirm Client Portal & Signatures for accounting firms
Introduction
At tax time, accounting firms face the dual challenge of managing an influx of client data while ensuring the security and compliance standards of sensitive information. In this digital age, the importance of a robust Client Portal cannot be overstated, especially given the rising threat of cyber-attacks.
Enhanced security and compliance
Client Portals are designed with advanced security features that protect financial data from unauthorised access. With cyber-attacks on the rise, particularly in New Zealand, where recent reports indicate a significant increase in data breaches, the need for secure communication channels is paramount. According to CERT NZ's Quarter One Cyber Security Insights 2024, there were 1,537 cyber incidents reported in the first quarter of 2024, with direct financial losses amounting to NZD 6.6 million. A Client Portal ensures that client information is encrypted and access is controlled, reducing the risk of data breaches during the critical tax period.
Improved efficiency and streamlined workflow
During tax time, the volume of documents and client communications can be overwhelming. Client Portals streamline these processes by centralising all client-facing activities. This includes document sharing, e-signatures, and task management, which significantly reduces the time accountants spend chasing clients for information. Automated reminders help keep clients on track, ensuring timely submission of necessary documents.
Enhanced client communication and collaboration
Effective communication is crucial during tax season. Client Portals facilitate seamless interaction between accountants and their clients, allowing for real-time document sharing and personalised conversations. This reduces the need to sift through lengthy email threads and ensures that all parties are on the same page. By providing a centralised platform for collaboration, Client Portals enhance the overall client experience and satisfaction.
Mitigating cyber threats
The National Cyber Security Centre (NCSC) Q3 2024 Report highlights the increasing sophistication of cybercriminals and the growing number of cyber-attacks targeting businesses. In New Zealand, there was a 58% rise in reported cyber incidents in the third quarter of 2024, with phishing and credential harvesting being the most common attacks.
Implementing a Client Portal with robust security measures can mitigate these threats, ensuring that client data remains protected. Features such as multi-factor authentication, encrypted passwords, and regular security updates are essential in safeguarding against cyber threats.
