Accounting firm mergers: What to know and how to succeed
Accounting firms are experiencing increased Mergers & Acquisitions (M&A) due to the current economic climate, concerns around succession within firms, and chronic staffing shortages. Ultimately, when done right, a merger or acquisition can significantly benefit both parties. Sales or mergers can be a great solution for complex business challenges. A sale occurs when one company […]
Accounting Outsourcing Risks: What Accountants & CPAs Need to Know
It’s not uncommon for CPAs, accountants, and professional service firms to outsource their work during tax season. When outsourcing is done right, it can result in substantial time savings, lower costs, and faster service for clients. However, if certain risks are ignored, accounting outsourcing can be extremely costly and can even result in damage to […]
Remote Access Security Risks: What CPAs and Accountants Need to Know
When the COVID-19 Pandemic first hit, companies sent employees home to work remotely. Because everything unfolded so quickly, many companies did not have their remote access systems in place, and those that did were lacking in security. The sudden and massive migration left many IT teams scrambling to make things work. During the chaos, several […]
The Wayfair Decision: What Insurance Brokers Should Know
On June 21, 2018, the United States Supreme Court ruled 5-4 in South Dakota v. Wayfair. The ruling essentially put an end to online sellers and buyers avoiding sales tax. Effectively states can collect and remit sales tax on businesses that do not have a physical presence in that state if they do more than […]
The State of Cybercrime in 2020
The statistics show that cybercrime is on the rise. Since the COVID-19 pandemic, the FBI has reported a quadrupling of cybercrime cases. Remote working has significantly weakened company data security as the corporate firewall no longer protects it. Accountants, CPA firms, and professional service firms of all sizes have all been prime targets of cyber-attacks because of […]
Third-party Claims Against CPAs and Accounting Professionals
Many CPAs don’t purchase professional liability insurance coverage because they think their clients will never sue them, but they forget about third-party claims. If a client goes bankrupt, their lenders, shareholders, and business partners could file a lawsuit against a CPA to recover their losses. Unfortunately, accounting firms, CPAs, and professional service firms frequently get […]
