Planning for Disaster

Is your firm prepared for a disaster? From hurricanes to earthquakes to fire, disasters come in all forms and no business is immune from their wrath. Know the basics and protect your firm's resources.

Have a plan. While you can't avoid a disaster, you can certainly be prepared in case one strikes. Ensure you have backup copies of firm records and a plan to recover them once the disaster is over. Consider offsite storage so you can get your hands on important data quickly. A recovery action plan can also help guide you and your employees.

Get covered. Having enough property insurance coverage is important. Business interruption insurance, also known as business income coverage, protects the profits a business would have earned had there not been a disaster. This insurance can generally be purchased as a part of property insurance.

Be part of a bigger team. Work with industry colleagues from an accounting association to help you recover. The buddy system can really help in disaster situations. If you aren't a member of an association, do the research and join an organization that can help in times of need.

Take care of your vendors. Pay on time and ensure you endear your vendors to your firm. In the case of disaster, these relationships will be key.

Communicate. Get in touch with employees and let them know your disaster plan is in effect. Make sure your clients know what is going on with your firm, too. Use available resources such as TV, radio, and the Internet to keep them up to date.

Take a look at the basics of disaster insurance at http://www.bankrate.com/ust/news/biz/biz_ops/19990816.asp.

You may like these other stories...

Accountants without a succession plan are hurting not only themselves but their clients as well. Here are seven ways to see your practice continues after you retire—some of them are better than others.What Are Your...
In my last article, I discussed the model of value pricing and the benefits this billing structure offers you and your clients. However, in order to set up the right value pricing for your client, you need to know what...
Remember the old joke about the devil showing a guy around Hell? There were great parties, swimming pools, and sumptuous food. The guy liked what he saw, lived a bad life and went to Hell when he died. Upon arrival the devil...

Already a member? log in here.

Upcoming CPE Webinars

Aug 28
Excel spreadsheets are often akin to the American Wild West, where users can input anything they want into any worksheet cell. Excel's Data Validation feature allows you to restrict user inputs to selected choices, but there are many nuances to the feature that often trip users up.
Sep 9
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.
Sep 11
This webcast will include discussions of commonly-applicable Clarified Auditing Standards for audits of non-public, non-governmental entities.
Sep 26
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.