Virtual Data Room – Efficient and secure software for Auditors

Storage systems are one of the key elements of a modern Data Room of any scale. They are responsible for consolidating data from critical enterprise applications, ensuring a high level of availability and reliable storage. In this article, we will investigate how auditors use such a service.

Data Rooms for the work of audit firms

The use of modern information technology today is a necessary condition for successful business operations. Accounting software is used in enterprises of all sizes and organizational and legal forms of management. It is important that modern information technologies change the traditional theory of accounting and not only the technique of registration of processing and transmission of information in the accounting system, lead to a revision of the basic principles of accounting in the enterprise. 

The process of automation is one of the few processes in a society that has virtually no opponents. The question of the choice of automation tools, maintenance of automated information systems, evaluation of their efficiency and safety remains open.

The use of new technologies as a tool for the implementation of functional tasks of accounting and auditing determines the general trends of their development, leads to the transformation of professional activity in this area.

It is worth noting that the rapid development of network technologies, in particular, technologies of “cloud” computing, creates both new opportunities for developers of accounting software and new threats to the information security of the enterprise. Virtual technologies have come to almost all aspects of business service companies.

Data Room: what are the benefits?

With digital data room such as iDeals, Intralinks employees have wide opportunities. The main advantages of using Virtual Data Room in accounting are:

  • active assistance in the transition from “paper” to an electronic version of the work and data storage using data warehouses;
  • ensuring business continuity based on regular automatic backup, storage of archival copies of databases in the cloud, their rapid recovery after an accident;
  • mobility of the use of databases located on the cloud, anywhere in the world where there is the Internet and appropriate technical means (tablet, computer, smartphone, laptop, etc.);
  • the automatic updating of software products by providers without the participation of company staff and reducing the need for maintenance of hardware and communication networks;
  • scalability of infrastructure by business growth;
  • significant reduction of capital costs of information technology users (for the construction of data centers, purchase of server and network equipment, hardware and software solutions to ensure continuity and efficiency), which are borne by providers;

Thus, one of the progressive approaches to automation of accounting and optimization of business processes is the use of cloud technologies.

Disadvantages also take place

However, the use of cloud technology is associated with certain problems. For example, such as:

  • the lack of clear agreements on service levels complicates the process of customer assessment of security measures and the development of their measures to ensure compliance with their standards and the standards of regulatory organizations;
  • the need for a constant connection to the Internet. Instead, in settlements that are far from information and communication centers, the likelihood of technical and technological problems with Internet access may be high. On the other hand, in the future with the development of 3G, 4G, and 5G technologies, satellite, and mobile transport environments, this the disadvantage will be virtually eliminated;
  • the increase in the number of connections to services, which causes access issues. IT managers should organize a centralized authorization process when each request from the business unit will first get to the IT department.