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Archives for November 2021

STEPS TO PROTECT YOUR SMALL BUSINESS FROM FRAUDS

By Satrajeet Mukherjee for SKB Accounting

All businesses are vulnerable to fraud. However, Cyber security often gets overlooked in the case of smaller operations which makes them more susceptible to cyberattacks. While proactive behavior is beneficial and essential, it’s not enough to keep fraudsters at bay.

According to PwC’s Global Economic Crime and Fraud Survey 2020, 6 was the average number of frauds per company. The total cost of these frauds was US $42 billion with 13% of companies that had suffered a loss to fraud saying it amounted to US $50 million-plus.

Some common methods of fraud involving small businesses are Billing schemes, Payroll scams, Cash larceny, Check tampering, Inventory theft, Financial Statement Fraud, etc.
Here are some measures to safeguard your business from frauds:

  • Update your Security systems and IT infrastructure: Investing in an Identity theft protection system can be beneficial if your business accepts online payments. Important data of the company will be encrypted and protected from hackers. Backing up critical data on secured servers will also help protect the same.
    Select an effective Fraud Management System for your organization. It can do real-time screening of activities across multiple accounts to identify and prevent fraud.
  • Educate your staff: Conduct regular training sessions on prevention measures that should be taken. Also, inform them about common security threats and how they can be avoided. Make them aware of phishing emails which are the most common way hackers enter company databases.
    Ask employees to change their passwords every 60-90 days and keep hard to decipher passwords.
  • Purchase Insurance: Insurance is crucial in case a fraudulent attack occurs. Consider Identity theft insurance in case of a malware or spyware attack. This will make it easier to recover from the losses in the event of an attack. You might even get reimbursements depending upon your policy. Also, look at Insurance policy options that protect you specifically from financial fraud.
  • Outsource Accounting and bookkeeping: Outsourcing your accounting and bookkeeping functions reduces the chances of fraudulent activities taking place in your business. When you avail virtual accounting & bookkeeping services, you get experienced professionals. Owing to their experience, they can identify fraudulent activities which may be deeply hidden in your records. This can also be helpful when there is a lack of internal controls which is the leading cause of hampering accounts and records.
  • Employee Background checks: While expanding your workforce, don’t entirely rely on referrals and experience. Conduct strict, thorough background checks focusing on tiny details.
    Pay special attention to the hiring of employees who will be handling cash, records, or confidential data.
  • Regular and Surprise Auditing: Auditing in regular intervals will help in avoiding fraudulent activities as well as help in detecting them. Any unusual activity can be identified and acted upon. Surprise audits can keep a check on the same. This will reduce chances of records and accounts getting hampered.

Keep in mind these steps to avoid fraudulent activities in your company. Small businesses are very much vulnerable and these fraudsters prefer to exploit them since they are easy to take advantage of. Online accounting apps & consultations from CPAs (Certified Public Accountants) are the best to check these frauds since they come with high-level protection.
Thus, don’t waste more time before opting for SKB accounting which will provide you with all the necessities for your business with a professional level of security. Sign up now!

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Technological advancements in Accounting industry and their benefits for your business

By Anushka Menghwani for SKB Accounting

There have been dramatic changes in the Accounting Industry over time. With the continuous technological advancements, traditional ways of business functions are transforming.
Modern Accountants are not responsible for just tallying financial columns now; they act as Financial Managers of the Company. The principles of accounting have remained the same, but the technology adopted has changed drastically.

Before the automation of accounting functions, accountants did everything manually. There were higher occurrences of mistakes that would take hours to recalculate and reconcile. Accounting and bookkeeping were also much more of a cumbersome process than they are today.

Accountants have to adapt to changing technologies and upgrades continuously. E-business activities help integrate various business functions like sales, marketing, accounting, etc., resulting in streamlined processing. Cloud-based systems, ERP services, etc., make things available on a single portal with easy real-time access.

Here’s why you should take advantage of Virtual Accounting services and Automated Accounting:

  1. Modern Technology has simplified accounting for both accountants as well as clients. Accounting functions are now more streamlined with the integration of various software. These software tools help in better tracking and analysis of the financial transactions and data of any business.
  2. With Global digitization, the need for in-person communication and consultations has gone down. Clients can access real-time data whenever they want.
  3. Data crunching is now largely automated, allowing accountants to focus on and add value with other financial information vital to the businesses. They help managers formulate better business policies. After computerized accounting, the margin of error has been minimized. Instead of generating and recording the transactions, more focus can be put on their study and interpretation
  4. Automation does all the grunt work. It results in higher precision, accuracy and reduces the possibility of errors. It also saves time that an accountant would’ve spent doing work manually. By saving time, productivity increases.
  5. Gone are the days of accountants rummaging through storage rooms full of thousands of files. Now they access files virtually in seconds. All the information has become easy to categorize, store and filter through.

Technology has changed the present and future of Accounting. By moving to cloud-based accounting systems, businesses can save 30-70% on IT costs. Having virtual accountants and bookkeeping services also helps save costs and time.

