Category: COVID 19

Five Effective Cybersecurity Solutions for Finance and Accounting Professionals

12/13/2021

Finance and Accounting professionals have faced a lot of risks and challenges from day one. However, during this pandemic, the risks and challenges are at a whole new level. Meanwhile, these 5 effective cybersecurity solutions for finance and accounting professionals should help mitigate the risk.

Further, Finance and Accounting professionals need to know what they face and the challenges to the profession and the data protected. Employees working in the profession must be aware of the risks & challenges and how to overcome them. In addition to that, we will suggest a few cybersecurity solutions.

What is Cybersecurity?

Cybersecurity is also known as information technology security or electronic information security. Above all, cybersecurity helps defend web servers and electronic devices like mobile phones, computers, etc., from cyber-attacks.

Businesses use cybersecurity to protect their data and confidential information from unauthorized users. Unfortunately, due to the global pandemic, the cybersecurity crime rate has reached a new level. Therefore, every industry must protect its software and hardware with the best cybersecurity to avoid such incidents.

One way to help with cybersecurity is to use a proxy server. A proxy server acts as a gateway between the user requesting resources and a server providing the resources. For example, a Residential proxy is one type of proxy server with a unique IP address with a physical location. Proxy servers are a great way to mask your actual IP address while surfing the internet.

What are the Challenges and Risks Faced by Finance and Accounting Professionals?

Before you learn about cybersecurity solutions, it is better to know about the risks and challenges faced by Finance and Accounting professionals. Consequently, understanding the risks faced gives one a clear idea of overcoming them with different solutions.

1. Losing the Client's Data

An important responsibility of the Finance and Accounting profession is to protect the privacy of their clients. But unfortunately, there is a huge possibility for the finance and accounting profession to lose this crucial information of their clients quickly. One of the reasons is the poor execution of cybersecurity protections.

If you don’t safeguard financial details, clients could lose their trust in the firm. Therefore, it is a significant task for the firm to protect clients’ information at any cost. Failing to do so could ruin the firm’s reputation.

2. Malware Attacks

With the growing exposure of client data, finance and accounting professionals must prevent their systems and networks from malware attacks. Additionally, as the crime rates keep increasing, businesses need to be mindful of malware attacks as they can easily breach systems and data.

Massive ransomware attacks happen continuously. Therefore, it is best if the profession is cautious and prepared for it.

3. Losing Company's Reputation

Reputation loss is the most important and common risk for the accounting profession. Losing a company’s reputation is like losing everything. In a fast-growing and competing world, businesses need to protect their reputation.

Since exploitation of reputations is easy, people must take calculated steps to avoid such discrepancies.

4. Bad Actors Can Hack Systems

Hackers with little knowledge can hack any computer or mobile device. Hacking is another risk faced by the finance and accounting profession. All employees must have updated systems and check for vulnerabilities often.

Just one tiny mistake could hand over all the confidential data to the hackers. And all it takes is one mistake.

To avoid facing such risks or prevent these risks from happening, one should use the Cybersecurity solutions mentioned below.

Cybersecurity Solutions for Finance and Accounting Professionals

We have identified a few risks and challenges faced by the profession. Consider these possible cybersecurity solutions and approaches.

1. Tighten the Security

As mentioned earlier, hackers are now everywhere. It is the responsibility of the firm to safeguard its privacy and data. So, it would be best if you had a proper firewall or proxy server to help protect your company’s data and its clients.

A firewall or proxy server will be a gateway between your company server and the external servers trying to gain access. It identifies who and who is not permitted access to confidential details.

2. Be Prepared for Malware Attacks

Malware attacks can happen at any moment and repeatedly. So how do you stop such cyber-attacks from happening? First, IT teams must prepare businesses. Internal controls established by accounting professionals with preventive measures are a must.

The firm can also conduct a mock scenario for people to be prepared and appropriately trained. In this way, employees get ready and develop a plan for when the actual situation happens.

