Speaker 1: Welcome to the Contractor Success Map Podcast. I'm your host, Radley Hart, and I'm an expert on how you can get the most out of your contracting company. The reason I designed this show is to help you turn your contracted company from a people-dependent money pit into a process-dependent cash cow to have the freedom you dreamed of when you started your business. Every Friday we're releasing podcasts with information to help you get the most out of your contracting company. Be sure to join us at www.contractorsuccessmap.com and subscribe to receive our latest articles and special offers. And the best part? It's all free, just for you.

Speaker 2: Hello everyone, Noor Halma here once again, welcoming our subscribers and podcast listeners. If you're new here, thank you for allowing us to share insightful marketing, accounting, and production tips and strategies for your construction business. In episode 586 today, Sherry DeHart discussed fortifying financials and the importance of solid security measures. Let's get into it. The recent cyber outage is a stark reminder of digital systems' vulnerability and potential impact on businesses, including those in the construction industry. This incident offers several critical lessons for construction bookkeeping. As a contractor, your accounting and bookkeeping systems are vulnerable not only to cyber threats, but also to software outages, which can compromise sensitive financial data and disrupt business operations. Let's explore the implications of the recent cyber outage for construction accounting and bookkeeping and provide actionable tips to strengthen your defenses. Implications for construction accounting and bookkeeping. Data breach risk. Cyber attacks can lead to unauthorized access to financial data, including client information and project records. System downtime. Cyber outages can cause accounting and bookkeeping systems to go offline, halting critical financial operations. And financial losses. Cyber attacks can result in direct financial losses, damage to your reputation, and legal liabilities. Lessons learned and better practices. First, data security is paramount. The cyber outage underscores the critical importance of robust data security measures. Construction companies must prioritize the security of their financial data, including sensitive client information, to prevent unauthorized access and mitigate the risk of data breaches. Second, backup and recovery plans. Construction firms should review and enhance their data backup and recovery plans. Regular automated backups of financial records and bookkeeping data can help ensure that critical information is not lost during a cyber incident. Next is vigilance in vendor management. Construction companies rely on external vendors and software providers for bookkeeping, tools, and platforms. To minimize the risk of potential disruptions due to cyber incidents, construction firms must assess their vendors' security protocols and resilience. Fourth, employee training and awareness. Educating employees about cybersecurity best practices and potential threats is imperative. Construction businesses should invest in training programs to enhance employee awareness and establish protocols for identifying and responding to potential cyber threats. And fifth, contingency planning. Comprehensive contingency plans for potential cyber outages are essential. Construction companies should establish clear protocols for maintaining critical financial operations during a disruption, ensuring minimal impact on day-to-day business activities. Here's a quick recap of actionable steps. Implement robust cybersecurity measures, including firewalls, antivirus software, and intrusion detection systems. Conduct regular software updates and backups to ensure business continuity. Train staff on cybersecurity awareness and best practices. Use secure communication channels for sensitive financial data. Consider outsourcing accounting and bookkeeping to reputable cybersecurity providers. FEA cybersecurity. As an accounting firm, our clients' privacy and security remain our top priorities. We continually look at ways to develop and evaluate our system to prevent breaches and network holes. We utilize secure socket layer encryption, which ensures that all data passed between the web server and browsers remain private and integral. There are two levels of restrictions and a password must be entered before you can access your data file. At Fast Easy Accounting, cloud security is not an option. It is a fundamental requirement. We only use Intuit-approved commercial hosting services. We have taken steps to select the best to ensure that your data is as secure as that found for online banking and financial institutions. Your cloud security rests on US-based servers, backups, data centers, and technical support. Not one aspect of our cloud security relies on outsourced services or offshore locations. Don't assume your construction business is safe from hackers because you run a small business or don't collect payment information. There is a lot of private information available that hackers and thieves can use to make money. And companies, large and small, are targets. Be aware of vulnerabilities in your system and take steps to address them before it's too late. Online data protection is critical in providing contractors with reliable and professional-grade bookkeeping services. The cost of proper bookkeeping combined with secured cyber information is priceless. Clean up-to-date bookkeeping records, accurate financial reports, and protected data make up for a good night's sleep. After all, security comes from setting up structures and systems in place so your construction company will run smoothly. Conclusion The recent cyber outage serves as a wake-up call for construction contractors to prioritize cybersecurity in their accounting and bookkeeping practices. By implementing robust defenses and best practices, you can protect your business from cyber threats and ensure the integrity of your financial operations. Stay vigilant and build a more solid security for your construction business. By addressing these key lessons, construction companies can better safeguard their financial data and minimize the impact of potential cyber incidents on their operations. As a reminder, speaking of technology, have you made the switch yet? QuickBooks plans to stop selling several versions to new U.S. subscribers. The deadline to purchase new subscriptions to the listed products, or as I will mention it, has been extended from July 31, 2024 to September 30, 2024. These are QuickBooks Desktop Pro+, QuickBooks Desktop Premier+, QuickBooks Desktop Mac+, and QuickBooks Desktop Enhanced Payroll. We do our best to inform you of your options based on your construction company's needs and ensure you are alerted to fundamental software changes that may affect your construction business now or in the future. Although extended, we recommend checking and upgrading immediately to avoid service disruptions and workflow interruptions. Please plan accordingly or reach out if you need help. We are here to help you achieve your definition of success, whether you would like to outsource your bookkeeping to us, buy and use our templates, or learn to do it independently. And that ends Sherry's blog post. Remember, we can help a little or a lot depending on your business needs. So if you would like to learn more about preparing for cybersecurity updates or upgrades, would like to learn more about preparing for tax season, or just confused about which product to purchase at our Fast, Easy Accounting store, please don't hesitate to call Sherry at our toll-free number 1-800-361-1770 or email her at Sherry, S-H-A-R-I-E, Sherry at FastEasyAccounting.com. Our podcast promo code is still available for you to use with your subscribers and listeners in our Fast, Easy Accounting store and Construction Accounting Academy for a 20% discount. That's podcast 20, P-O-D-C-A-S-T-2-0, podcast 20. On behalf of Sherry and our team here at Fast, Easy Accounting, thank you all for listening. Stay safe and healthy.

Speaker 1: And stay tuned for upcoming episodes on how to turn your contracting company into a process-dependent cash cow. Bye for now. Thanks for tuning in. You're listening to The Contractor Success Map. If you enjoyed the show, please leave a 5-star rating and review here on iTunes, and make sure to head over to www.contractorsuccessmap.com to subscribe to receive the latest articles and special offers. If you'd like to discuss your business strategy, simply click on the button labeled Strategy Session. And the best part, it's all free, just for you.