6 Ways to Avoid Cyber Risk for Accountants

Infrastructure and Security in Remote Staffing for Accounting Firms

Quite a majority of small and mid-sized accounting business firms in the US face critical challenges in implementing and maintaining safety and security for all the confidential business data of all their clients. With the advent of inter-connectivity through mediums other than computers, all such business data is far more vulnerable to attacks and breaches from the cyber-world from unknown locations and identities than ever before. Today, there are more incidences of data theft, identity theft, corporate sabotage, etc. by hackers and attackers actively looking for lapses in digital security such as loopholes, backdoor vulnerabilities, leniency of people when creating and using passwords among many other such issues.

Accountants today need to be more aware and proactive in planning, deploying, and upgrading all implemented hardware and software in their information management systems. Intercepting, Planning, and Managing cyber-security risks is not just limited to having the most expensive and powerful firewall or security software for blocking all attempts of hacking your data. It begins with having the right hardware and software, Ironclad rules and standards for digital as well as real world, backed by stringent controlling and monitoring measures and their enforcement, and periodical revision, updating and upgrading of all implemented rules and systems thereof. Let us see, the means and measures necessary to follow and implement for having a reliable information systems in your accounting firm.

How to Improve Your Cyber Security?

To begin with, we need to understand the fundamentals of how digital information resides in your desktops, servers, or even cloud storage spaces, and how anyone unauthorized can access it. All digital data resides on some form of storage; it could be in a hard disk in your laptop or desktop, or either device is configured to store data on a local data server or on a remote, online data storage service like Google Drive, Dropbox, etc. With each option, there is some form of user login using ID and passwords.

Login Credentials: Passwords and Authentication

This is the first step to address, which goes a long way in ensuring your data stays safe and secure, and accessible only by you and those persons you have granted authority for accessing it. Just as a chain is as strong as its weakest link, all the aforementioned systems are secure and reliable only as much as the credentials of those users granted access to it. The stronger the passwords users have created, the lesser the odds of any hacker gaining access to the data. Consider it the first step in implementing cyber security in your accounting firm.

Secure Networks: Intrusion & Defenses

To ensure that no data leaks from your office it is important to block unauthorized access to the networks and computer systems within. It is advisable to have a technical IT personnel or at least a consultant for assistance related to network security.

Controlled Internet Access

As much as internet is a source of information, it is also a major source of malware or virus attacks and eventually, threats to data security. “No internet – no threat” won’t work in today’s era. So what’s best is to limit the access to only the websites that are known and trusted. Look for the little https:// prefix inside the URLs you are about to browse, they indicate secure websites. Websites without this secure domain are not necessarily malware carriers but accessing web with precaution will safeguard you.

Updated Firewalls and Antiviruses

While many users often ignore it, but these software will ensure the well-rounded safety and security of your valued computer. Good anti-virus software will keep unwelcome intrusions locked out of your computer. Firewalls keep malware from coming in via network connections. Antivirus software not only helps keep malware out, it also guards against attack from any malware that may have somehow made its way into your computer via network, USB port, email, infected image, etc. Firewall rules can (and should) be updated routinely.

Cyber Security Assessment

For any existing firm, initially you can have digital security experts analyze your current systems and all the possible vulnerabilities that can lead to data breach. Having this report, the experts will also provide you with the necessary measures and solutions, based on severity and urgency, which need to be adopted and implemented in a given time period. You should probably not skip any options from the list, if possible, and go ahead with fixing all the issues and problems right away!