3. Employ Passwords and Authentication

There must be a good password and authentication process to log into a server with confidential data. Formerly, the best practice was for clients and employees to change their passwords frequently. Now, a long password is changed when a compromise is suspected. In addition, password managers can automatically generate long passwords. That way, hacking is more complicated.

Team members must employ strong passwords. Better protection comes from two to three-step or multi-factor authentication (MFA). We recommend MFA for the profession’s safety needs. In addition, MFA makes it more difficult for hackers to hack into the system.

4. Keep an Encrypted System Everywhere

Having an encrypted system makes one sure that confidential data is safe and secured. Data should not only be encrypted while emailing or in transit. All data must be encrypted even while the system is not in use and is at rest to comply with breach reporting regulations.

Encrypt every device in the firm. That way, there is a minimum possibility for the data to get out of hand.

5. Have Proper Backups

Finance and Accounting professionals need to have a proper plan to back up operating systems, data, and devices. A comprehensive backup plan keeps data in a safe place. In addition to that, the data is accessible at times of any discrepancies at the firm.

Thus, finance and accounting professionals should have proper and regular backup plans to safeguard their pieces of information.

In Conclusion

We have discussed cybersecurity and its risks. With the solutions mentioned above, you can minimize the risks from happening. These 5 effective cybersecurity solutions for finance and accounting professionals should help mitigate the risks. Make sure that you put them to good use to increase the safety of your business.

Be careful out there!

For more information, consider our article on What Has The Pandemic Taught Us About the Importance of Contingency Planning? Additionally, consider our courses on Backup and Business Continuity/Disaster Recovery Planning.

Randy Johnston

9 Small Business Owner Tips for Overcoming Pandemic Challenges

11/8/2021

Managing a small business amid the coronavirus can be frustrating and feel nearly impossible. As a small business owner, you need tips for overcoming pandemic challenges. This article will provide 9 tips for overcoming pandemic challenges. Fortunately, there are a ton of great resources that can help you navigate every challenge that crops up. With these tips, you can steady and even grow your business regardless of the pandemic’s effects on the economy.

Know What Pandemic Challenges You Are Up Against

While many label the pandemic’s effects as a recession, it is unlike any other recession in history. And some sectors continue to grow despite the pandemic’s crippling impact.

Learn the ins and outs of adapting to the COVID-19 era.
Familiarize yourself with digital marketing to attract customers.
Track sales trends—including customers’ e-commerce habits.

Tip-Try New Tools and Techniques

Adapting to the coronavirus era involves incorporating new tools and techniques to save your business time, money, and effort. Test out these programs and procedures to see if they are right for your business model.

Incorporate automation to save staff hours and effort.
Use technology to support accounting and other facets of the business.
Add free tools to your business management arsenal.

Spend Time Tackling In-Store Projects During COVID-19

If you have a physical retail location, using a prolonged closure to make store upgrades is a smart tip. Think about these upgrades during the COVID closure.

Decide on a remodeling plan and act in stages.
Make easy, impactful cosmetic upgrades like cheap carpeting and fresh paint.
Know about retail restrictions and proper guidelines for reopening.

Summary

When it comes to running a business during the coronavirus, it helps to know what you are up against and to have a list of tips to fight the COVID-19 pandemic that works. As a small business owner, we hope you find these 9 tips for overcoming pandemic challenges helpful. Implementing new tools and techniques can help propel your business beyond expectations, even during the shutdown, and taking steps to improve your customers’ in-store experience is another smart way to pass the time during a closure. The best part is that all these tasks can help your business survive - and even thrive - despite the recession.

5 Daily Habits of Successful Entrepreneurs

7/5/2021

The life of a successful entrepreneur may feel like an imaginary and unreachable world, especially during and after COVID. However, success is built by following the 5 daily habits of successful entrepreneurs.

