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In this episode of Risky Records, we look at the role of client communication in risk management for accounting professionals. Our guest, Joe Jones, Vice President of Risk Management Services at Travelers Insurance, offers valuable insights into how thorough documentation and clear communication with clients can significantly reduce the risk of claims. Joe shares his […]

With the increasing importance of transparency and accountability in both private and governmental settings, the U.S. government has introduced the Corporate Transparency Act (CTA). Set to go into effect on January 1, 2024, the CTA aims to tackle financial issues such as money laundering.   As the deadline approaches, now is the time to identify which […]

Imagine receiving an email from a Nigerian prince, promising to reward you with millions in exchange for your help transferring his wealth out of the country. An obviously fraudulent request like this would certainly trigger some red flags that it is a business scam. But what if the email came from a trusted vendor, business […]

The ongoing pandemic has the U.S. bankruptcy system poised to give a fresh start to individuals and businesses impacted by debt. Accountants advising clients through bankruptcy may need guidance to steer their charges from choppy waters to more stable economic shores. This blog offers advice for CPAs on finding better footing with clients, colleagues, and […]

The days of internet sellers and buyers avoiding state sales tax ended on June 21, 2018, when the United States Supreme Court ruled 5-4 in South Dakota v. Wayfair. The ruling said states could collect and remit sales tax on businesses without a physical presence doing more than 200 transactions or $100,000 in in-state sales. As […]

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 […]

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 […]

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 […]

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 […]

As people move more of their lives online, they become increasingly vulnerable to cyberattacks. Accounting firms are no different. In fact, they are at a higher risk of being targeted for a cyberattack because they deal with sensitive financial information.  According to a CNN article, a McAfee report said ransomware incidents increased across all sectors by […]