Real estate accounting: Basics, Challenges, and Best Practices
Real estate, in almost every part of the globe, is a booming business right now. It involves a huge number of financial processes and complexities. Because of the operational nature of the industry, the real estate sector needs exclusive standardized processes for accounting. Just like in most other industries, accounting forms the backbone of real […]
Building Your Offshore Playbook: Crafting a Process Roadmap for Small CPA Practices
The choice of offshoring businesses is increasing at a rapid pace. IT, HR, marketing, legal, and accounting are some top sectors that have chosen offshoring as a standard business practice. Businesses dealing in finance and accounting are obsessed with cost reduction, and offshoring accounting & bookkeeping services is a strong mode to accommodate this need. […]
Protecting Your Data: How Small CPA Firms Can Ensure Offshore Data Security
There has been about a 300% rise in cyber attacks in the accounting industry since the beginning of the Covid-19 pandemic, as per Accounting Today. Hackers are getting smarter, and their mode of attack is sophisticated. In their way of obtaining critical data from CPA firms, network accessing, backup destruction, and data encryption have become […]
Effective Risk Management Strategies for CPA & Accounting Firms
Accounting is an inherently risk-prone profession, with firms facing a range of potential hazards that could threaten their clients, their finances, and their reputation. The AICPA’s 2022 PCPS CPA Firm Top Issues underscores this point, revealing that managing risks is one of the top concerns for CPA and accounting firms over the next 5 years. In today’s […]
Ensuring Data Confidentiality & Security for Offshore Accounting Clients: The Finsmart Way
Cybercrime Magazine put the cost of global ransomware damages at 20 billion dollars in 2021. And a lot of it can be accredited to the international accounting industry as well. While financial damages are indeed worrisome, the damage caused to an accounting firm’s reputation after a cybersecurity breach is lethal. That’s because accounting firms and CPAs […]