Cloud Accounting – Part 2 – Security of Data – Technical Aspects

This section covers some technical aspects of security related to your email, computers and cloud services such as Dropbox and OneDrive. Today nearly all security threats are driven by the motivation to obtain money by fraud. The threats are constantly evolving as fraudsters evolve their methods as older threats become less effective. Common threats are : Ransomware Phishing Dark Web Ransomware, although on the decline remains a common threat. Ransomware starts with an email that tricks the receiver into clicking a link and then it starts downloading and installing software onto the computer. The ransomware software then proceeds to encrypt…

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Cloud Accounting – Part 1 – Security of Data – Access

Most businesses today opt for cloud accounting. The benefit is clear – access by anyone, anywhere, anytime. However, that benefit brings with it, the greatest risk – the security of your data. Normally, access to your data involves one or more of : User name Password Security questions Two factor authentication 2FA – also called One Time Code OTC Invitations The user name is usually your email address. It’s fairly easy to get hold of or guess. You can increase your security by using an alias email – so instead of smithj@abc.com.au use 4ls9&e@abc.com.au or create a new gmail account…

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Business Acquisition

We have helped many clients acquire businesses. Acquiring a business is a process of due diligence. Due diligence is a process of establishing that a fair value is being paid for the business. Some examples of things to consider are : Adjustments needed to the reported results Best structure for the acquired business Contingent consideration and contingent plans There are numerous reasons why “adjustments” need to be made to the reported results of a business to obtain the base upon which the value is calculated eg proprietor and family wages and non operating costs such as interest. Part of the…

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