Many entrepreneurs started off small. In addition, they were making minor adjustments to their daily lives and their businesses until they could take bigger calculated risks that ultimately resulted in success. It’s a commonly held perception that these individuals hit it big one day and made millions overnight, either through luck or brilliance.

It can be tough to start a habit from scratch and stick with it over time. These inspiring individuals have modeled the power of building 10 good daily habits and have provided tips regarding how to do each well. Read on to learn some life-changing habits that you can start implementing into your own life. On the other hand, you can skip down to Thimble’s infographic illustrating these habits.

1. Start Each Day with Exercise

We know that exercise is good for our bodies, but don’t do it. In other words, we often neglect the benefit of exercise to our minds in the middle of a workday. Above all, studies show that the areas of the brain that oversee thinking and memory tend to be larger in those who exercise than those who don’t.

Several entrepreneurs, including CEO of Artitudes Design Andrea Heuston, include an exercise routine every morning. Heuston explains, “my best ideas come to me when I exercise.” Likewise, even if you can’t fit an entire exercise routine into your mornings, consider going for a walk or riding your bike to work in the morning.

2. Read Regularly

It’s common for busy people to leave reading for vacation, if at all. However, some of the world’s most successful people, including Warren Buffet, dedicate huge portions of their day to reading. This habit allows you to accumulate knowledge about your industry and the world at large. Above all, reading helps you start the day feeling refreshed and mentally stimulated.

Where can you find reading time? First, consider the time you spend watching television. Second, consider time spend on social media. Third, consider your commute time. If you are on public transit or in an airplane, you have an opportunity to read.

3. Unplug

When you’re making quick decisions left and right, it can be easy to experience cognitive overload and start to make poor decisions. Take time away from the pressure, pace, and the technology. Build a quiet space in your time each day. If you start your day with reading and exercise, perhaps having lunch without technology or a meeting would be wise. Others prefer to be unplugged late in the evening. You will sleep better by avoiding the blue light exposure from television, tablets, or mobile devices.

Efficiency experts have recommended listing your primary tasks for the next day before heading to bed. A quiet time unplugged may be just the ticket for this. This process also helps with habit five below.

A wise mentor to me took Wednesday through Sunday off every six weeks. Why? “You need to get away from everything and clear your head!”

Alternatively, meditation is a self-care practice that’s all about staying grounded. Similarly, you are in the moment, regaining focus and moving forward with clarity. If you’re skeptical about the power of meditation, check out the studies that have linked mindfulness training to improvement in memory and executive functioning.
Founder of Athlete Desk Darryl Higgins claims that meditating every morning helps him relax, multitask and keep his business operating smoothly.

4. Read the News and Trade Publications

Entrepreneurs do a lot to ensure that their business’ internal operations are functioning smoothly. Still, many external factors can make or break a company’s long-term success. In the accounting profession, both regulations and current events can impact business.

By staying up-to-date on current events, entrepreneurs prepare for competition, economic turmoil, and industry developments that could otherwise be detrimental. For example, CEO of Caspian Agency Heather Mason reads her industry’s trade publications every morning to stay current with important trends.

5. Make a Plan For Tomorrow

Most habits are best completed in the morning. Therefore, you want to devote your mornings to prepare for the day ahead of you. Many entrepreneurs, including the owner of The Dog Adventure, Peter Schoeman, organize their thoughts and make a checklist for the following day on a nightly basis. Above all, creating a list will take significant stress off your shoulders when it’s time to focus again in the morning.

Your daily action plan should be aligned with your overall business goals. You need to plan for your success whether that is in service and product sales or people management.

Infographic of 10 Daily Habits of Successful Entrepreneurs

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Summary

Success requires patience and diligence. These 5 daily habits of successful entrepreneurs are a good starting place. Rather than crossing your fingers and hoping for a win, start building the habits that have proven successful today.