Train Employees about Security Principles:

Along with above stringent requirements, you should also enforce certain rules such as:

No writing down of User IDs and passwords on physical (paper) or digital mediums
Enforce never sharing abovementioned information with anyone, including any seniors or even the owners of the business firm
Passwords should not contain or be based / derived / formed using any personal information such as birth or anniversary dates of self or family members
Changing passwords frequently, yet inconsistently in terms of days, password length, and difficulty of the password characters used
There should be no pattern or set times, for updating or changing passwords

Form rules and groups detailing who can access what data as not everyone should be allowed to access all data

Read E-Book: BEST TOOLS FOR REMOTE WORKING

Infrastructure and Security in Remote Staffing for Accounting Firms

Hundreds of small and mid-sized accounting firms of America have found it very convenient to hire remote staff to cope up with the staffing challenges and also were able to save enormous and add value to their practice in the way. For small and mid-sized accounting firms, it is critical to have solid staff & accounting systems in place, so you can focus more on growing respective practices. A number of CPAs and Accounting firms outsource their work to third-party vendors to save time and cost to an in-house employee. But again that is like taking a chance with the quality of work to be delivered. Sometimes it works, sometimes not, but more on that in some other article.

In today’s competitive marketplace, hiring and retaining quality staff is one thing, but when remote staff is in a picture a bigger concern a lot of our clients have shown are related to the infrastructure of the workplace and security of their client data. Being a responsible remote staffing vendor we always have to make sure that the work is always carried out seamlessly and everything is secured. After all trust and credibility are the driving forces behind any organization’s business growth and success.

First and foremost required things for a remote staff are ‘up to date’ computers and seamless internet connection as these are the backbones of doing work as well as communication between a client and a remote staff.

While a remote staff may work from anywhere in the world, in our case offshore locations, therefore we make it very sure that they work under a supervised environment where all systems are working fine. Remote staffing includes on-premise infrastructure and support, and secure private, public and hybrid Cloud platform operations.

Infrastructure and Security provided by remote staffing for accounting firms

A high standard operating system with the dual desktop set up.
Performance Monitoring, Management, and Resolution.
IT engineers for Quick Desk Support
High standard security camera for staff monitoring.
24 hours power backup infrastructure
Ongoing support includes troubleshooting, management, and support of the storage infrastructure.
Security and firewall administration
In-house training center & highly experienced trainers
Monitoring and scheduling of backups and system event logs
Hardware and Software Firewall and VPN server administration
Audio – Video and screen sharing tools for smooth communication
Secure remote access to your software network for fast response

When you hire remote staff for your accounting firm, you enable your in-house marketing staff to focus on your business strategy and leave the nuts and bolts of accounting & tax related operations to us. With remote staffing, you will have direct access to a resource under high-security Infrastructure and act like in-house resource working at the offshore office.

When remote staffing agency provides their own workstation and technology, the cost savings for businesses can be significant. CPAs can maintain their business in smaller office—or even without an office at all—cutting off on rent and equipment costs. Remote work can also reduce your IT budget, as you may not need to secure and manage as many computers, software’s, hardware etc.

Read E-Book: HOW SMALL ACCOUNTING FIRMS CAN COLLABORATE ONLINE TO BUILD GLOBAL TEAMS

How Accounting firms Changing Its Hiring Process?

Out of the top 10 issues faced by accounting firms especially in US, are related Human Resources. May it be as above.

High Salary Expenses.
High Benefits and Compliances in Payroll.
High Attrition.
Low Productivity.
Work Load Pressure.
High Infrastructure and Operational Costs.
Succession Crisis

Keeping in mind the end goal to moderate all the above issues, numerous U.S. firms have started hiring Off-Site Dedicated remote staff from India, Philippines, and South Africa etc. A number of top firms have established their dedicated accounting center in India. Many small and midsize accounting firms from US have hired dedicated remote staff from Indian Offshore staffing company like Entigrity Remote Staffing. It is estimated that by 2020 U.S. accounting firms would enlist more than 100,000 Remote Employees off-shore with emerging technologies like remote access, cloud and network computing etc. Similar forces are opening new markets and geographies for accounting firms with all procedures in light of Clouds and all representatives based remotely.

