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February 25, 2021

Fighting Cybersecurity Threats in Your Business

acceleratorsupport Business Tips, cybersecurity

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If you keep any kind of digital information in your business, you have a chance of becoming a victim of a cybercrime. The odds have increased exponentially during the pandemic, with more cyberthreats and scams floating around than ever before. Here are some ways to reduce your chances of getting attacked.

Social Engineering

Social engineering is when thieves try to get your employees to provide confidential information via a phone call or email. You can reduce your risk here by developing procedures and training any employees that take customer phone calls for the business. Require them to ask for identifying information such as a pin or code, or simply prevent them from giving out any information over the phone.

Passwords

Passwords are terribly inconvenient but incredibly necessary. Almost everyone is guilty of using passwords that are simply too easy to guess. Here are some password tips:

 

  1. Avoid using dictionary words, even if the syllables are broken up in the password.
  2. Always use a combination of upper and lower case, and don’t just make the first letter uppercase which is too predictable.
  3. Include special characters, and don’t just use the exclamation point.
  4. Use separate passwords for everything, especially for banking apps, accounting apps, and social media apps which are frequently hacked.
  5. Make your passwords at least 12 characters.  More characters will be needed each year.

 

Receiving and Delivering Information

If you deliver or receive information, it should be done safely and securely. One way to do this is to use a customer portal such as Box or ShareFile, where the information is securely stored in the cloud. Another tool that to safeguard information delivery is encrypted email.

Anti-Virus

All computer users should have anti-virus software implemented and active on their devices.  Company procedures should dictate the settings as well as the brand to use.

Spam Protection for Email

Anti-spam software is also necessary to protect the device from bad links in emails.  Users should be trained to detect and avoid phishing emails.

Malware Protection

Malware can be installed on your computer without your knowledge and if you are not careful.  To protect against these threats, avoid file-sharing when possible, be careful when visiting unknown websites, don’t download software that you don’t recognize, and be careful with links in emails.

You may also need to protect your website from malware attacks by installing a firewall or other preventative solutions.

Software Releases

Stay current with all of your software upgrades. Upgrades can patch vulnerabilities, so you are safer with each new upgrade you install.

Data in the Cloud

Make sure any data that you have in the cloud is behind an acceptably secure technology solution.  Today, this generally means files are stored with AES 256-bit encryption. You can also look for SOC1 and SOC2 certifications.

Need to Know

There are many policies that need to be developed for employees with regard to data handling. One example is providing data access to employees on a need-to-know basis.  For example, an operations manager does not need the password to the payroll system, but the payroll manager does.

Reducing Business Risk

These items above are the tip of the iceberg when it comes to having good data security practices in your business. Develop an excellent set of policies, train and monitor employees, and set a great example yourself when it comes to this growing threat to your business.

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Accounting and Bookkeeping Services for QuickBooks® Online

Scott Springer, CPA PLLC

402 A West Palm Valley Blvd #182
Round Rock, TX 78664

(737) 471-4272
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We will provide guidance on how to set up, enter and modify budgets in QBO. In addition, for each budget you set up, we will create, customize and share two budget reports in QBO that you may run on demand: Budget Variance Report and Budget Remaining

We will create, customize and configure Accounts Receivable and Accounts Payable Aging Summary and Detail reports to be emailed to you on a weekly basis. This provides more current information so that you may act more quickly.

We will allocate revenue and/or expense by a single segment (QBO Class, Location or Project) using either fixed or variable percentages depending on your needs.

To help ensure your accrual-basis reporting is even more accurate and meaningful, we will periodically record the following entries:

  • Income accruals – used to record income that has been earned but not invoiced or collected yet
  • Expense accruals – used to record expense that has been incurred but not billed or paid yet
  • Income deferrals – used to record customer payments received before the income has been earned
  • Expense prepayments – used to record vendor payments made before the expense has been incurred
  • Allowance for doubtful accounts – used to recognize bad debt expense and to reflect the current net realizable value of Accounts Receivable

For clients with construction projects that have binding contracts with enforceable rights, we also offer contract accounting using the Completed Contract Method (CCM) or Percentage of Completion Method (PCM).

