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! 

Mississippi Tax Law Changes 2025

A new year brings with it important changes in tax laws that are vital for every individual and business in Mississippi to know. With both federal and local state tax laws changing, individuals across every income bracket are likely to be affected, as well as businesses operating in the great Magnolia State. Not only is it important for you to know the new tax laws to ensure you’re in complete compliance with the IRS but it’s also crucial to be aware of when you’re doing any financial planning for the years ahead. Watkins & Co. has proudly provided businesses and individuals across Mississippi with experienced and knowledgeable tax services. Offering everything from financial planning to filing taxes for individuals, tax advice, estate planning, and serving as business tax accountants, we’ve helped our local community members navigate the tax world successfully. Our skilled tax accountants strive to keep you fully informed so that you can make the best decisions for your financial future. 

What’s Changing in Mississippi’s Tax Laws in 2025

In addition to the federal tax changes in 2025, as discussed in the previous article, Mississippi’s new tax laws also hold several changes.  

Mississippi is considering various tax reforms for 2025 that will affect residents and business owners across the state. 

• Individual income tax in Mississippi 2025: Mississippi has planned to eventually bring state income tax to a flat 4%, and with that goal in mind, has been conducting a phased reduction in individual income taxes. 2025 continues that process with a reduction of individual taxes with the top marginal rate decreasing to 4.4% (it was 4.7% in 2024).
• Mississippi property tax law changes 2025: This year, Veterans who are 90 years or older will be exempt from ad valorem taxes on homestead properties.
• Hazardous waste cleanup tax: This tax is applied on the sales of petroleum and petroleum products, and it will increase to 1.12% this year (up from 0.675 last year).
• Corporate income tax law changes in MS 2025: Another tax aspect that the state of Mississippi is phasing out slowly is capital tax stock, although no changes have occurred this year.  

What can you expect as upcoming changes in tax laws over the next several years?

As of now there is legislative interest in making changes to various aspects of Mississippi’s tax laws.

• Sales tax: Currently, Misssippis has the highest grocery sales tax in the nation at 7%. Legislators are pushing to reduce this over the next several years. 
• Individual income taxes: The phase out will continue until these taxes are established at a flat rate of 4%. As of now, it is projected to end next year (2026) at a flat rate of 4%.

Best Tax Accountants Near Me

For experienced guidance in filing for taxes and tax planning for yourself of your business, visit Watkins & Co. Working with Watkins & Co. brings several advantages for you. As Mississippi natives, we are well-versed in Mississippi tax laws as well as federal tax requirements. We offer proactive planning designed to keep you fully informed and able to make wise financial decisions that adapt to the changing tax laws each year. From individual tax preparation to complicated business tax filing and planning, we offer comprehensive services that cover every aspect of your financial needs. Watkins & Co. is your knowledgeable, local tax accounting firm and you can rely on us to protect your financial interests for years to come. 

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.

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5 Reasons Why Small Business Accounting Is Important 

As a small business owner, you wear many hats and fill many roles. From marketing and sales to operations, you have to rely on yourself for many aspects of business. One area that will pay for itself time and time again is to outsource your accounting. Solid accounting practices are the lynchpin for many small businesses and is the bedrock of your company’s financial health and long-term success.

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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.

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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.

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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. 

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10 Benefits of Outsourcing Payroll Services in 2024

The modern business world comes with its fair share of challenges. From smooth operations and budgeting to meeting employee needs, your time and effort as a business owner are in great demand. One way to alleviate some of the burden from your shoulders is to use a quality payroll service. There are various benefits to fully outsourcing your payroll to professionals who do this everyday besides the relief that comes from knowing your employees are in capable hands.

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10 Reasons to Use a Quality Bookkeeping Service

Quality bookkeeping is one of the foundational pillars of any successful business. Every decision affects your business and keeping accurate and precise financial records is arguably one of the most important decisions you’ll make. Not only does bookkeeping protect your business through the meticulous recording of financial transactions but it also offers the ability to stabilize and grow your company.

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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. 

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