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Finances and Software – How to Ensure Longevity of Both

Modern finances are one of those areas where it’s important to have the right tools at hand all the time. In an age where digital products are commonplace, this means ensuring the right software and digital services to help you do your job.

ESCROW

When dealing with any software product, you should look to escrow to hold the source code in safe hands. This takes the issue out of the provider – who would likely argue for a long duration and waste your time, resources and productivity.

Putting it somewhere safe and neutral ensures that, should any disputes occur over the service provided, you can receive the code when it is deemed your legal right. This quick response results in you being able to put the code to use and get back to work.

When working in finances and other businesses, this speed is crucial. Time wasted is money lost – not having the right tools can seriously harm productivity, so a quick resolution is always preferable. At the very least, it acts as a layer of insurance, making for a wise investment.

FURTHER PEACE OF MIND

Of course, for those that want the very best results, it helps to take this basic concept and go a few steps further. The likes of Escrow Associates offer additional services that help achieve this, notably Software Verification.

It is one thing to know something is in escrow, it is another to verify its actual legitimacy and usefulness. As the name suggests, this is exactly what Software Verification offers.

The agency can test the code, therefore keeping within the escrow agreement and not giving you early access but nonetheless letting you know everything you need. This can find bugs, problems or even viruses within the code.

Aside from standard safety issues, this will let you know if the code is what the other provider claims it is. Escrow is used well in financial sectors but seeing how much money is stored is easy.

When it comes to software, you need to know that the code the other party claims is exactly what is potentially being offered. Scrutinising it this way means you won’t have to find out the hard way later on.

Again, this is a little investment that can have big consequences and savings. Even if it doesn’t come into anything, the simple act or request itself will often ensure providers do not try to cheat the system. If a company doesn’t put the full code in, for instance, verification will let you know they are not taking the agreement seriously so you can take action straight away.

Image Credit: Business Man at Office/ShutterStock

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