Accounting and Finance Workspaces

A common problem faced by Accountants, Bookkeepers and Financial Planners is the reliable and timely delivery of large financial files i.e. secure file transfer. Lockbox provides a simple solution via a Lockbox client portal on the business website. These customer portals are easy to setup, user-friendly, highly secure and add value to both the business brand and customer relationship.

The Problem of Large Files

Accountants, Bookkeepers and Financial Planners have important ongoing relationships with clients. On a regular basis, they provide services including quarterly compliance statements, annual income reports, tax advice and business financial planning. In providing these services, clients often need to supply large amounts of data from their small business accounting system such as MYOB or Quicken.

However, uploading such financial data using conventional methods is generally cumbersome and costly. For example:

• Email cannot reliably transfer large files e.g. > 5 Mb.  Splitting files into multiple emails is tedious, error prone and at times impossible.
• File Transfer (FTP) requires significant effort such as setting up an FTP server, enabling access through firewalls, administering accounts and teaching customers how to install and use FTP client software.
• USB's / CD's to physically transport large files can be costly in terms of time, media and postal / courier charges.

Lockbox Workspaces

Accounting businesses find Lockbox private workspaces an attractive solution because it is easy to implement, easy to use and solves their immediate problem of timely transfer of large financial files from their clients.

Adding Lockbox customer portal to the business website is quick to implement. A "Secure Client Area" can be created on the business website by simply adding a new page with a single line of HTML that calls the Lockbox portal. There is no software to install, no complex IT setup, no firewall changes. A web developer can get a Lockbox integrated into the business website very quickly, at times, in just a matter of minutes. If you don’t have a website Lockbox can host a page for you and provide you with a unique web address for client access.

Once setup, Lockbox client portals are easy to use.  The accountant simply creates client boxes in the Lockbox GUI (Graphical User Interface) and then tells each client their username and initial password.  Large documents can easily be added and retrieved from the workspace, for example, via a simple "drag-n-drop" of the file onto the Lockbox GUI. Clients can access files using any web browser, anywhere in the world in virtually real time.

Lockbox removes the hassles of unreliable email, complex file transfer solutions, and delays with couriered CDs and USB sticks.

Further Benefits

The integration of the Lockbox client portal into the business website greatly enhances brand awareness. Not only do clients appreciate the extra level of service, but each visit to the business website reinforces the business brand and creates an opportunity to promote further services.

Lockbox is unique in the market in the way that it ensures privacy. Most accounting clients are concerned that their critical financial data or tax advice may somehow become available to other people while being transferred, such as via email or FTP. With Lockbox, data is encrypted in the Lockbox client interface and stays that way until accessed by the authorised receiver. It cannot be accessed by anyone else, ever, not even by staff at Lockbox.

The Lockbox service is fast, efficient and reliable. All files are compressed in the Lockbox GUI reducing the amount of data that needs to be transferred. In addition, the Lockbox GUI works reliably over slow and inconsistent data links which is especially important for remote clients.

The immediate nature of Lockbox allows accountants and bookkeepers provide fast turn-around of reports or compliance statements. For example, clients may run late with their paperwork and get worried about an approaching regulatory deadline. With Lockbox, via the customer portal the client can upload their financial data in "real-time" allowing the accountant or bookkeeper to work on their compliance statements immediately. In another example, some businesses have their retail sales linked directly to their accounting system, may require that system to be offline while the accountant processes their data.  Again, the "real-time" nature of Lockbox allows the accountant to receive the financial information as soon as it is available - essentially an easy to use secure file transfer system for professional services company.

Backup has also been a notable benefit. A number of clients have had the misfortune of losing their data through a machine crash or virus infection. However, clients can rely on the last periodic upload in the Lockbox.  Many clients upload their financial data, for example weekly, for backup purposes, even though they may only need to upload monthly or quarterly for their reports.

Many accounting firms also use Lockbox to provide clients with an historical repository of important information, e.g. tax documents, end-of-year reports, etc. This is useful for clients who may need to quickly find financial information from time to time. It is also of great benefit to the accountants as it avoids the non-paying interruptions of clients wanting the "latest" version of a given document, or a "copy" of a document or report because they lost it.

More Information

Please see our Office Support Business case study and/or contact us for more information.