Almost three-quarters of Americans use handwritten notes or their own memory to store passwords. Unfortunately, relying on manual methods to remember codes is one of the leading causes of security breaches and identity theft. In fact, internet users that do not employ security safeguards such as a password management system are three times more likely […]
Risk Management
Blocking Ransomware Attacks with Updated Microsoft Security Features
What is Ransomware? Ransomware is a form of malware (short for “malicious software”) in which a hacker gains control of a business’s critical systems or sensitive information. The cybercriminal will then ask for a ransom in exchange for access to the system under the threat of releasing sensitive data to the public or competitors. The […]
The inevitable rise of employee fraud and theft
In the past 24 months, 46% of organizations have experienced fraud, according to this year’s PwC Global Economic Crime and Fraud Survey. This loss translates to $400 billion, or 6% of total annual revenue. Unfortunately, a significant contributor to fraud is dishonest employees. Employee theft is poised to increase in the aftermath of the pandemic […]
3 Ways to Minimize Risk When Outsourcing Accounting Services
During busy tax seasons, it’s common for accountants, CPAs, and professional service firms to outsource certain aspects of their work, including bookkeeping and certain audit tasks. When done right, outsourcing accounting services can result in faster service for clients, substantial time savings, and lower costs. However, understanding the risks of outsourcing is critical. Taking shortcuts […]
Are you at risk of Cyber Insurance Fraud?
Companies are under more pressure to shore up cybersecurity defenses than ever. The average total cost of data breaches has increased from $3.86 million in 2020 to $4.24 million. This coincided with 10.7 times more ransomware activity in the last year. Insurance providers have recognized the increased risk of cyber-attacks and now require additional protections […]
Everything you need to know for an accounting firm M&A
Upward mergers are happening at record levels in the accounting industry. Mergers & Acquisitions (M&A) are an excellent way to reduce competition and make both parties more competitive in the already saturated accounting market. However, every accounting firm M&A is different, and you need to know how you can best prepare as either a buyer […]
Russian cyber threats: Is your business at risk?
One in three businesses and one in four charities are regularly experiencing Russian cyberattacks since the start of the Ukrainian conflict. In fact, Russian cyber threats are on the rise across the globe. Businesses are unsure when breaches will slow or stop with no end in sight for the conflict between Russia and Ukraine. Companies […]
What is Pass-through Entity Tax (PTET)?
In 2017 the passage of the Tax Cuts and Jobs Act (TCJA) changed how many businesses pay taxes. The most significant change was lowering the corporate tax rate to a flat 21% versus the previously tiered rate ranging from 15% – 39%. But another monumental alteration to the tax code was the addition of a […]
A Great Employee Retention Plan Starts with Recruiting
Even before the Great Resignation began in 2021 and the Great Reshuffle in 2022, accounting firms had a problem with employee retention. According to the 2015 IPA National Benchmarking Report conducted by Platt Consulting Group, the largest accounting firms averaged a turnover rate of 17%, with one out of every six facing a turnover rate […]
Tips to Mitigate Tax Extension Liabilities and Risks
Tax season can be a stressful time for accountants and CPAs, especially when clients are scrambling at the last minute to gather the necessary paperwork. Fortunately, if you’re running behind or still waiting on documentation, filing a tax extension can be a simple way to alleviate this stress and earn some extra time. Unfortunately, tax […]