Are you Thinking, Hiring Off-site/Remote Staff is only based on the Cost benefits? Here are some more key benefits:

COST DOES MATTER

With hiring Remote Staff from India, you can get the best talent and reduce your employee payroll budget by more than 75%! Remote staffing agency allows you to take Interview & handpick YOUR resources, having full access to their practice, experience, and skill set close by. Obviously, it accompanies different difficulties of correspondence and knows how on approaches of firms however if accurately handled having a right service provider, accounting firms can cut down Payroll and Overheads by over 75% through this adaptable employing model.

EXPAND YOUR BANDWIDTH

After all, accounting is individuals’ business so having greater data will always help in conveying the work in in the most legitimate way. With moderate assets accessible, bookkeeping firms will dependably want to grow and put resources into the transfer speed so they can extend the administrations portfolio.

100% Remote Access Control

With this model of hiring remote employees, accounting firms have broad control over quality standards and fundamental communications required for effective tasks. Also, the service provider manages, supervise and review the function on your behalf, so it can supplement your current administrative capacity as well. Also, with the latest time tracking and project management tools each and every progress can be tracked and made right from the comfort for you. Remote Staffing agency provides a better way to coordinate with your staff using different communication tools. The remote employee will direct report to you and manage timesheet based on daily task done by them.

Offers an Escape from Time and Financial Cost of Compliance

Working with a remote staff you can spare money related cost and Compliance. Remote staffing models enable bookkeeping firms to grow transfer speed and in the meantime evade all the finance and HR related oppressive legislation and expenses related with the same. This not just has an incredible effect on the total productivity yet, in addition, spare time and allows extraordinary mental peace.

Control Fixed Costs.

Remote Staffing simplifies your management responsibilities and enables you to focus more energies towards “rainmaking” and client retention. In other words, an accounting firm that hires remote staff, and focuses on core marketing and adds more services to the list. Using remote staff, it can help you focus on client acquisition, processing the work and client retention. Keep it simple and your clients will refer more business to your accounting practice.

CPAs can hire offshore part-time or seasonal tax accountants, bookkeeper, Sr. Accountant etc.

Over some undefined time frame, CPAs have realized that hiring full-time tax assistants result in expanding their expenses as far as in terms of having paid for sitting idle during a non-tax season. They neglect to use their abilities and time which turns into an extraordinary misfortune to them. As a better workaround, they have started look around offshore part-time or seasonal remote staff. The biggest benefit that CPAs get is they have to pay only when there is an overload of work. Seasonal remote staff help meet customer demands, increase revenue and maintain the company’s reputation.

Read E-Book: 10 BEST PRACTICES OF WORKING WITH REMOTE STAFF

If Going Paperless is Your firm’s New Year Objective

Any technology driven organization is primarily dependent on computing devices with a host of peripherals and software options, which complement the basic functions of a business. Digital medium has reduced our dependencies on a lot of unnecessary clutter, usually seen in an organization. Right from having ‘tiny post it’ notes to small hand written memos, which were used for office communication about a decade ago, to having important documents or files now available in digital form, received in email instantly! There’s a gradual but inevitable shift to a paperless with each passing day. Increasing business firms are now going the paperless way. Environmental concerns aside, having a paperless office has its own benefits over old school methodologies. Moreover, relying on less paper means, reduced consumables expenses for your organization. Furthermore, reduced space requirements for using and storing paper documents translate into lesser floor space requirements for any firm.

The Myth

However, paperless doesn’t mean any organization ‘Will not need’ any paper-based documents or ‘can operate without’ any paper in their office premises. That’s the primary myth associated with the term — “paperless office”. Any office needs paper for daily functioning of important tasks and chores. What needs to be understood here is, no matter the nature of your organization, there are some basic functions or business processes, which cannot do without any paperwork. For example, accounting, inventory, legal, logistics, etc. All these need the very basis of paperwork because of the scope of the work they address and manage. In all these business functions, the need for proofs and records necessitates the use of paper-based documents at every step, and every day. For such purposes and functions, no business can ever avoid using any papers at all!