Randy Johnston

Prepare For An Economic Boom

5/3/2021

Should you help clients prepare for an economic boom or act yourself? Do you expect to see trade increase in a post-COVID-19 world? Will activity and consumer confidence rise enough that both restaurant and retail sales show recovery? If the 9.8% increase in March 2021 is any indication, think yes. It seems that employment, retail spending, and manufacturing are all exhibiting solid gains. Vaccinations offer light at the end of the tunnel. Meanwhile, there is great hope that the end of the pandemic is approaching. With this in mind, businesses need to prepare for a boom in trade in a post-COVID-19 world. Certainly, companies should take full advantage of any economic improvements. How can your company plan for a return to active trade in a post-pandemic world?

Prepare and Plan with your Accountant for a Boom in Trade

Although uncertainties do remain, the overall economic outlook is brighter. Most importantly, putting measures into place now can ease the transition from restrictions. After that, converting from government help to a self-supporting, thriving business once again will take active management. In other words, can you prepare your business for an increase in trade after the effects of the pandemic have eased?

Your accountant will understand your business and the industry in which you operate. In addition, accountants can help you plan for the short-term and long-term future. They will develop the cash flow and sales forecasts underpinning your decisions. Above all, wise plans allow you to proceed with confidence in a post-coronavirus world.

A professional accountant is a crucial partner for any business owner. They will save you time and money in the long run. In addition, they provide a reliable source of support that helps you build your business up again.

Harness the Power of Technology

Management accounting software allows you to keep an eye on cash flow, create comprehensive budgets and cash flow forecasts. After that, you can view the general state of your business at the touch of a button. Review your options at AccountingSoftwareWorld.

You can grant access to your software to your accountant. After that, you can benefit from their professional opinion and insight. Above all, you will make both day-to-day and long-term strategic decisions with more confidence as your trade volumes start to boom.

Access to Funding for an Economic Boom

Additional sales may require additional funding to meet the sudden increase in demand. Alternative finance can be of enormous value in this respect. It is typically more flexible and quicker to access than a business bank loan and can sustain your business over the long term.

If you are a credit-based business, invoice finance or factoring uses the value of your invoices to generate funding. You may also be able to hand over your credit control function to the financier. You can focus on steering your business forward.

Retail businesses that take card payments can also benefit from alternative funding called merchant cash advances. Cash advances provide funds based on the value of the card sales. Getting cash advances offers vital support to business growth.

Asset-based businesses can leverage the value of their hard assets to generate a cash lump sum and still use the asset as before. This cash input can fund the extra workforce or materials needed to meet additional post-COVID-19 demand.

Strong Supply Chains

Building resilience within your supply chain is crucial. To prepare for an economic boom, planning to deal with supply chain shortages during a boom in trade is wise. For instance, if you rely on a single supplier, consider how you would prevent a disruption in supply from damaging your business.

Along with your accountant, you should map out your supply chain to see where it may need reinforcing, identify any risks, and mitigate them as necessary. You could locate potential alternative sources of supply. Most importantly, you will not lose customers due to missing components or late deliveries.

Summary

Emerging from the pandemic as a stronger, more streamlined business requires careful planning and preparation. If you do not currently use professional accounting services, look for a new accountant who is reliable and specializes in your field. Check for credentials from the AICPA or CPA Canada. Understand the accountant’s qualifications, working practices, and specialties. Consider vendor directories if you need specific help with QuickBooks or Xero. If you are an accountant acting in an advisory role, make sure you assist current clients. Proactively market your planning and cash flow services to prospective businesses.

Attend CPE courses and conferences in person or online to learn more about planning, cash flow and budgeting.

