Problems arising from billing and collections practices have often plagued CPA firms. By taking a few basic steps in the creation of a thoughtful billing and collections policy, firms can avoid or manage such problems. Further, those same steps will help firms improve the quality of their practices, attract a better client base, help generate more fees, and improve cash flow. Many of these steps should begin in advance of a client engagement.
What cyber best practices does CAMICO recommend for remote work, given the pandemic’s "new normal?"The sudden transition to accommodate employees working remotely in response to the pandemic had many CPA firms rushing to establish or update their policies and security protocols to address working remotely, given the security challenges not present in traditional office environments.
Do Not Lose Coverage for Your Prior Acts!
Most Accountants Professional Liability insurance policies are “claims made and reported” policies. Two important features of claims made and reported policies include:
- The insurance applies only to claims that are first made and reported to the insurance company during the policy period.