According to data obtained by the Australia Cyber Security Centre (ACSC) through its 2017 Threat Report, 47,000 major cyber security (a 15% increase from the previous year) attacks occurred during the past financial year.
This data only reiterates the fact that accountants are targets for security breach because of the quantity and quality of data they have access to. For identity thieves, accountants are a gold-mine because they hold on to personal and financial information.
As customer expectations continue to evolve, accounting firms need to adapt and strive to add more value to remain relevant. Clients now require more from their accountants, as a result of the changing accounting landscape.
They demand more. They want things to get done a lot more quickly. They want to know if you’re actually doing your job. They want you to be more proactive and keep them updated. In short, they want real time accountants.
Engagement letters are essential in any business transaction. It’s a standard procedure (even considered best practice) that accountants utilise when onboarding a new client.
What does it do?
An engagement letter serves as protection for both accountant and client in case something goes wrong during the term of your agreement.
Also referred to as client agreement, this document outlines both parties’ responsibilities. It lays out the things required from both client and finance professional. Aside from that, an engagement letter states the consequences of not honouring the agreement.
Simply put, an engagement letter sets the terms for the transaction: what to do, when and how to do it so that everything is clear for both parties.
Every team has its challenges but having a team in another part of the world magnifies them. Having an offshore team is beneficial to your business but it does not mean you’re going to have it easy.
To avoid misunderstandings that can lead to serious management problems, you need to have clear expectations from the very beginning and that involves communicating well with your offshore provider.
How you manage your offshore team will define your company’s success. It doesn’t matter whether or not you’re new to outsourcing, it pays to be aware of the various challenges it presents to minimise problems and ensure that running your global accounting team goes smoothly.
There are numerous reasons for firms to work on maintaining a high level of engagement from employees. It plays a key role in improving productivity, keeping staff turnover low, keeping clients happy and, ultimately, increase profit. More importantly, it keeps employees happy.
Engaged employees will have more motivation. They will be more passionate and enthusiastic about their jobs. Additionally, highly engaged employees are less likely to look for another job.
The importance of keeping employees engaged cannot be overstated. A 2017 survey conducted by Gallup showed that 51% of the U.S. workforce is disengaged. The consequences are costly. Disengaged employees are said to cost organisations as much as $550 billion each year. In Australia, the impact of disengagement costs $33 billion.
Disengaged employees can negatively impact your company. You can’t afford to lose people especially since finding the right talent is difficult during these times. It’s important to note that 75% of employee turnover is preventable. This is where employee engagement comes in.