Randy Johnston

The Rise of "COVID-preneurs"

2/8/2021

Many startup businesses begin after an economic downturn. Will we see the rise of the “COVID-preneurs” soon? During the 2007-08 financial recession, Ken Lin started the personal finance giant Credit Karma. Above all, it was a defeatist economy. Funding money was strapped, consumers were hesitant, and financial institutions had a cloud of distrust around them. In addition, by textbook timing, this was no time to start a finance company. However, more than ten years later, in 2020, Intuit (a financial technology company) acquired Credit Karma for an astounding amount. According to Intuit, Lin’s company was acquired for approximately $3.4 billion in cash and 13.3 million shares of Intuit stock and equity awards with a value of $4.7 billion. The bet paid off.

Is This the Time to Start a New Business?

History seems to be repeating itself for many risk-taking entrepreneurs during the coronavirus pandemic and the subsequent economic turbulence that followed suit. According to the U.S. Census Bureau, Americans have been filing new business applications at the fastest rate since 2007. Many have determined this is a great time for entrepreneurs with ideas. They have time to work on their ideas.

For some, starting a business during such chaotic times may seem completely counterintuitive, not to mention crazy. For others, it’s prime time to implement a sound strategy and capitalize on the opportunity. In addition, you have those scratching their head and wondering, “why on Earth would someone become an entrepreneur in a pandemic?!” we have some points that will make you think otherwise.

Necessity, the Mother of Invention or Action!

For instance, during penny-pinching times, necessity is a significant driver of entrepreneurial activity. The pandemic results in unprecedented unemployment rates. American unemployment surpassed 14% peaking during the pandemic compared with 10% during the Great Recession. With more people out of work, some are looking for creative and new ways to make money, like starting a small business or company.
In addition, people are seeing fresh opportunities as a result of increased time at home. Without commuting to work or traveling to school, more people are taking up side hustles that might evolve into a new company. Interestingly, 39% of entrepreneurs start a business to pursue a passion. So, those folks that have taken up bread baking during the pandemic and found it to be their passion might establish a full-blown bread baking company if well-thought-out.
Along with necessity and opportunity, new community needs have developed. Small businesses need to adapt quickly to online eCommerce. Rapid testing solutions need to be created. Smart healthcare technology needs to be advanced. In other words, these are just a handful of examples of the change in social needs due to the pandemic.

Have COVID-preneurs Already Built New Businesses?

This timing, coupled with increasing trends in entrepreneurship according to 2020 stats, has led to a skyrocketing rate of new business filings. The founders of such ventures cleverly nicknamed “COVID-preneurs,” might just well be the next Ken Lin. Will you help with the rise of the “COVID-preneurs?” Sources: LegalZoom | Intuit

Click to view the Infographic from LegalZoom

86 Key Entrepreneur Statistics for 2020 and Beyond

Randy Johnston

eCommerce in 2020: 5 Year-End Challenges to Start Tackling

10/11/2020

So far, 2020 has been anything but certain for eCommerce brands. Further, we expect many more challenges with the year-end shopping season rapidly approaching. For eCommerce in 2020, consider these 5 year-end challenges to tackle now. The big lesson is that we can prepare and get it right, but the time to start is now.

With that in mind, we are going to look at some of the most significant stressors you will face in the coming months. We will consider how to start tackling them. Further, there are a few places where you can turn trouble into opportunity. There is no time to waste, so let us get started with your calendar.

1. Plan for important dates

While the COVID-19 pandemic threw most 2020 eCommerce planning out the window, there are still a few things it has not changed. Most importantly, you know that your customers are ready for some year-end shopping. The holidays are not going to shift much — with a couple of notable exceptions we will talk about later. So, start putting together your calendars for everything related to your business.

A few of the most important dates of 2020 to know:

U.S. Thanksgiving is on November 26th
Black Friday is November 27th
Cyber Monday happens on November 30th
The year-end holiday shopping period generally runs from December 3rd through 21

Get your sales and promotional items ready. Test your marketing messaging and review your sales channels. Test the fulfillment process for anything new that you do. This includes things like extra inserts or branded packaging or giving people freebies with an order. No matter if your year-end holiday efforts kick off on Black Friday or a month earlier in October, you want planning to happen now.

