The labor shortage. Cybersecurity risks overseas. Wall Street Journal articles about smaller firms “offshoring jobs as…accountants leave the profession in droves.” Yikes. You may be about to enter one of the busiest tax seasons ever—and that’s saying something if you worked through 2020—but you don’t want to miss this January recap of all things accounting. (And one article from December that’s so important, we had to include it here.)
Why So Many Accountants Are Quitting
FoxBusiness.com | December 28, 2022: Boomers are retiring. Gen Xers are departing. Millennials are fleeing. (According to the Bureau of Labor Statistics.)
As Fox Business puts it, there’s a “fundamental pipeline problem” that “salary bumps and more temporary workers” won’t fix. So, what will? Better starting salaries (vs. promises of future earnings), improved cultures, a focus on work/life balance, fewer post-undergrad credit requirements—and more exciting work.
It begs the question: How does a firm keep its staff happy, reduce repetitive activities and build up a positive culture? Find out.
Key Cybersecurity Takeaways from Right Networks Security Leaders
Right Networks | January 1, 2023: There were 310 million reported data breaches last year. That’s 10 accounts leaked every second.
If you work for an accounting firm, or any business, notifying your clients that their account was compromised causes irreparable reputational damage. So, how do you protect yourself?
We asked two experts who work on the front lines of security that very question. Download the eBook to learn:
- Why even effective security technologies don’t offer firms enough protection
- How phishing attacks are becoming more dangerous and more effective
- What firms should do to protect themselves in an increasingly dangerous environment
Read “Key cybersecurity takeaways from Right Networks Security Leaders” today.
The 3 Biggest Trends Affecting Businesses in 2023
Right Networks | January 4, 2023: “The smartest business owners, leaders and executives are always…ALWAYS…looking ahead.”
Are you a smart business owner, leader or executive? Then learn which biggest trends are taking the profession by storm this year, including:
- Data on the US economy: Are we in a recession…or not?
- Inflation and supply chain issues: What’s contributing to these challenges?
- Managing employees: Which policies are leaders looking at adjusting?
Read “The 3 Biggest Trends Affecting Businesses in 2023. (Hurry, before another moment of 2023 passes by!)
Why Move Your Business to the Cloud? 5 Reasons
Right Networks | January 5, 2023: Remote access, risk minimization…and really, getting everything done more easily are just a few of the reasons why businesses should move to the cloud. In fact, I’m positive that part of your business is already in the cloud; you just may not know it. (And if you don’t believe me—go to those little programs called “Outlook” or “Gmail.”)
But in 2023, most of your business—not just your email program—should be running on cloud technology. Learn why this is the case and the easiest way to get started.
Tax Season Is Coming, and These Firms Can’t Find Enough Accountants in the US
WSJ.com | January 18, 2023: Small to midsize accounting firms are seeking international accountants to help out this tax season. Why? As one founder of a 10-person firm notes: “…there’s no other way for us to meet the demand.” Hmm. We could think of a few time-saving strategies.
The subject of the article begs the question: While it may be less expensive to hire from a larger hiring pool, do these international accountants—from India, the Philippines or Africa—understand US Generally Accepted Accounting Principles (GAAP)? What about the physical conditions where they’re conducting business—are they secure?
Read more about what’s prompting the shift to hiring overseas.
Data Breaches Plummet By 68% While Remaining in the Hundreds of Millions
AccountingToday.com | January 18, 2023: Compared to 2021, data breaches have shrunk by 68%. Unfortunately…there were still 310 million reported data breaches last year. Sure, it’s an improvement. That doesn’t mean it’s time to skimp on security.
Could better quality security software or training have contributed to the drop in breaches? One can hope. As we kick off into the throes of tax season, it’s important that tax preparers stay extra cautious and vigilant. (Attempted cyber breaches always rise during tax season.)
Get the full list of reassuring-but-still-staggering statistics from cybersecurity company Surfshark.
Tax Season 2023: Structure Leads to Success
Right Networks | January 23, 2023: Tax season 2023 launched in earnest this month. This time of year quickly overwhelms firms, and it’s important—nay, absolutely vital—that you find ways to reduce stress.
Get Roman Kepczyk’s top tips for a healthy, productive tax season in his latest post on the topic. Read “Tax Season 2023: Structure Leads to Success” today.
Coming in February
Be on the lookout for upcoming webinars, new eBooks and more by visiting our resource center. And keep a lookout for next month’s recap. Expect all the noteworthy news from the accounting and finance profession right here on rightnetworks.com/blog. Don’t forget to subscribe today.
