Importance of Protecting Your Company’s Online Financial Data

Protecting your business’s financial data is imperative in today’s online world. One hacker, leak, or cyberattack can cost you everything, so it’s essential to take the steps to protect your information. Watkins & Co. can inform you on best practices and help you take the proper precautions to protect your business and everything you’ve worked so hard to accomplish.

Best Practices for Protecting Financial Data Online

Why is protecting your finances online important? Between emails, texts, cloud platforms, devices, and websites, there are many places for your financial data to live, even without you being aware of it. All it takes is one breach and your business could face serious consequences. If your business experiences a cyberattack, your company is at risk for theft, fraud, ransom payments, as well as damage to your credibility and reputation. A breach of your financial data can spell disaster for your company, impacting relationships with clients and vendors, delaying payments and payroll, and even shutting down operations. That’s not to mention if your client’s information is shared which leads to a whole host of legal and financial implications.

What are some of the most common cyberattacks on financial data? Business financial information faces various risks and methods of online attacks. Phishing is where staff members receive deceptive emails that may cause them to share private login information. These unintentional mistakes can compromise your client’s or company’s financial data. Ransomware is utilized by cyberattackers to lock you out of your systems until you pay a ransom to regain control. Perhaps the most common online threats to financial data are using weak passwords or having ineffective access control measures.

So how do you protect your company’s financial data online? There are several steps you can take to make your business a hard target for online criminals. Implementing these best practices for protecting your financial data online will keep your finances right where they should be: in your hands only.

• Strong Access Controls: Limit access to financial data to only your leadership team. Anyone with administrative access should use multi-factor authentication and have training on creating strong passwords.
• Encrypt Data: If your data is encrypted, even if all other methods of protection fail and your finances data is accessed, it will be unreadable.
• Update Software: Software and system updates are often where vulnerabilities are fixed. Make sure that your operating systems, antivirus tools, and any accounting software you use are updated regularly to ensure you have the latest and greatest.
• Secure Backup Data: It’s important to use only secure backup systems and locations to keep copies of your financial data.
• Train Your Staff: Educate your employees on how to recognize phishing emails, as well as teaching methods of sharing files safely, creating logins, and best practices for handling sensitive information.

Best Accountant, CPA for Businesses Jackson, MS

One of the best things you can do is to rely on a trusted partner in business finance. Watkins & Co has offices conveniently located in Flowood, Madison, Jackson, and surrounding areas, and we incorporate effective avenues of cybersecurity to protect your online finances. Our experienced CPAs and accountants can assist you with assessing your current financial data protection practices and select secure financial systems that will make your information safe and secure – equipped to withstand today’s digital landscape.

Give Watkins & Co a call today for experienced business accounting, tax preparation assistance, payroll services, data protection, and much more! 

CPAs for Small Business Startups Jackson, MS

Starting a business is an exhilarating and potentially terrifying endeavor. As a new business owner, you’ll face a whole host of challenges in every arena from staffing to administrative and financial. With all that in mind, are you debating about using the services of a CPA for your small business startup? In our last article, the professionals at Watkins & Co. discussed five reasons that partnering with a local CPA is a smart move for your company. Now, we’re here to finish up sharing all the benefits of hiring a CPA for your new business in Mississippi.

(more…)

5 Ways a CPA Can Help Your New Business Startup

If you’re in the process of starting a new business in Mississippi, congratulations! That’s exciting news, although in reality, it can come with its fair share of stress. Ensuring all the aspects of your business are accounted for is no small feat, one that must be taken on when you already have a full plate. One major component of a successful business startup is to make sure that you have a solid financial foundation on which to build. A CPA can be an invaluable partner on this journey, providing crucial financial expertise and support so that your business gets up and running smoothly.

(more…)

Independent Contractor Tax Reporting with Form 1099

As independent contractors and the businesses that hire them, adhering to guidelines and best practices when reporting taxes is crucial. Staying compliant and properly reporting with the right Form 1099 is an absolute must to remain in good standing with the IRS. Watkins & Co. is here to share some important information on 1099 tax reporting do’s and don’ts.

(more…)

Everything You Need to Know About 1099s in 2024

For those operating businesses where independent contractors or other non-traditional income payments are being made, 1099s are how you will report income paid to individuals or entities during the tax year. The main purpose of a 1099 is for the IRS to track income that falls outside of the scope of traditional taxes. Businesses, organizations, or individuals are responsible for issuing 1099s if they make such income payments. Similarly, individuals are required to file taxes with a 1099 if they made any income that is not reported under a W-2 or other tax reporting form. 

(more…)

5 Reasons to Use a CPA Firm 2024

Utilizing the services of a Certified Public Accountant (CPA) for a business of any size is a wise investment. From reducing expenses to minimizing tax benefits and ensuring compliance, CPAs can help your company save valuable time, effort, and money. The immeasurable benefit a reliable accounting firm brings is the peace of mind you’ll have from the knowledge that every financial aspect of your business is covered. In the Mississippi mid-state area, Watkins & Co. CPAs are your trusted partners – teaming with us provides numerous benefits that reach far beyond the day-to-day financial services we offer. 

(more…)

10 Pitfalls to Avoid in Small Business Accounting

What common accounting mistakes should small business owners avoid?

(more…)

Business Entity Formation and Structure for Small Businesses

If you’re on the journey of beginning a new business, congratulations! That’s an exciting endeavor and the start of a new chapter of professional life. A vitally important and foundational step that can impact your venture’s future is selecting the correct business entity and structure. This decision can have a significant impact on your company’s long-term financial viability, protection, and growth potential. When it comes to making these important decisions, having a trusted and experienced business accountant by your side can make all the difference. Watkins & Co. has decades of expertise in advising new business startups and we are here to provide the support you need for creating a successful business foundation. 

(more…)

Business Expense Tracking and Reimbursement Tips for Small Businesses

As a small business owner, you may have found yourself bogged down with the ins and outs of financial hassles like keeping track of business expenses and managing reimbursements. But breathe easy – relief is just around the corner! With the right support and effective expense tracking methods, your small business can thrive. All it takes is a few game-changing tips for managing small business expenses and the right professional accounting team on your side and you’ll be set up for successful financial management.

(more…)

Payroll and Employee Management for Small Businesses

As a small business owner, you consistently face numerous responsibilities and are pulled in a million different directions every day. The payroll and employee management aspect of any business can seem daunting, especially if you’re an entrepreneur who does not have a dedicated HR department. At the same time, maintaining a happy and productive workforce and staying legally compliant is vitally important for your company. If this all rings true for you, then you’re in the right place! Watkins & Co. small business accounting experts are here to offer valuable insights and tips on employee payroll and management. 

(more…)