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13 Apr

3 Ways CPAs Can Avoid Disputes

Document, document, document.

Keeping good documentation is the single best way to manage your risk. If you’re ever the subject of a lawsuit, your documentation can be the difference between escaping unscathed and being held responsible for damages. When a lawsuit goes to trial, the plaintiffs have the right to look through all relevant documents in a process called discovery. If you, as a defendant, have extensive documentation that makes it hard for the plaintiff to prove liability, they may be more inclined to settle the case early.

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13 Apr

What do I do if my client won't pay

CPAs work hard for their clients, but clients don’t always show their accountants the same regard. Sometimes a client won’t pay their accountant. CAMICO has years of experience helping its CPA policyholders recover fees. This post will explain some of the ways you can try to get your money.

Disengagement

The best way to avoid having a collection problem is to communicate your billing and collection policies in your engagement letter, including stop-work and/or disengagement provisions that can be enforced if a client doesn’t pay you in accordance with the engagement letter.
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13 Apr

What to do if my client gets divorced

Divorce can be a highly charged situation for CPAs, especially when one accountant represents both parties in a divorce. CAMICO has more than 30 years’ experience handling such situations. These are some of our best practices for CPAs with divorcing clients.

Representing both sides in a divorce is a potential conflict of interest

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Latest Articles

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    Do You Believe You Will Never Be Sued?

    Some CPAs believe that they will never be sued and therefore believe they do not need professional liability or other forms of insurance. The reasons for this position vary, but some common ones include, "I don't make mistakes," "All of my clients are friends," or "I do tax work only." The... read more

  • 27 Jul

    Exclusive Policyholder Benefits

    Risk management services and resources to help you with today's practice challenges

    CAMICO knows that insurance alone is not a solution for reducing risks. That's why you have access to CAMICO’s proven approaches that have helped numerous CPA firms manage risk and avoid claims.... read more

  • 27 Jul

    War Story 117 - Ransomware Attack

    A staff member of a mid-size CPA firm logged into a public wi-fi network at a coffee shop and spent the morning working on firm files while on the public network. A few days later the employee received an email message from a hacker stating that a ransomware attack had encrypted all of the... read more