Wow, we have learned so much from this pandemic. The toll of the illness, deaths and impact to our medical providers and so many more has been staggering; there are lasting lessons and change that can benefit us all.
Obviously, one of the most significant changes firms made is the swift move to remote back in March. This move to remote can be a competitive advantage for firms that truly embrace it now and aren’t waiting (or hoping) to “go back” to how it was. READ MORE →
Amazon, Google’s parent Alphabet, and UPS all hope to one day deliver large amounts of goods by drone. New U.S. government rules have cleared some hurdles to make that dream a reality.
The Federal Aviation Administration finalized new rules for small, unmanned drones that could pave the way for expanded commercial uses of the vehicles, including delivery services. READ MORE →
ANSWER: The ad was placed in a local newspaper by a small CPA firm looking to hire someone with two years of experience. This firm obviously does quality work since they do audits. READ MORE →
Becoming a thought leader is one of the most effective ways to effectively position you and your practice to the ultrawealthy and the other professionals who serve them. Think of it as complementing and augmenting the powerful relationships you are building using the Everyone Wins Process.
While there are different ways people define a thought leader, the following captures the actions and outcomes of becoming a thought leader: READ MORE →
Why fall in the same trap that other firms have fallen into during their client accounting services journey? If you know what those traps are, you will save significant money and time in establishing your CAS practice.
Fortunately, the CPATrendlines CAS survey identified which are the top five CAS killers, for firms of different sizes, that the accounting profession has experienced. READ MORE →
Distractions, distractions and more distractions, coupled with deadlines. Ah, deadlines! Those are the bête noire of executives, journalists, record producers, book authors and anyone else in the workforce whose deliverables are expected by a certain date.
On an early job I had – in a time long, long ago with no computers, smartphones, copiers or electronic adding machines – I used to go to a client in the morning, write up their books, prepare a financial statement, drop it off at the office at end of the day and then go home.
The secretary typed the report in the morning. I often wondered what my boss Mr. Ruben did, and whether there have been any changes in that in the half-century since I started. READ MORE →
One of the most critical steps in transitioning a firm to a paperless environment is capturing information in a digital format at its root source as that information enters the firm.
At the base level, this means having clients provide you information in a digital format, which can be done via email, digital fax or through a portal rather than with a physical document. While email is currently the most prevalent tool utilized by clients, it is anticipated the security concerns will help clients transition toward portals.
Email has been the most frequent tool used as most clients are comfortable attaching a spreadsheet or document and sending it to the firm. This method allows the digital file to be easily accessed and saved into the firm’s file storage applications.
“82% of firms request audit documents prepared by clients be delivered in a digital format.” – AAA 2013 Survey
While clients are usually comfortable with sending files to the firm via email, there are often times when the information is confidential. For privacy and confidentiality, firms need to use email passwords, email encryption or a firm-controlled portal. Applications that encrypt email such as Citrix ShareFile and cPaperless SafeSend were the most commonly selected solutions according to the 2020 CPAFMA IT Survey. The cost of a secured connection with a client can be somewhat expensive but can be justified for the overall gains in efficiency and security.
While secured email or a portal would be the preferred delivery solution, some clients will not have adequate internet access and opt to bring in documents (such as their QuickBooks files) on a USB flash drive. Firms should make a concerted effort to discourage client use of thumb drives as they carry the risk of introducing malware into the firm’s network. When personnel do receive physical media, there should be a procedure to thoroughly scan it before loading any files to the network and then return the media to the client immediately, so the firm is not tasked with disposing of the media.
The key to successful adoption of this Quantum Leap is to provide proactive training and reminders to clients on how data should be digitally transferred to the firm. Some firms have begun documenting this information on the firm’s website as well as using remote screen control tools to assist clients. According to the 2020 CPAFMA IT survey, the top three products selected were LogMeIn/Join.me, TeamViewer and GoToMyPC/GoToAssist.
RECOMMENDED ACTION: Formalize process to have clients transfer files electronically.
At least 80 percent of cybersecurity failures involve direct attacks on users’ passwords, the World Economic Forum warns. This is a problem that’s not going away any time soon. For Microsoft, as it explains in an official blog post, the solution may lie in a passwordless future, and it’s hoping to ramp it up this year.
Whether it’s storing personal information about addresses, finances and highly private records, or running companies entirely virtually, the internet is where people live a good deal of their lives. And these people rely on passwords to guard their data and information against malicious actors. In response to hackers, some experts encourage the use of two-factor authentication, but that still isn’t airtight. READ MORE →