An essential part of this planning is checking your inventory and demand forecasts. eCommerce companies have seen disruption in their supply chains in 2020. You do not want that to happen during the time the bulk of sales occur. Check with suppliers, get bulk orders in now, and plan your freight.

If you have space and budget, order ahead of time. Work with suppliers to be flexible to their needs. And do not forget your packaging. If eCommerce experiences a boom during this time, that will mean more people are trying to buy the same boxes, envelopes, tape, and fillers as you. You will need to order that packaging ahead of time to avoid running out, paying extra, or having to delay shipments.

2. Expand options for price sensitivity

eCommerce is expanding rapidly, and people who tried digital commerce during the pandemic are likely to use it as a primary way to shop during the holidays. Salesforce’s digital index shows industry gains may be here to stay and that people searching for products online have among the highest intent to buy.

A core takeaway from that trend is that when people find you, they want to buy if you can meet their needs. Unfortunately, many economies have had mixed recoveries and recurrences of coronavirus concerns. People still want to spend this holiday, but smaller budgets are likely.

Tackle that cost challenge by expanding your product list or offering deals designed to meet lower budgets. Consider the discounts you provide or other ways to reduce costs. If you do not have the flexibility to add more, lower-cost products to your mix, think about making free shipping more available or lowering your discounts and deals. Someone who is on the fence about affording a “buy two, get one free” offer might be more inclined to bite if you provide some “buy one get one 50% off” savings options.

Remember, this is all about the first sale. So, you might be able to create initial offers that are cheap but then require refills, such as the razor-and-blades model. Or consider offering subscription services with discounts in the first few months. Subscription billing helps people get in the habit of paying for something and budgeting for your goods on a recurring basis.

Being proactive about subscription services — especially notifications on price changes or when an annual pass renews — is a fantastic way to control complaints and costs while still growing your sales base.

3. Prepare for returns, a critical eCommerce challenge at a busy time

The holiday season is always a critical time for returns. When looking at all eCommerce last year, reports suggest that 25% of annual returns happened between Thanksgiving 2019 and the end of January 2020. Projections show an increase in returns during this year’s holiday season, too.

So, returns are going to be a part of your business no matter what. Even if you have a ‘no-refunds’ policy, you are generally legally required to replace defective goods you sell. You are going to have to use team members to manage customer concerns.

Turn returns into a competitive advantage by offering a smart policy that can even increase future sales. Start by creating a clear policy that is easy to find and understand, which gets people to buy in the first place. Set clear deadlines and set expectations. For example, you may want to tell people that returns can take slightly longer to process during this time because of the increase in overall orders.

Once you have done that, work with your warehouse team or 3PL to understand how returns are physically processed. Ensure you have got extra space and workforce to respond as returns come in. Remind people of the requirements for a product to be checked and put back into your inventory after a return. Clear internal policies can help maintain inventory quality and keep processes moving instead of creating a backlog.

One of our favorite tips is to look within your eCommerce returns capabilities. Use its tools or look for integration partners that can make it easy for customers to print a return label. It automates a lot of manual, time-intensive processes and can ultimately be a cost-saver.

For increased success, reduced questions, and better internal processes, consider creating an illustrated guide of returns steps and requirements.

4. Help people shop early

While we first noted that your business could not change the timing of the year-end holidays, there is one that can: Amazon. And what we are talking about is Prime Day, which is set to be later in the year than usual but might end up pushing some holiday shopping earlier at the same time.

This year, Amazon is moving Prime Day to Q4, and it has currently told sellers to reserve the week of October 5 th as a placeholder. Pushing back that late could quickly turn Prime Day into a major holiday shopping event. Prime Day often raises eCommerce sales for other marketplaces and companies running sales, not just Amazon. If people cannot find what they want on Amazon, they are ready to spend and willing to look elsewhere.

Plan for this and run campaigns or make your offers on or ahead of Prime Day. Have sales that overlap and try to earn some new customers while Amazon does the demanding work of getting people in the mood to buy.

