The cost of downtime for a CPA (Certified Public Accountant) per day can vary depending on several factors, such as the size of the accounting firm, the nature of the work being performed, and the extent of the downtime. For example, if a CPA firm experiences a complete outage of its IT infrastructure, the cost of downtime could include lost billable hours, missed deadlines, and potential penalties from clients or regulatory agencies.
According to a study by the IT research firm Gartner, the average cost of downtime for a small to midsize business can range from $1,000 to $5,000 per minute, or up to $300,000 per hour. However, this cost can be significantly higher for larger organizations with more complex IT systems.
For a CPA, the cost of downtime can be especially significant during peak tax season or other busy periods, where any disruption to IT services could lead to missed deadlines, delayed financial reporting, and other costly consequences. Therefore, it is crucial for CPAs to have robust IT systems and cybersecurity measures in place to minimize the risk of downtime and ensure business continuity.