The unthinkable has happened; all of your accounting data has been accidentally wiped! Now, what can you do? The only real option is to spend hours, days, or even weeks trying to input all the information again. This is just one reason why backing up your data is vital.
The worst scenario might have a low possibility, but, here are some other great reasons to ensure you backup your data regularly.
Other than accidentally wiping your data, other similar disasters can also occur - server crashes, hard drive failures, natural disasters, and even human-made disasters can and do occur.
In many countries, you are obliged to keep records for a specified period of time. In order to comply with regulations and ensure you can always produce data from a specific period, you should keep backups.
Auditors are another reason backing up your data is a good idea. If your business is audited, the ability to access account information quickly and easily can save you time and embarrassment.
Client & Vendor Details
Maintaining complete customer and vendor details on your financial database helps you in several ways. You can always find their information when you need to contact them. You know where to send invoices, payments, and other documents, and it shows you are a reliable and efficient business.
Losing this kind of information could cause you many difficulties, so keeping it well backed up will prevent any future headaches.
If you employ someone to maintain your books, then you have already paid them for the hours it takes to input all your financial records.
If the worst were to happen and everything needed to be input all over again, you would, in effect, be paying them for the same work twice.
Your bookkeeper’s time is then being wasted as they aren’t dealing with your current finances. This could potentially cause delays with maintaining daily accounts, invoicing, and paying bills or wages. The knock-on effect may even cause cash flow problems.
In order to gauge how a business is doing, it’s often necessary to look at the financial records for different times in the year or compare them to previous years. Directors and investors cannot make decisions without access to this kind of information.
Backing up your data regularly makes it accessible for presentation when required. This has another advantage of making your business appear organized and professional.
Peace of Mind
With cybercrime on the increase and the ever-present potential of system crashes or some other form of disaster, knowing all your important financial data is adequately backed up gives you peace of mind.
Backing Up Your Data
Digital data can be saved as a duplicate to a cloud service. This is preferable to maintain a copy on a separate in-house server, as this could be affected by the same problem as the primary server hosting the original information.
Should the worst happen and your financial data be somehow lost, having the ability to restore the last backed-up version can save your business not only time, but money. Depending on the size of your company, it could take days or even weeks of work to rebuild it from scratch. Backing up your data and having the ability to simply restore should it be lost or corrupted, is an absolute must.
We all know that taking regular backups is a smart idea, yet somehow we often just don’t get around to it. As you’ve now seen, there are plenty of great reasons to get into the backup habit.
Ensure that you’re not faced with the nightmare of losing all your very precious accounting information and create a backup schedule.
Here at Akaunting, there is a nifty way to keep all your accounts safe and secure, with the new Backup and Restore app. By using the app you can get a complete backup of your financials automatically or manually. You can also migrate from the Akaunting cloud to your own server or vice versa, easily with the Backup & Restore app.
It integrates seamlessly into your Akaunting suite and ensures you’ll never be faced with the worry of losing your financial information. The app is now on presale with a 50% discount and available on the app store. Get the Backup & Restore app now!