It takes a lot to be successful in the financial services world — to be an accountant, investment advisor, or bookkeeper, you've got to have a scrupulous eye for detail, dedicated work ethic, and the insight it takes to help your clients avoid financial mismanagement.
It takes that same dedication to keep your own business running smoothly. And to be honest, running your own business is rarely easy. You spend so much of your day focused on clients, you simply don't have enough time to do everything you'd like to do to grow and market your firm.
To help you, we've put together a few resources that will make starting and running your accounting firm a little easier. On the pages linked below, you'll find tips for preventing lawsuits, strategies for protecting client data, advice on accounting contracts, and other resources to help manage your risks.
While accountants and bookkeepers may be physically safe in their offices, they're still exposed to plenty of liability risk through the work they do. Find out how accounting and finance professionals can minimize the risks from client lawsuits, data breaches, and other top risks.
Accountants are always worried about making a mistake and having a client sue them, but there are other professional liabilities besides accounting errors. Make sure you know these four risks.
Find out what your biggest risks are and what you can do to prevent professional liability lawsuits over mistakes, miscommunications, and other disputes.
Retention letters are an accountant's best friend. These simplified contracts explain what your work will include and what it won't. Find out what you'll need to put in an engagement letter to make it maximally effective at lowering your risk.
Claims regarding tax preparation services make up 55% of accounting lawsuits. Use these two paragraphs in your contracts and engagement letters to avoid common tax prep lawsuits.
Who would have thought that email could be one of your biggest accounting liabilities? It's true. With data breach risks, make sure you don't keep sensitive data stored in your email inbox. Read how to limit your cyber risk exposure.
Rather that fight through protracted lawsuits, accountants can agree to a settlement with their clients. Believe it or not, sometimes settlements are the best strategy (even if you're not at fault). Find out why settlements need to be a part of your risk management strategy.
Remember that client who moved their HQ to another state? If you serve clients across state lines, make sure you read our article about tailoring your contracts to protect you from interstate lawsuits.
Data breaches, cyber attacks, confidentiality leaks — these events can be disastrous for an accounting firm and its reputation. Not all accountants are tech-savvy, so we've put together an easy-to-understand explanation of your cyber risks.
Bookkeepers aren't immune to risk. We highlight the biggest risks bookkeepers face and some surprising sources of conflicts you might have with your clients.