Physical to Digital

However, there are many other opportunities where you can cut down on or eliminate using any papers at all. For starters, once you have all paperwork signed and filed away, you can using document scanners to convert the physical paper form of all such important documents into digital copies of their original physical versions. This goes a long way, as digital copies aren’t as affected by physical environmental changes as physical versions of documents are easily affected over time. Moreover, physical suffer damage due to mishandling and incorrect storage, often due to repeated retrieval procedures. It makes more sense to have documents such as bills, receipts, contracts and business cards digitally scanned and converted into editable documents using the latest OCR technology.

Storage & Security

It makes easier to store and retrieve digital copies in a logical format much convenient whilst increasing the security of any and all such confidential documents. Furthermore, you can restrict the access to each document in that repository to select employees in your organization. Moreover, there can always be a track of when anyone accessed it. This ensures that there isn’t any unauthorized access to even a single document without permission from the management hierarchy. Furthermore, in lines with digitization of all physical documents, you can and rather should pursue requesting paperless documents such as statements, reports, etc. from financial institutions to begin with. This makes provisions beforehand without having to convert physical copies into digital ones. It serves multiple purposes such as reducing the time taken in transmission of documents, safety & security of handling and storage, and restricted access permissions for only those entitled access to such documents.

Cloud Storage

Alternatively, you can go for cloud storage solutions for document management. Although digitization has far more advantages over maintaining physical copies of your documents, it has a few concerns that need to be addressed. Since you are storing your documents on a local computer or file server, there could be hardware failure, or security lapses if the protocols weren’t set stringent enough. Moreover, it is tedious and time-consuming process to send/receive any digital documents, frequently. These are rare but not entirely avoidable issues, which can be solved with structured planning and implementation of policies.

However, to mitigate such issues, Cloud Storage technologies have evolved a lot in the past few years, becoming cost-efficient along with being conveniently accessible from anywhere, including mobile devices! It can be said that cloud technology is the future, given its increased reliability, security, accessibility, and economical costs for setting up and using it daily. There are scores of options available nowadays, free and paid with various plans suitable as per your requirements.

Taking Notes

Consecutively, cloud technologies have crossed the bridge, going beyond offering storage services. For many business firms, taking notes, memos, To-Do or Tasks lists, etc. are daily occurrences on the work floor. In order to have a paperless, these activities would also need their digital counterparts just like storage options. From having Windows built-in Notepad and Sticky Notes, to dedicated Notes-taking applications such as EverNote, Wunderlist, Google Keep, etc. are some of the few popular options leading the pack today.

End Note:

Considering the above issues and solutions, it makes more than necessary to begin digitization of physical documents, and implementing digital replacements of traditional avenues of daily business operations, which required use of paper. Furthermore, migrating to cloud technology would increase the efficiency as well as grant greater security to your digital documents from day one.

How to find the Right Tax Accountant for Accounting firm

For any business, whether small or big sized firm, everyone needs tax accountant for routine financial operations, records and tax planning.

In the event that somebody reveals to you that he contracted a tax accountant to do his accounting and tax-related tasks, you may think that his tax situation must be difficult. But, it’s not like that. Many organizations can get maximum benefits from hiring a tax accountant, and a lot do. But before that, you should take some right steps while hiring an accountant or tax preparer for your business.

Understand Why You Need a Tax Accountant

first of all, you need to identify what exactly you expect from an accountant. Here are some common causes for why you need one.

Preparing tax return is time-consuming, hectic or confusing.
You want to make sure your tax return is accurate.
Organize and update the company’s tax database
Prepare necessary paperwork for tax payments and returns
Identify tax savings and suggest ways to increase profits
Complete quarterly and annual tax reports
Estimate and track tax returns

Finding a Tax Accountant

Here are some tips for finding a tax professional with the specialized skill you need. Remember one thing, not the accountant, are ultimately responsible for the info involved in your tax return.