What you will want to ensure that you do is help people see why buying from you then is smart. Consider making an offer for free or reduced shipping. Note that their order will arrive in plenty of time for wrapping. Talk about the stress your shoppers will not have to experience on Black Friday or other worries. The coronavirus is still lurking in all our minds and increasing the stress and anxiety of your customers. Have messaging that combines deals with help and relief.

If you are not able to get ready by October, watch Prime Day sales to see what products like yours do well and their price points. It will give you insight into what to offer and how to price it to be compelling.

5. Read up on fraud, especially in payments

While your team is managing internal processes and activities to help customers and manage fulfillment, leadership needs to take time to review your business structure and security. One of the chief concerns here comes with fraudulent orders and payments. These can wreak havoc on your overall profitability and increase worries across the board.

As eCommerce grows, so will the risk of fraud. Start reading up on current trends and best practices specific to the goods you sell and the eCommerce platforms and sales channels you use. Facebook sales fraud will look different than Amazon, eBay, or the other sales channels, for example.

Payment providers can be a significant help on current trends as well as protections. PayPal regularly puts out updates on eCommerce fraud and makes recommendations on digital fraud tools. You will also want to train your team on phishing and other attacks to protect against social engineering. Clicking on one lousy link is all it takes, unfortunately.

If you have shifted where people work due to COVID-19, be sure to look at cybersecurity best practices for remote teams, too. Anyone with access to your network or system can create risk. With so many transactions going on, fraudsters will try to sneak by you with links, stolen cards, faked accounts, and much more.

Get your plan together now.

Is your planning team together?

One unifying feature about year-end challenges in eCommerce is that everything needs to be tested and checked again and again. Processes for returns and refunds need to occur on software and warehouse levels. Marketing campaigns should get A/B testing and all your landing pages reviewed ahead of time. New products and partnerships, expansions of inventory, and even the materials to pack up orders should be ready ahead of schedule.

It all takes an immense amount of planning. So, that is the first step and one you should take today. Identify the roles and responsibilities of these initiatives and create a list of people who are involved. Define who can verify each of these elements and how they will play a role in the day-to-day activities when the year-end is here. But remember, planning is the first of eCommerce in 2020 challenges 5 year-end to tackle now.

Do not let deadlines creep up on you before you are ready and have a team in place. Get your people together now. Rely on them to help you with these and many more challenges you will face throughout the rest of 2020.

Thanks to Jake Rheude is the Director of Marketing for Red Stag Fulfillment for the ideas and content of this article. He has years of experience in eCommerce and business development. In his free time, Jake enjoys reading about business and sharing his own experience with others.

Randy Johnston

Tech Tools for Better Online Meetings

10/10/2020

As meeting online has replaced in-person meetings, I have noticed that many people struggle as they don’t have a few essential pieces of tech.

The following are my tech recommendations to improve your online meetings.

Wired Internet

Whenever possible, the use of a wired internet connection is preferable for online meetings. A wired connection will provide consistent performance during the entire session. During a recent meeting with a colleague, their sound and picture kept cutting in and out. The cause was the wifi in their home.

Dedicated Mic

The mic built into your laptop or webcam may seem perfectly adequate to you. However, others attending the session may not feel the same.

Many built-in mics do not provide sufficient directional focus causing significant background noise or, worse yet, feedback from your speakers.

I recently upgraded to a Blue Yeti, a great mic with the ability to select the pattern for the mic between stereo, cardioid, omni and bidirectional. For USB mic recommendations, check out PCMag 11 top picks at https://www.pcmag.com/picks/the-best-usb-microphones

Another option is a good quality headset with a boom mic. The disadvantage is the discomfort of wearing a headset compared to having a mic sitting on your desk and how you look wearing it.

Speakers

The important part of any speakers you are using is that the mic is in front of and not facing the speakers. In cases where this is not possible, earbuds are a more discrete option.