After calendar year-end, we will prepare and e-file your federal Forms 1099-NEC and 1099-MISC.

Rewind automatically backs up your QBO file, providing the ability to restore your entire QBO file or individual transactions and items.

We will reconcile your payroll tax liabilities as well as other liability accounts such as cafeteria plan withholdings and garnishments where applicable.

We will assist you with setting up your QBO Payroll subscription so that you will be ready for your first payroll. Our assistance includes an online working session where we will walk through the setup steps together including:

  • adding employees
  • adding pay types, deduction types and tax information
  • connecting your bank
  • setting up tax payments and filings
  • entering tax payments already made this year, if applicable

Our assistance doesn’t end with the initial setup. The unlimited ad-hoc support and advice extends to your payroll subscription as well. Need help setting up a new employee? Not sure how to properly record an employee advance? How to record tax value of a gift card provided? How to record an employee bonus? We’re here to help.

QBO Payroll is a full-service payroll subscription. You specify how much and when to pay your employees. Payroll calculations, tax deposits, payroll tax returns and W-2 filing are all done for you. Pay employees by check or direct deposit. Employees have an online portal to view pay stubs, W-2s and more. We will help you select the specific edition that best meets your needs.

We will prepare your Balance Sheet and Income Statement. These are key reports to help you understand your company’s financial position as well as the amount of revenue and profit you’ve made for the period. We will also provide Accounts Receivable and Accounts Payable Aging Summary reports to help you better understand who owes you and who you owe.

We will compare your statement balances and transactions with the ones in QBO and make corrections as needed. Reconciliations help ensure your account balances are correct by identifying missing, duplicate or incorrect transactions. We will also alert you regarding any old, uncleared items that may need your attention.

We will perform ongoing, limited review of your transaction entry to look for anything out of the ordinary or likely incorrect.

We will categorize and record your fixed asset acquisitions, depreciation, and disposals in QBO. We will do so based upon information you provide and our increasing knowledge of your company. We will ask for clarification, as needed, to ensure transactions are recorded properly.

We will categorize and record your vendor bills and expenses in QBO. We will do so based upon information you provide and our increasing knowledge of your company. We will ask for clarification, as needed, to ensure transactions are recorded properly.

We will categorize and record your bank, digital wallet, and credit card transactions in QBO. We will do so based upon information you provide and our increasing knowledge of your company. We will ask for clarification, as needed, to ensure transactions are recorded properly.

All packages include unlimited support incidents for issues encountered when using the software subscriptions in your package. You also get unlimited consultations with us for advice on ad-hoc accounting matters.

Go paperless! We provide a subscription to receipt capture software using optical character recognition (OCR), and we integrate it with QBO. The allows you to easily and securely capture and store supporting documentation for your expenses and vendor bills in the cloud.

QBO is the cloud accounting software we use with all our clients. We will help you select the specific edition that best meets your needs.

If you track transactions by the QBO fields for Class, Location or Project, but this information is missing on relevant transactions, it can result in incomplete or misleading reports. We assign the proper values to those transactions based on information you provide.

If a customer is not assigned to a sales receipt or refund receipt, it can result in incomplete or misleading customer reports. We assign customers to those transactions based on information you provide.

If a vendor is not assigned to a check or expense transaction, it can result in incomplete or misleading customer reports as well as incorrect totals for Form 1099. We assign the proper vendors to those transactions based on information you provide.

We will prepare your Balance Sheet and Income Statement. These are key reports to help you understand your company’s financial position as well as the amount of revenue and profit you’ve made for the period.