Referrals are usually the best way to find a trustworthy accountant. Ask your friends and family members, if there any reference they have in their contact. It can be helpful to ask someone who has a tax situation that’s like to your own.
Determine your business needs: Do you want an accountant to just handle the books and file your taxes, or someone who can give advice for business grows? It’s also important to ask if the accountant has the authorizations to sign financial statements and do legal compliance work.
Areas of Expertise & Services Delivered: Many CPAs have their own areas of expertise and provide specific services to clients. If you are looking for tax planning, business entity choice, or IRS representation, make sure the accountant you hire to work with has the essential skills and practice to do the job done.
Many Local firms specialized in tax preparing for individuals and small businesses but ask if the firm has the expertise to manage your taxes if there’s anything unique situation.

Questions To Ask Before You Hire Remote Tax Accountant

When you shorting your list of potential accountants, schedule a time to speak to each one of them and ask some basic questions. Here are a few questions to get you started:

How much-experienced Person will you have?
Require Accounting software knowledge
What kind of tools will be used for communication
Remote access to staff
Are you providing Daily Report?
What if my staff member is on leave?
Where will you Keep work files and other required stuff?

Remote staffing: The best and cost-effective way to hire a right tax accountant. Experts at a specialized staffing agency help you focus your search for Tax professionals with industry experience, quickly and successfully. You can hire a remote employee from a staffing agency and gain learning curve benefits. A staffing firm also helps save you money because it can handle all aspects of the staffing process: personal interviews, technical skills evaluations, soft skills reviews and determination of the suitability of a candidate’s fit with your work environment and all.

A staffing agency can give advice on what mix of workers you need, including full-time, part-time or temporary staff. It will save your cost up to 75% compared to an in-house staff.

Accountant vs. Bookkeeper: What Do They Do for Your Business?

To begin, accountants and bookkeepers are involved at various phases of the financial cycle, with a bookkeeper tending to adhere to the day-to-day procedures and an accountant serving an additional different role at reporting, tax filing, and analysis. Let’s take a look at the roles of an accountant and a bookkeeper to have a clearer comprehension of what each expert can improve the situation of your business.

Functions of a Bookkeeper generally DO

Bookkeeping requires at the prior phases of the financial cycle. A bookkeeper’s job is to oversee and log the day by day financial transactions of a business, which include sales, buys, and payments, receipts. Be that as it may, a bookkeeper can also be liable for other tasks, such as completing payroll and checking accounts receivables and working with supervisors and controllers to ample monthly financial closings.

The role of a bookkeeper is frequently subject to the extent of the business and the number of transactions the business makes day-to-day. A bookkeeper’s tasks are likely to increase as a business grows and as the company’s financials get more difficult.

There are a various Enterprise-level bookkeeping software is able to generate the custom reports or complete financial documents that previously fell under the obligations of an accountant. This converging of the two professions means a business that doesn’t have confounded financials can make do with utilizing bookkeeping services most of the time and only hire an accountant when it’s time to auditing and tax preparing.

Functions of an Accountant vs. a Controller

Accounting majorly deals with interpreting the data generated by appropriate bookkeeping. The essential functions of an accountant incorporate analyzing financial statements, completing income tax returns, and helping entrepreneurs and business owners understand all the tax and budgetary controls that apply to their organization.

Controllers likewise help business owners have a superior comprehension of their business’s financial health. Controllers convert a bookkeeper’s data into different financial reports that detail the organization’s financial standing, including its benefit and income. Entrepreneurs likewise depend on their controllers for financial estimating and also planning and examination.

Which Financial Professional Is Best for Your Business?

The choice to utilize an accountant, bookkeeper or both is resolute by the size of your organization, the difficulty of your activities and financials, and the demands of your business. If you’re CPA or Accounting firm and need to hire remote working bookkeeper or accountant when it is time to file taxes or generate end-of-the-year financial reports may be all the accounting help your business needs. Companies like Entigrity can help you to find the best resource depends on your needs and save up to 75% compared to hire in-house resource.

To get more info about remote staffing for accounting and bookkeeping needs. Feel free to visit our website www.entigrity.com or email us your staffing needs on info@entigrity.com