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 […]
Risk Management
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 […]
Understanding the Extra Protection of Insurance Subjectivities
Insurance coverage is never guaranteed. Certain conditions must be met to ensure that you get the coverage outlined in your policy. These contingencies are known as insurance subjectivities, and while they may seem like hurdles at first, they actually help safeguard your business by mitigating risk. In this blog, we’ll explain why subjectivities are essential […]
Remote Work and Safeguarding Against Theft in the Workplace
Even before the pandemic, remote work in white collar jobs was on the rise. Now, catalyzed by the ongoing pandemic, it is expected that 36.2 million Americans will be working remote by 2025, according to a Future Workforce Report. While the benefits of remote work are clear when it comes to mental health, work-life balance, […]
Best Practices to Protect Your Accounting Firm Against Ransomware
Ransomware is a worldwide problem, impacting everyone from oil pipeline operators to city governments to hospital systems. In 2020, ransomware payouts quadrupled over the previous year – from $85 million to $350 million – a likely undercount as many companies don’t reveal when they’ve been hacked. Considering modern accounting firms operate in an “always-on” digital […]
5 Email Security Best Practices for Accounting Firms
Accounting firms make lucrative targets for sneaky cyberhackers. Firms often house sensitive personal and financial client information. To best protect sensitive data, it is important for accounting firms to understand which risks they might be vulnerable to and to take steps to protect themselves. According to the IRS, around 91% of all cyberattacks start with […]