If you require historical reports, then it’s important to resolve issues that affect your Income Statement as well. It’s not uncommon for us to find numerous issues, but not all of them necessarily need to be resolved. We let you decide how extensive you want the cleanup to be based on your needs. How do we do this? By separately identifying:

  • issues that affect section subtotals (such as total income, total cost of sales, total operating expenses)
  • issues that do not affect section subtotals but are not categorized properly within a section

If you require historical reports, then it’s important to resolve issues that affect your Income Statement as well. It’s not uncommon for us to find numerous issues, but not all of them necessarily need to be resolved. We let you decide how extensive you want the cleanup to be based on your needs. How do we do this? By separately identifying:

  • issues that affect section subtotals (such as total income, total cost of sales, total operating expenses)
  • issues that do not affect section subtotals but are not categorized properly within a section

Issues affecting your balance sheet account balances (assets, liabilities, equity) should always be resolved even if you don’t need historical reports. That’s because you need accurate balances as a starting point going forward.

If your bank and credit card reconciliations have not been done or are done but need to be fixed, we will take care of it for you. Reconciliations help ensure your account balances are correct by identifying missing, duplicate or incorrect transactions.

If your diagnostic review revealed that your QBO file has unprocessed bank feed items or there are missing transactions (based on bank or credit card statements), we will record those for you. We will ask for clarification, as needed, to ensure transactions are categorized properly.

If your diagnostic review revealed that some of the QBO “products” and “services” are assigned to incorrect income accounts, we will make the proper adjustments to prevent invoices from continuing to be incorrectly categorized.

We will design your new chart of accounts, tailored to your company’s needs, based on information gathered during the diagnostic review as well as other discussions with you. We will then implement the new design in QBO for you. This includes carefully mapping existing accounts to the new ones.

If you want financial statements for additional historical periods, we will prepare your Balance Sheet and Income Statement for those periods.

We will reconcile bank, digital wallet, credit card, line of credit and loan accounts. This means we will compare your statement balances and transactions with the ones in QBO, and we will make any necessary adjustments. We will alert you regarding any uncleared items that may need your attention.

We will categorize and record the following transactions to QBO. We will ask for clarification, as needed, to ensure transactions are recorded properly.

  • bank, digital wallet, and credit card transactions
  • vendor bills and expenses
  • fixed asset acquisitions, depreciation, and disposals
  • payroll journals for non-integrated payroll, if applicable

We will prepare your Balance Sheet and Income Statement. These are key reports to help you understand your company’s financial position as well as the amount of revenue and profit you’ve made for the period.

We will set up your budget(s) in QBO using information you provide.

We will meet with you in a screen sharing session and walk you, step-by-step, through creating your QuickBooks Payments account and connecting it to QBO. If you already have a payment account with Inuit, we will walk you through connecting it to QBO.

We will set up the open Accounts Receivable invoice balances for each customer, and we will set up the open Accounts Payable bill balances for each vendor. For each customer or vendor, you have the option of having us set up the balance for each individual unpaid invoice/bill OR you may combine the open invoice/bill balances for each customer or vendor.

“Products” and “Services” are used in QBO to record customer invoices, sales receipts and credit memos. We will set them up for your use in QBO and map them to the correct income accounts.

If you want to track income and costs by specific projects, we will set up your client projects in QBO using the information you provide.

We will set up your customers/clients and vendors in QBO using the information you provide.

You provide your general ledger account balances to us from your previous accounting system or tax return. We will provide guidance if you’re not sure how to get the information we need. We will set up your account balances in QBO.

For each of your financial accounts supported by QBO, we will either set up the bank feeds for you or we will meet with you and walk you, step-by-step, through setting it up.

We will design your chart of accounts, tailored to your company’s needs, based on information gathered during the planning meeting. We will then implement the new design in QBO for you.

We will configure your QBO settings optimally for your company based on information collected during the planning meeting. We will explain the types of QBO user permissions available, and we will set up your users and permissions based on a list of users that you provide.

We will set up your QBO subscription on your behalf after the planning meeting.

The planning meeting is critically important because we will ask you questions about your company processes and accounts. This information will help us properly plan your implementation.