cybercrime

Cybercrime During the COVID-19 Pandemic

According to an FBI report, cybercrime cases have quadrupled over the last year. With many people working from home, company data security has taken a hit since corporate firewalls cannot protect what goes on at home. CPA firms, accountants, and professional service firms are prime targets of cyber-attacks. The significant amount of personal information collected […]

succession planning

What Accounting Professionals Should Know about Retirement and Succession Planning

One of the biggest mistakes you can make when leaving your practice is failing to consider that you can still face professional malpractice claims after your departure. Retirement or changing careers does not protect an accounting professional from possible litigation from past clients or third parties. For a smooth and stress-free transition, professionals need to […]

cyber insurance

How Cyber Insurance Protects CPAs

CPAs keep perhaps more sensitive and valuable personal data than any other profession. The type of data that cybercriminals would love to get their hands on and actively looking to exploit. Some of the most common CPA security breaches result in identity theft for fraudulent tax returns. Many victims never know their data has been […]

CPAs shaking hands

CPA Merger and Acquisitions: 7 Pitfalls to Watch

When business climate changes or partners approach retirement age, accounting firms often find themselves in a position where merging makes the most sense. Some firms will benefit from filling talent gaps, and others enjoy expanding their reach into new geographic markets. Whatever the reason for a CPA merger, firms need to tread lightly when acquiring […]

man using an ipad

5 Considerations for Your Accountant E&O Policy

Despite what some accountants think, not all professional liability policies are created equal. The best policies cast a wide net of coverage at the best value with a trusted insurance provider. Then some policies are excellent. How? Policies that stand out provide high levels of service and benefits like risk management and education to invest […]

cannabis leaves on top of money

Cannabis Industry Clients: What CPAs Should Know About Risk Management

Every year more states are legalizing medicinal and recreational cannabis.  The growing cannabis industry means new client opportunities for CPAs, but with it comes the need to understand the nuances of serving this growing industry.  Cannabis industry clients come with all the same risks as clients in other industries but have an added layer of […]

woman pulling out file folder from file cabinet

File Retention in the Digital Age — What CPAs Should Know

Considering the various types of information CPA firms encounter every day, file storage and retention can become a big challenge. Improper file storage can lead to liability claims and lawsuits. Today, voicemails, emails, instant messages, fax documents, images, and electronic documents are considered reports that must appropriately be stored.  Because we’re in the digital age, […]

a judge's gavel

6 Risks that Can Get CPAs in Court and How to Navigate Them

CPAs often find themselves woven into the complex financial affairs of their clients. And when their client’s finances dive for the worse, they usually look to their CPA to help them turn things around.  You can’t avoid every potential lawsuit, but you can take measures to minimize your risks of one. Here’s a look at […]

a compass, representing moral dilemmas

Managing Ethical Dilemmas as an Accountant

As a Certified Public Accountant, you are not immune to legal risks. You can find yourself in risky territory more than you would like. Unfortunately, ethical and legal dilemmas present themselves more than you’d imagine. It is something you have to deal with, so having a robust risk management strategy in place is a must. […]

man pulling out a file folder

Top 10 Things That Should Be in an Employee Handbook (And 5 That Shouldn’t)

An employee handbook sets the tone for your business. The manual is one of the first documents a new employee receives in the on-boarding process. More importantly, having an employee handbook can minimize liability and avoid litigation, and help employees understand company policies and expectations.   An effective employee handbook is a policy manual that clarifies […]

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