It is true that Practice Protect offers a single sign-on platform that makes managing client data secure and easy. It also is true its Security Hub provides enterprise-grade login security built for the accounting firm of the future, and that it allows you to control client logins and sensitive data in the cloud with password protection, login security, email protection, and more.
In addition, Practice Protect has great team member management features, which allow you to control what your team members have access to. As a result, you can protect access and management of sensitive client data and passwords everywhere and anywhere.
But you need more than a password manager; you need a cloud and data security platform designed for accountants. You also need a platform to manage your compliance with IRS Guideline 4557.
IRS Guideline 4557 requires an information security plan for accounting firms of every size in the US. While one aspect of these standards involves penalties for non-compliance and FTC investigations, the standards themselves serve as essential best practices to protect against cyber-attacks upon the accounting industry.
Cyberattacks and breaches often are the result of avoidable issues and human error. Whether through email, password sharing or irresponsible out-of-office WiFi use.
That’s why every member of an accounting firm must follow the proper protocols 100% of the time.
The 4557 guidelines can assist in preventing catastrophic breaches of data resulting in the theft of information, ransomware demands or loss of information. But implementation of all the guidelines is not as simple as some would believe.
That’s where trained professionals in cyber and data security can be of assistance.
Practice Protect minimizes the risk by providing complete and comprehensive cloud security for you and your team. Its cybersecurity platform was built for the pace of a modern accounting firm. Part of that platform is compliance, including IRS 4557 compliance.
Did you know that the IRS is using the updated W-12 form to monitor data and cyber security by your firm? Question 11 asks you, as a tax preparer, to confirm you have an "information security policy."
IRS: Safeguarding Taxpayer Data - Guide for Business (IRS 4557 Guidelines)
They are really asking you to confirm that you are fully compliant with the IRS 4557 Guidelines.
So, are you?
Are your data protection system and procedures adequate to protect your taxpayer information from data breaches? If you are unsure if you meet the IRS 4557 guidelines, you can find them HERE.
Practice Protect can ensure you meet or exceed IRS 4557 guidelines. Furthermore, that protection is not a one-time event, it includes ongoing training and support as well as advisory services to keep you in compliance with the standards and requirements because threats change, technology changes and your people change.
From application security to email-layer protection (G-Suite and Office 365 ready), password cloaking to one-click user lockout, to team policy controls and compliance documentation, you can boost your cybersecurity standards and remain entirely compliant with Practice Protect.
One of the most important things you can do as an accounting firm is to have the very best cyber protection possible for your client data.
While there are lots of so-called cybersecurity and IT experts out there, Practice Protect specializes in accounting, and built its platform for accounting practices (from the ground to the cloud, so to speak).
That's why they are the No. 1 accounting-specific cybersecurity platform, which makes it easy to secure and control sensitive client data.
It may just be the layer of protection your system has been lacking.
So, at least give Practice Protect an opportunity to convince you how it is "better than the 17 year old who's taking an IT class at the local vo-tech when he's not flipping burgers." Do you really want to put the safety of your data to his hands (even if he is your third cousin on your mother's aunt's side of the family)?"
For more information about IRS 4557 compliance and the full line of services it offers, head over to the Practice Protect website. I recommend booking a demo while visiting the site or watching their product video.
Footnotes and Disclosures:
Portions of this feature, including some graphical artwork contained therein, have been used or adapted from content source materials appearing in the Practice Protect website or within their media materials. Practice Protect is a registered trademark of the Practice Protect (groups of companies) which is a privately held for-profit entity with headquarters in Queensland, Australia. Any referenced source materials or content appearing within this Insightful Accountant feature were adapted and are furnished solely for educational purposes.
Any other trade names used within this article, including any other vendor (app/software) discussed herein, may in fact refer to products registered, trademarked or otherwise held by their respective owners. They are referenced solely for informational and educational purposes.
This is an editorial feature, not sponsored content. No vendor within this article has paid Insightful Accountant or the author any form of remuneration to be included within this feature. The article is provided solely for informational and educational purposes.
The publication of this article, nor the inclusion of this product within any related series, does not represent an endorsement by either the author or Insightful Accountant.
Note: Registered Trademark ® symbols have been eliminated from the articles within this publication for purposes of brevity due to the frequency or abundance with which they would otherwise appear or be repeated. Every attempt is made to credit such trademarked products within our respective article footnotes and disclosures.
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