Accounting
Top 5 Accounting Challenges and How Automation Simplifies Them
Managing accounting for a single business is no small feat—but what about handling multiple clients simultaneously? CPAs face a constant stream of challenges, from balancing cash flow statements to maintaining flawless records, with no room for mistakes. That is where automation tools can add value and save you valuable time. This post discusses some the most common challenges along with the available automation strategies and tools to address those challenges.
2023 FTC Safeguards Rule & Data Security
In today's fast-paced digital world, data protection is more important than ever, and the Federal Trade Commission (FTC) has stepped up to the challenge with the Safeguards Rule. Established under the Gramm-Leach-Bliley Act (GLBA), the rule sets the stage for accounting firms to up their game in protecting sensitive consumer information. Fear not, dear professionals! This article will serve as your trusty guide, shedding light on the essentials of the FTC Safeguards Rule and how it impacts your business, all while keeping things engaging and informative.
Best Email Encryption Services for Small Business
(Updated August 20, 2024 to update links.) Can I use any free email encryption service? Make the wrong choice and you could end up with a service where resetting a password causes all your past emails to be unreadable (yes, these exist, and for good reason). Some assume that all your email recipients are on a corporate email server.
How Encyro Helps You Comply with HIPAA, GDPR, GLBA, IRS Pub. 4557, PCI-DSS ...
Encyro helps you safeguard customer data to help you meet many privacy and security regulations and guidelines. This article shows you how Encyro helps you meet your compliance requirements for HIPAA, GDPR, GLBA, IRS 4557, PCI-DSS and other standards.
Dynamic File E-Sign Templates
Encyro E-Sign templates let you use a new file each time you send an electronic signature request. Use this feature for e-sign requests where a new file is generated to be signed for each client but the placement of the signature boxes and other items to fill is is the same. So you reuse all the boxes for signatures, text, or other items to fill in, KBA settings, as well as the e-sign request configurations such as reminders, login types, signature types, email subject, and introductory text.
Form 8879 IRS-Compliant Electronic Signature
Tax professionals filing electronically need to get IRS form 8879 or form 8878 signed by their clients. However, traditional e-signature services may not support the IRS electronic signature requirements, specifically the knowledge-based authentication (KBA) requirement for electronic signatures performed remotely.
Are You on the Accountants' Wall of Shame?
Recent incidents at small accounting firms have many accountants worried, and for good reason. For no fault of yours, the entire reputation and goodwill you have built up for your accounting practice could suddenly be at grave risk. How does it happen? What can you do to protect yourself?
Best Client Portals for Accounting and Finance
Can I use the client portal that came with my website? Or choose one of the old brands? The wrong secure client portal could cost you dearly in client retention, as well as security. We compare 11 client portals and additionally discuss 7 portal alternatives (such as DropBox) for accountants and tax practitioners.
Convenience Plus Security
Email is convenient. You do not need to create an account for your client or recipient - they already have an email address. But email is not secure. Client portals are secure. But a hassle to convince the client to sign up. How can we get the best of both worlds?
Data Security for Tax Preparers Overview
Why did IRS release Pub. 4557, titled Safeguarding Taxpayer Data? Because tax preparers are extremely juicy targets for identity thieves. The client information containing social security numbers and all the related personal data is super valuable on the black market. Learn how you can stay protected.
How Can Solo Accountants Make $500k a Year
Only a small fraction of CPAs make $500k a year, but it is possible. And it is faster to achieve in your own firm than by working for a large public accounting firm or getting a corporate job in the industry. To make big money in a solo practice or a small firm, your strategy will have to differ greatly from that of the the big firms. Review these ideas to get started.
How accountants are getting secure document portals for free!
Santa Cruz, CA accounting firm Chiorini, Hunt, and Jacobs recently had their email hacked. The hacked account contained client W2s, tax returns, social security numbers and other personal information. This loss could have easily been prevented, and for free!
How To Quickly Satisfy IRS Guidelines for Tax Preparers
Is it worth checking out the IRS Guidelines for tax preparers? The new IRS guidelines help you protect your business, avoid losing clients, and compete effectively with the big firms. This detailed article breaks it down into simple steps that you can take to address all the details.
Digital Safeguards for Device Security
Digital data offers tremendous convenience and cost efficiency. From a security perspective, in many ways protecting digital data is easier as well. For instance, protecting digital data against fire or water leaks is so much more practical through an off-site backup, than maintaining photocopies of physical documents. But you do need to keep your computers and mobile devices secure. Check if have taken all these important steps.
Digital Safeguards Communications
Data leaves your device and enters the network when you explicitly send or receive documents or messages to or from your clients, vendors or others. Data also leaves your device when you enter customer data on a website (e.g. using an online service). Data is at risk whenever it leaves your device. Learn how to protect it as it travels across the network.
Rental Income And Tax Saving Opportunities
Thanks to Airbnb, Craigslist, and time-share exchanges many Americans end up with money that is treated as rental income. Tax professionals have an opportunity here to advise clients regarding the right strategy to minimize their tax on such income. Small and easy changes can yield hundreds of dollars in savings.
Secure Data Disposal
Disposed data, whether on paper or digital devices, leaves your secure environment and is no longer subject to any of your safeguards. It is a gold mine for identity thieves. That is why the GLB act requires businesses to securely dispose of customer data. Secure disposal is neither hard nor expensive, if you have some these processes in place.
8 Actions to Take Now for Saving on 2018 Taxes
Whether they like the new tax laws or not, what do your tax clients need to change for 2018 to take advantage of the new tax law? The 8 action items below show common decisions that tax clients need to make early in the year to benefit the most from the new laws. Tax professionals could raise some of these issues with their 1040 clients and prospective clients for 2018.