“We regret to inform you, but your financial data might have been stolen.” It’s a scene straight out of your worst nightmare. It’s something that giant auditing firm Deloitte and a small Connecticut-based accounting firm had to deal with when they were hacked. Data breaches affect firms of all sizes, reiterating that the need for stronger cybersecurity for accounting firms is more real — and pressing — than ever.
When we think about business risks, we often overlook some of the most destructive factors. There’s so much focus on protecting assets from malicious cyber attacks and human error—especially in law firms—that most fail to prepare for the impact of natural disasters on your firm.
If this year taught us anything about technology, it’s that you should really focus more on protecting and securing your data. No matter how far digital technology has evolved; no matter how advanced today’s tools seem to be—they will remain vulnerable to a lot of different factors. So we thought this IT and tech checklist to achieve just that can help.
We have a few more weeks left before 2018 winds to a close. To some, this simply means parties and celebration. But to business owners and managers, this means a lot of tax planning–and that’s what this manager’s guide to year-end taxes is about.
Year-end planning for taxes can be intimidating and daunting. If 2018 felt like it just flew by, it will feel even faster once you realize how much work you still have to do to prepare for 2019. To that end, approaching this part of the business systematically will help ensure that you get everything done efficiently.
“Do more with less” — when it comes to IT budgeting, this is one of the most common marching orders CIOs and IT managers get. It comes as no surprise that the budget of an IT department is one of the first to get arbitrary cuts when accounting firms are trying to reduce its operating expenses. This is quite ironic given that many aspects of an accounting firm’s day-to-day tasks need technology to get done.
In house IT or outsourced — which one is better for your law firm? As a law firm, you deal with clients on a daily basis. These clients trust you with their confidential data—data that you have to entrust to a team of experienced employees. These employees juggle multiple tasks—clients and cases, deadlines and documents, managing the law firm and ensuring seamless administrative efficiency. Most importantly, everything has to run with exceptional precision, simultaneously. That’s a lot, even for established companies. And to help them with it, they seek out IT solutions for law firms that can give them a competitive edge.
Blockchain technology for accounting firms: The explosion of cryptocurrency propelled blockchain technology into the mainstream, and tech-savvy accountants were quick to recognize how it seamlessly integrates with their profession. The auditing world’s Big Four and other early adopters have started experimenting with blockchain way ahead of everybody else. What are the benefits of blockchain technology for accounting firms that are getting industry leaders excited?
“Nothing is certain but death and taxes” — so the old proverb goes. However, for many accountants, the meticulous work that goes into preparing their clients’ tax returns can oftentimes feel like death. With Americans spending a whopping 6 billion hours preparing tax returns, it comes as no surprise that more taxpayers turn to the services of accountants and accounting firms. While this could mean more clients for your accounting firm, it also equates to a heavier workload for your accountants. To help you and your team, here are 3 productivity tips for CPAs this tax season to lighten and streamline your load and make you more efficient this tax season.
Year end checklist for businesses: Each year, businesses—regardless of size—have to reevaluate how they play the game with a year-end checklist. Whether you’re a multi-billion conglomerate like Apple, who came under fire this year for transparency issues; or a growing startup like Deciem, whose ever-popular skincare line The Ordinary was scrutinized because of their CEO’s erratic behavior on social media, it pays to take stock of where your business currently is, to know where the new year is set to take you.
Let’s put it this way. Even unicorns exist in Google. So there’s absolutely no reason for your law firm not to have an active online presence. That’s just how important social media for law firms is. Period.
And if done right, a law firm’s social media presence will prove to be a strategic business decision that results in tangible and highly-profitable gains.