Similarly, SKB Accounting helps you focus on running your business. You can give maximum time and attention to the core functions of your business while our experts take care of your accounting and bookkeeping needs. When you are relieved of the accounting functions being taken care of, your time and funds can be redirected towards the business’s operations.

Our bookkeeping services are designed to achieve accuracy and precision along with saving costs. We believe in acting as your partner, providing tailor-made services , which are not limited to just numbers.

Click here for more information on our Accounting and bookkeeping services.

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4 Benefits of virtual bookkeeping services

Bookkeeping functions are the base of a strong accounting foundation for any business. While Production, Distribution, Sales, and marketing can be the core functions of any business, Accounting and Bookkeeping require maximum precision and accuracy. The finances of the business need to be in good hands. By hiring a virtual bookkeeper, you can avail yourself of multiple benefits like reduced costs, increased productivity, and more time to focus on critical areas of the business.

More than 1/3rd of small businesses are outsourcing their bookkeeping functions and here’s why:-

  • Save on costs 

You can save on costs like Payroll, Employee Benefits, Training costs, and Recruiting expenses. Hiring an in-house bookkeeper involves considerable additional expenses, which can be avoided by hiring virtual bookkeeping services. You can spend these funds more on employees who support the core functions of your business and increase productivity.

  • Flexibility and Customized services

You can have your work done on time and according to your schedule. You can have quick access to all financial reports & analysis with specifics and key information about your business and its Financial Health according to your needs. SKB Accounting provides tailor-made services to suit your needs. You can customize the package of services you receive by adding payroll, Virtual CFO services, Accounts receivable, etc. or any of our other services. We can work with various software like Quickbooks, Xero, Buildium, etc

  • Proficient Technical Support

SKB Accounting offers professionals equipped with the latest technology and updated accounting tools. You get the latest technological support at all times without spending extra on technical updates. We are Quickbooks certified proadvisors and provide strategic insights with an unbiased perspective and professional experience of 25+ years.

  • Ehanced Efficiency

SKB Accounting helps you focus on running your business. You can give maximum time and attention to the core functions of your business while our experts take care of your accounting and bookkeeping needs. When you are relieved of the accounting functions being taken care of, your time and funds can be redirected towards the business’s operations.

Our bookkeeping services are designed to achieve accuracy and precision along with saving costs. We believe in acting as your partner, providing tailor-made services , which are not limited to just numbers.

Click here for more information on our Accounting and bookkeeping services.

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Future of cloud accounting

By Nivedita Verma for SKB accounting

What is cloud accounting?

Cloud accounting means storing, editing, and accessing your accounting and bookkeeping data over the internet or ‘in the cloud’ instead of a physical hard drive/computer.

The companies who use cloud accounting can login online to access their data securely through their cloud service provider or software. You can also integrate third party softwares with your core cloud accounting server to further increase your productivity and quality of work if your cloud accounting has an open Application Programming Interface.

What are the benefits of cloud accounting?

Before the cloud, accounting softwares were desktop-based, the application would be installed and run from the hard drive of your office desktop computer. This system needed constant software updates and periodical backing up of all the information.

Online accounting moves the whole accounting process to the cloud and improves it. Here are some perks of cloud accounting~

  1. Seamless collaboration: Cloud based accounting enables you to work with anyone who has access to your cloud software. You can edit documents together, share annotations and upload data, all in real time. This allows you to collaborate seamlessly with a co-worker or a client anytime remotely.
  2. Flexible: With cloud accounting softwares you can access your updated data anytime and anywhere. This allows the flow of information-based wise decisions and data analysis whenever needed. Your accountants can work-from-home or on a vacation if need be without stressing about being in the office to access the desktop.
  3. Scalability: The flexibility of cloud accounting helps the users to meet the growing demands of their business. You will have access to additional features, support, and storage immediately. Desktop-based softwares lack this feature and often fail to support the rapid business pace. If your cloud accounting software has an open API, you can also integrate with third party software
  4. Security: Cloud accounting means that your data is not stored in a physical device, instead it is backed up on one or more servers at a time. Your data is immune to corruption, destruction, or theft as long as you use a secure cloud accounting software.
    Other benefits of cloud accounting are automation of repetitive tasks, cost efficiency, and easy to learn user interface that comes with understandable tutorials.

The future potential of cloud accounting

As more and more businesses are moving towards cloud accounting software, the ones who have still not upgraded will have to catch up to remain competitive. Cloud accounting can never replace the whole job of accountants as some complex issues still need human understanding. The developments in the accounting sector have taken place due to the growth of the AI world and the benefits it provides to enhance the job of accountants. The future of accounting is safe and bright with the right technologies at play.

Get started with us today

We at SKB are Quickbooks Pro Certified accountants with 25+ years of experience. We provide expert services in Accounting, Bookkeeping, CFO, Payroll, and Reporting Automation.

Book a free consultation call with us today to see what suits your business the best!

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