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Why you need to backup your QuickBooks data

posted in Cyber-Security ● 10 May 2022

In a recent LinkedIn poll, Redstor asked our followers if they had heard of QuickBooks, and 90% responded that it is a very popular type of accounting software.

What is QuickBooks?

QuickBooks is the most widely used small business accounting software for managing income and expenses and keeping track of a company’s financial health. Available as both a cloud-based online program and a traditional desktop program, it can be used to invoice customers, pay bills, generate reports, and prepare tax returns. QuickBooks offers a variety of solutions for use by anyone, from a freelancer to a midsized corporation.

An interesting repercussion of the transition to e-commerce during the pandemic has been the subsequent erosion of brand loyalty. Nearly half of consumers (48%) are now more willing to try new firms. When we look at millennials, who are currently the largest demographic group in the United States, the figure is much higher (63%).

This eagerness to test new enterprises coincides with growing customer awareness of the importance of shopping small, generating a huge potential for small businesses. QuickBooks is committed to helping small businesses navigate the often-complicated world of omnichannel sales. Last year, QuickBooks launched their commerce platform, a new offering that gives business owners access to multiple sales channels, integrates with their books, helps manage orders and fulfilment, syncs inventory across online and offline channels, and more.

Why does Quickbooks need backing up?

Quickbooks’ terms and conditions states:

  • Your data is saved to two hard drives whenever you make changes to your company file.
  • All data is copied to a third-party hard drive on a regular basis to protect your data in the event that the first two hard drives fail.
  • Every night, automatic backups are performed.

QuickBooksbackup/restore service is included in their top-tier licence ($90 per book/month).  

However, even though data is backed up to a third party, records are also updated with every change, so QuickBooks cannot restore a file to a previous point in time.  

QuickBooks will do an excellent job keeping data safe, but it can’t help if the problem originated from within an organisation. For example: 

  • A new employee has deleted data in error or imported transactions wrongly
  • A disgruntled employee has wreaked havoc, sabotaging files and deleting contacts
  • An app being trialled has pushed unwanted data into accounting records or drastically altered contact details, records about deals or company data

Customers should avoid relying on a single vendor to back up their data. Protecting critical QuickBooks-based data against human error and other disasters with Redstor gives customers peace of mind that they have a copy outside of Quickbooks as well as restore from previous point in time.

What are Redstor’s plans to back up QuickBooks?

Organisations must have systems in place to protect business-critical data, with payroll and financial information being the most important to safeguard. If you break the Data Protection Act 2018, the UK’s implementation of the General Data Protection Regulation, you’ll face large penalties. In the event of a physical or technological incident, organisations must “restore the availability and access to personal data in a timely manner,” according to Article 32 of the GDPR.

Similar to Xero, there is a growing demand for protecting organisations’ accounting and payroll software.  However, Xero does not have a large market presence in the United States, whereas QuickBooks has an 80% market share in both its desktop/server and cloud versions (online version).

With Redstor’s recent expansion into the United States the protection of QuickBooks represents a great opportunity for MSPs to broaden their backup portfolio. Keep a look out for the launch near the end of the year!

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