I use the speakers on my monitor for most meetings; however, when others are around, I use earbuds plugged directly into my Yeti mic.

WebCam

A camera can range in price significantly, and at this time are very difficult to find. At a minimum, it should be 720p, preferrable 1080p.

I have ordered a replacement for my old 720p camera, and when looking at alternatives, I considered using my smartphone or digital SLR camera. Check out webcam reviews and links to using your digital SLR or smartphone at https://www.pcmag.com/picks/how-to-buy-the-best-webcam.

Lighting

What is a good webcam without good lighting?

First, make sure not to have anything bright behind you, which can cause exposure issues.

You may also find a room with a brightly painted wall can change the hue of the image. I have such a wall and by pointing an inexpensive LED desk lap at myself, the colours and overall image quality improved.
There are dedicated lighting systems for use with your webcam, which will further improve video quality. Check out your favourite tech store for all of the options available.

When people in the meeting can see and hear you clearly, the whole online meeting process is better for everyone. Review your tech and invest in some of the above-noted items; after all, online meetings are here to stay.

One last thing, don’t forget to clean up the background.

Ward Blatch

Authors

Ward Blatch
Ward provides consulting and training services as the Managing Director of K2E Canada Inc. He joined K2E Canada in 2005 and is responsible for the Canadian operations of this international consulting group, which provides professional development technology education for accountants across Canada and the US. Ward lives in rural Nova Scotia and can be reached at ward@k2e.ca.

Tommy Stephens
Tommy is one of the shareholders in K2 Enterprises, affiliating with the Firm in 2003 and joining as a shareholder in 2017. At K2, Tommy focuses on creating and delivering content and is responsible for many of the Firm's management and marketing functions. Tommy resides in the metro Atlanta area. You may reach him at tommy@k2e.com.

Randy Johnson
Randy is a nationally recognized educator, consultant, and writer with over 40 years experience in Strategic Technology Planning, Accounting Software Selection, Paperless, Systems and Network Integration, Business Continuity and Disaster Recovery Planning, Business Development and Management, Process Engineering and outsourced managed services. Randy can be reached at randy@k2e.com

Bernie Smith
Bernie coaches businesses to develop meaningful KPIs and present their management information in the clearest possible way to support good decision making. As the owner of Made to Measure KPIs, he has worked with major organisations including HSBC, Airbus, UBS, Barclays, Credit Suisse, Lloyds and many more.

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What is Cybersecurity?

What are the Challenges and Risks Faced by Finance and Accounting Professionals?

1. Losing the Client's Data

2. Malware Attacks

3. Losing Company's Reputation

4. Bad Actors Can Hack Systems

Cybersecurity Solutions for Finance and Accounting Professionals

1. Tighten the Security

2. Be Prepared for Malware Attacks

3. Employ Passwords and Authentication

4. Keep an Encrypted System Everywhere

5. Have Proper Backups

In Conclusion

Know What Pandemic Challenges You Are Up Against

Tip-Try New Tools and Techniques

Spend Time Tackling In-Store Projects During COVID-19​

Summary

1. Start Each Day with Exercise

2. Read Regularly

3. Unplug

4. Read the News and Trade Publications

5. Make a Plan For Tomorrow

Infographic of 10 Daily Habits of Successful Entrepreneurs

Summary

Prepare and Plan with your Accountant for a Boom in Trade

Harness the Power of Technology

Access to Funding for an Economic Boom

Strong Supply Chains

Summary

Is This the Time to Start a New Business?

Necessity, the Mother of Invention or Action!

Have COVID-preneurs Already Built New Businesses?

1. Plan for important dates

2. Expand options for price sensitivity

3. Prepare for returns, a critical eCommerce challenge at a busy time

4. Help people shop early

5. Read up on fraud, especially in payments

Is your planning team together?

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Spend Time Tackling In-Store Projects During COVID-19