Using a cloud based compliance program such as an escheatment software program for reporting your company’s unclaimed property, has never been a more cost effective decision for your business. While cloud based programs have always offered companies advantages over locally loaded programs, there has always been push back from those who believe that a locally loaded solution offers the best security and cost effectiveness.
While this may have been true 10 years ago, today’s cloud based compliance programs offer many advantages that their locally loaded counterparts cannot compete with fiscally or when it comes to security.
The cloud also offers companies built in disaster recovery, access from any location, and cuts down on expenditures for updating to new hardware. When you add in automatic updates for the numerous changes to escheatment rules from legislative changes, the benefit of using a cloud based escheatment program oftentimes pays for itself in saved IT resources.
If you were told you could have access to a program that is always up to date, has 24/7/365 monitoring of your data to prevent any unauthorized access in an SSAE-16 certified Data Center, is HIPPA as well as PCI-DSS compliant, you would see dollar signs on the probable cost. Moreover, you would be correct if you tried to implement such a system locally on your internal servers. However, the exact same program capabilities are available for you to utilize today for a fraction of the investment it would cost you to do it on your own.
Cloud based compliance programs are how companies can save time and money on their compliance reporting while maintaining the high levels of service and security they demand.