tech and fintech

the latest fraud problem: synthetic identities

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bonus: 5 steps for prevention.

by barry j. friedman, cpa
industrynewsletters

by combining some factual stolen information with completely fake information, thieves convince banks and credit monitoring companies that a fake identity is real. the “bad guy” is not pretending to be the person whose information was stolen or acquired; rather, the data is being used to create a brand-new identity. thus, the phrase “synthetic identity theft” is born.

more: why padding tax deductions is a risky proposition | yes, home equity loans may still be deductible | social security hike the largest in 7 years
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but how do these scams work?

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standardize your firm’s quickbooks support

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man viewing desktop computer screenplus a way to make it more cost-effective.

by roman h. kepczyk
quantum of paperless

in the united states, quickbooks is by far the most dominant small business accounting product on the market and will be the application that the majority of the firm’s clients use. therefore, it is obvious that the firm must become proficient with supporting quickbooks.

more: portals, encryption vital to securing client documents | survey: cch tops audit solutions | remote deposit saves 130 hours per year | survey: 76% of auditors rely heavily on remote access | digital swap stems ‘overauditing’ | survey: vertical monitors not the norm yet
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unfortunately, one of the biggest wastes of time is when firms support too many older versions of the software, which often leads to incompatibilities that can corrupt the database and make it unusable for clients. fixing these errors creates lost time that is seldom charged to clients and instead impacts the profitability on these jobs.
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portals, encryption vital to securing client documents

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keys against background of datapasswords? not enough; those can be removed.

by roman h. kepczyk
quantum of paperless

when dealing with digital files, the most effective way to transfer them is electronically over the internet, either with secured email or through a portal.

more: survey: cch tops audit solutions | make your accounts payable digital | survey: 62% of field auditors use multiple monitors | enter t&e daily | survey: firms divided on esignatures | firms need ‘best practices’ manuals | telling clients: go digital, or just go
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many firms have emailed clients copies of tax returns and financial statements over the years. unfortunately, this is not always the most secure method as the firm does not have control of the various internet service providers and the relay servers between the firm’s email server and the client’s email account.
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how accountants can ride the artificial intelligence wave

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let machines crunch the data. you provide the insight.

by hitendra r. patil and eli fathi

you are already riding the ai wave to some extent because, most likely, your car has some ai built into it. you ride it to work. how about riding artificial intelligence at and in your work?

more on entrepreneurial strategy: automation makes it easier for accountants to offer cybersecurity | the why, what and how of cybersecurity for accountants  | the client of the future | urgently required: a new definition of accounting | is blockchain a cloud killer? | how to beat automation in accounting | 3 reasons small firms stay small | the new needs of people at accounting firms | 4 pillars of future firm foundation | do you want a practice … or a business? | 3 apps to automate business networking
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in today’s economic environment, it’s not enough to offer services in the same way that it’s always been done and hope that business will thrive. many accounting firms are embracing new technology, such as robotic process automation, cloud-based analytics and dashboards to offer a competitive edge but the industry has come to a crossroads. while these computer-assisted and rules-based tools are considered the norm, ai and machine learning solutions are driving the leading edge.
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make your accounts payable digital

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woman entering credit card information on laptoplook for cash rebates.

by roman h. kepczyk
quantum of paperless

processing accounts payable is another of the manually intensive processes within the firm’s administrative department that can be significantly streamlined through digital processes.

more: remote deposit saves 130 hours per year | survey: 76% of auditors rely heavily on remote access | enter t&e daily | survey: firms divided on esignatures | firms need ‘best practices’ manuals
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consider how many “touches” a single payable creates: receipt of the invoice, timing of payment in a folder, writing the check and attaching the stub, sending it to an owner for signature, filing a copy of check with backup in its own folder, and stuffing, sealing and sending the check to the vendor.
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automation makes it easier for accountants to offer cybersecurity

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technology security with internet digital signature as arttechnology can help simplify the complexity of technology itself. 

by hitendra r. patil and jeffrey lush

businesses the world over rely on outsourced services, like accounting, to keep themselves ahead in the game, be profitable, efficient and to limit risk.

more on entrepreneurial strategy: the why, what and how of cybersecurity for accountants  | blockchain: what you need to know now | the rise of the robot accountant: opportunity or threat? | certified blockchain accountant: from cpa to cba
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in “the why, what and how of cybersecurity for accountants,” we covered the fundamentals to enable accountants get a quick understanding of cybersecurity to help explore the new opportunities that are emerging in the cybersecurity services segment. in this post, we’ll explain why it may not be really necessary for accounting firms to have specialist technology resources to foray into cybersecurity opportunities.

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remote deposit saves 130 hours per year

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person writing check with pen and checkbookuse enough services and your fees will fall.

by roman h. kepczyk
quantum of paperless

one of the easiest processes to convert to paperless with an immediate roi is the firm’s system for depositing client checks.

more: survey: 76% of auditors rely heavily on remote access | digital swap stems ‘overauditing’ | survey: vertical monitors not the norm yet | survey: 53% of firms deliver tax returns digitally | why a digital tax workflow system is vital
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manually receiving and physically going to the bank to deposit checks can be time-consuming and subject to too many errors. the manual procedure requires firms open mail on a daily basis, make copies to file in a binder, complete deposit slips and then send a person physically to the bank, which can easily take a half hour every day, five days per week, 52 weeks per year.
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ssl padlock problems and solutions

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combination padlock next to computer keyboardit could be mixed media, or it could be something else altogether.

by becky livingston
the accountant’s social media handbook

if you’ve recently implemented a secure socket layer (ssl) on your domain but see that the padlock is still open, you might have a case of mixed media on the site, or something else might be going on.

more on social media: social media marketing for cpas [video] | how to engage with social media influencers | marketing for mobile | how social media affects seo | social media campaign 101 | why use social media for marketing?
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the goal is to have a green, closed padlock next to your website url when viewed in the search bar.
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the why, what and how of cybersecurity for accountants

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lush

checklist: protect your firm in 10 steps.

by hitendra r. patil and jeffrey lush

jeffrey lush is  ceo and co-founder, bap solution, a cybersecurity firm lush is known widely as a passionate technologist with more than 34 years of it experience. before serving as ceo for bap, he worked as the cto for both hpe and dell federal. lush’s us federal experience includes serving as the executive chief technology officer for the us department of veterans affairs. he has served on us presidential workgroups focused on cyber and has extensive knowledge of cybersecurity standards and policies throughout the globe, with a focus on us federal policies to include nist, fisma, fedramp, dfars, pci, and hipaa.

it is no secret that cybersecurity continues to top the list of business concerns for businesses of all sizes. small independent business, mid-size business and large organizations can all be impacted by a cyber attack.

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