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Showing posts from March, 2024

How CPA’s can Easily Eliminate Tech Problems in Their Business

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Now more than ever, we rely on technology to run our businesses and our lives. When the “Internet goes down,” most businesses come to a standstill until they are back online, costing thousands in lost productivity and sales. A perfect example would be the AT&T outage that happened a few weeks ago, when an estimated 1.7 million customers, including small business owners, lost service. No phones, no Internet. Could you afford your business being down for minutes, hours or even days? The answer is likely no. Downtime is one way bad IT support can disrupt your business, but it’s not the ONLY issue. Big problems like recovering deleted files, removing malware and constantly monitoring and patching your network, and small irritations like getting file access, resetting forgotten passwords and repairing broken printers, can stack up over time and affect productivity. That is why you must have a way to get back up and running quickly should something happen – or even a way to ELIMINATE t...

Financial Advisor Loses $50K To A Scammer

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Horror stories of people getting scammed out of hundreds or even thousands of dollars aren’t in short supply. As we scroll through the news app from the comfort of our couch, reading these accounts of how a stupid so-and-so opened an obviously suspicious attachment and a hacker drained their bank account, it’s easy to say things like “I’d never fall for that!” But would you? The sobering truth is that, under the right conditions and with the right threat, anyone can fall victim to a financially devastating scam. This reality was recently demonstrated when a finance guru, someone armed with enough financial acumen to publicly advise others, lost $50,000 to a scammer pretending to be a CIA agent. Charlotte Cowles, a seasoned financial advice columnist for New York Magazine ’s digital fashion news site, The Cut , wrote a first-person account of how she boxed up $50,000 in cash in a shoebox, walked it out to the sidewalk in front of her house and willingly handed it over to an unknown pe...

Top Tax Scams Every Business Owner Needs To Watch Out For In 2024

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Tax season is around the corner, which means so are tax scams. Without fail, every year, individuals and business owners alike fall victim to tax scams, resulting in the loss of substantial amounts of money and sensitive personal data. According to the Better Business Bureau, taxpayers lost $5.7 billion due to tax scams and fraud in 2022 alone. In today’s article, you’ll discover the top scams you need to be on the lookout for to reduce your chances of becoming these scammers’ next victim. The IRS has specific methods of contacting you One way to lessen your chances of falling for Internal Revenue Service scams is to know how the IRS will contact you. Per the IRS website, the IRS will not initiate communication with taxpayers through e-mail, text messages or social media platforms for the purpose of soliciting personal or financial information. The IRS’s main method of communication is physical mail; however, if they’re unable to reach you via mail, they may initiate a phone call. If...

6 Common Technology Problems Small Business Owners Face

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Technology can provide a strategic advantage for companies in every industry when properly utilized. However, one of the biggest issues small business owners face is overcoming some of the common tech obstacles that hinder productivity. These issues can range from minor inconveniences to serious threats that can permanently shut down a business. In today’s blog, we’ve outlined 6 of the most common technology problems small business owners deal with on a regular basis and how you can either avoid or resolve them. 1. Failing To Meet Industry-Specific Compliance Requirements Many industries have specific regulatory compliance requirements that define how companies must organize and protect data. Common examples you might be familiar with include HIPAA, which regulates electronic medical data in the health care industry; FFIEC, GLB and SEC in the financial services industry; and CMMC for companies that work directly or indirectly with the Department of Defense. For a small business own...

Pirates Aren’t Just Threats On The Open Seas

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“Know Ye That We Have Granted And Given License To Adam Robernolt and William le Sauvage…to annoy our enemies by sea or by land, wheresoever they are able, so that they share with us the half of all their gain.” These were the words of King Henry III of England as he issued one of the first letters of marque, effectively employing private sailors to bolster his naval power and fill the royal coffers, all under the guise of lawful privateering. This clever maneuver not only financed the kingdom’s ambitions but also paved the way for the discovery and plunder of new worlds, all at the expense of England’s adversaries. Fast-forward several centuries, and we find the essence of privateering alive and well, albeit in a new battlefield: cyberspace. Today, businesses, particularly in the United States, find themselves at the mercy of digital privateers. Recently, the FBI testified before Congress that the People’s Republic of China was preparing to “sow chaos” by taking down the US power g...

How $43,000 Got Stolen From A Small Business In The Blink Of An Eye

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What you are about to read is a real story showing you how a business can be devastated by cybercriminals in the blink of an eye. Most importantly, I’ll share several ways this could have been avoided. Make sure to forward this to anyone who might be making online payments and, better yet, your entire staff. The name of the company and principals have been withheld so they don’t become a further target . $43,000 Gone In The Blink Of An Eye Imagine, on a normal Friday night after a long week of work, you glance down at your phone and see an alert from your bank. You open it to find that you’ve just paid a company you’ve never heard of $43,000! This was an all-too-real situation for one small business owner a few weeks ago – and there’s NOTHING the owner, or police, or anyone else can do to get that money back. It’s gone forever. Thankfully, for this company, $43,000 was a loss they could absorb, but it was still a huge hit and, frankly, they are lucky they weren’t taken for more. ...