Many organizations pursue a SOC audit because customers, business partners, and stakeholders want independent assurance that sensitive information is handled securely and that important controls are operating effectively. Whether you’re a SaaS provider, cloud service provider, payroll processor, or another service organization, a SOC audit can strengthen customer confidence, support business growth, and streamline vendor due diligence.
Author: Melissa Lomeli
How Long Should You Keep Tax Records?
If you’ve ever opened a filing cabinet, desk drawer, or cloud storage folder and wondered whether it’s safe to delete old tax documents, you’re not alone. Understanding how long should you keep tax records can help reduce clutter while ensuring you still have the documentation needed for tax compliance, audits, asset sales, and financial planning.
Beneficial Ownership Information Reporting
The Corporate Transparency Act (CTA), part of the National Defense Act for Fiscal Year 2021, requires millions of entities to report their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). This guide offers an introductory overview of the CTA’s provisions.
Effective Strategies to Avoid Tax Return Errors and Red Flags
Collaborative Efforts for Accurate Tax Returns
In today’s digital era, gathering all the necessary documents for tax return preparation has become increasingly challenging. Clients can now provide information through multiple channels, including portals, emails, texts, downloads, organizers, phone calls, and even traditional paper documents. Moreover, the constant updates in tax document versions make it difficult to identify crucial changes.
SOC Compliance – Small Business Questions
There are a few areas of confusion when it comes to small business SOC compliance. Many smaller organizations still have sufficient internal controls, and the documentation and questions required by SOC compliance can still be provided and answered. However, the size of the organization can be very impactful in two areas especially.
SOC Bridge Letter – Does Your Organization Need One?
A SOC bridge letter is an important document made available by a service organization to cover a period of time between the reporting period end date of the current SOC report and the release of a new report.
SOC 2 Type 1 or Type 2: Which Should You Choose?
Which SOC 2 Report is Right for Your Business?
The time has come for your service organization to get SOC certified. Whether a client requested one, or if you have made this decision for your business, it’s important to know if you should get a SOC 2 Type 1 or Type 2 report.
SOC 1 Type 1 or Type 2: Which is Right for You?
Which SOC 1 Report is Best for Your Business?
So, you have either been asked to get a SOC 1 Audit by a client, or your service organization could benefit from being certified. However, then the next question is, what report should you get? A SOC 1 Type 1 or Type 2 report can be used for a variety of industries. Knowing the differences between the two are vital.
What to Look for in a Dallas-Fort Worth CPA?
As a business owner, your Dallas-Fort Worth CPA should be someone you view as more of a financial business partner than an employee. When situations arise like an audit, your accountant should be standing by you to help your business move past it and continue to grow and prosper. They should be proactively providing you counseling and information to help save you time and money. Solid business and CPA relationships last 10+ years with little to no doubt about the value provided. When a CPA starts to drop the ball on some of these benefits, it may be time to start looking to place a new financial partner in your corner.
Plano SOC Audit Services: Why Do I Need a SOC Audit?
Booming cities of North Texas like Plano and Frisco have become central hubs for well-established and growing businesses. Many of these companies are either familiar with the term SOC Audit, or soon will be. The purpose of a Plano SOC Audit is to test, report, and provide details and recommendations for a service organization`s processes and controls that affect their client`s financial reports, or how they handle their data. The question many Plano and Frisco business owners have is whether or not their business needs a SOC Audit.