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Understanding cloud storage

Posted on March 1, 2017 by admin

Cloud-based storage is becoming increasingly advanced with age. The service’s easy access, tight security, and flexibility are attracting both big and small business owners.

Cloud storage refers to an online space that is used for the storage of data. It allows its users to backup data to a network of servers that are hosted by a cloud service provider. This data is then available through any Internet-connected device.

The main advantage of cloud storage is the flexibility of anywhere access. The data stored in the cloud can be accessed through any Internet-connected device, such as an iPhone or laptop at any location.

Cloud storage is cost-effective when compared to traditional security measures for protecting data. Traditionally, businesses had to pay for equipment, software, and personnel to ensure the security of their private data. The cost of data security in cloud storage is generally covered through a subscription cost.

Another advantage of cloud storage is the ability for businesses to easily scale up or down and only pay for what they actually use. Business owners have been wary of storing private information in the cloud due to the threat of data hacking and privacy concerns. However, cloud security is far stronger than any security devices a company can offer.

Current cloud providers are highly concerned with the security of their systems. They will often utilisecutting-edge data encryption and other security tools to protect data from being hacked. Some of the advanced cloud providers can include advanced intrusion detection, allowing security teams to fend off hackers even before they attack.

Also, physical data storage, such as an external hard drive, can easily be damaged or lost. Data that exists in the cloud is not physical and, therefore, cannot be fractured in the same way an external hard drive can.

There are a lot of benefits to making the switch to cloud storage. The software is provided immediately, and there is no wait on what the business has paid for. Working on the cloud allows businesses to be nimble, efficient and cost-effective.

When considering making the switch to cloud-based storage it is necessary to do some competitive shopping first. Business should consider the following:

maximise your business's value

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Avoiding mortgage default

Posted on August 26, 2020 by admin

As individuals struggle with cash flow through the coronavirus, the Australian Bankers Association records that repayments on almost 500,000 mortgages have been deferred for six months. While repayments can be delayed, they cannot be avoided altogether.

Lenders can send you a default notice the day your repayment is overdue. However, they could also wait until your repayment is overdue by 90 or more days. When you receive a default notice, you are given 30 days to repay the amounts you have missed in addition to the regular repayment on your loan. Individuals who are struggling with their home loan repayments can avoid mortgage default by considering the following.

Contact your lender
Lenders are generally willing to work with you through financial hardship. Don’t be afraid to contact your lender to discuss your situation and find out what options are available for you. Lenders are often willing to negotiate short-term variations to repayment schedules that both parties can agree to. However, make sure that you do not agree to unrealistic repayment conditions that cannot be met.

Many Australian banks are offering a six-month deferral on mortgage repayments (including interest) for customers who are experiencing financial hardship as a result of COVID-19. If this is you, contact your bank to see if this is an option.

Apply for a hardship variation
Mortgage holders may be able to change the terms of their loan or temporarily pause or reduce their repayments under a hardship variation. A hardship variation can still be requested after you receive a mortgage default. To apply for one, contact your lender’s “hardship officer” and tell them that you wish to change your loan repayments due to financial hardship. This will usually require you to explain why you are struggling to make payments and to estimate how long your financial problems will continue to determine how much you can afford to repay.

After submitting a hardship variation request, your lender must contact you within 21 days with the outcome of your request. They may ask you for more details regarding your request; in this case, they must contact you again within 21 days from when you provide the additional information.

Consider selling your home
Selling your home is a tough decision, but in some cases this may be the better option if your circumstances are unlikely to improve. If you get to the point where your lender takes possession of your home and sells it, it’s likely that you won’t make as much as if you sold it yourself. When you sell your house on your own terms, chances are you will get a better price and avoid having to pay the legal fees passed on by your lender. Inform your lender if you decide to sell your home; they may ask for proof, such as a copy of the contract with your real estate agent or property advertisements.

Renting out your home until you can afford to make repayments again may also be an option if you are able to live somewhere else during this period.

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