Financial statement services, especially those involving audits, third-party creditors, and fraud, produce the largest claims in terms of total dollar amounts incurred (severity), according to a new report from insurer Camico. Tax claims are the most frequent, but audit claims are typically the most severe. When review and compilation claims are added to the mix, it becomes evident that financial statement services have had the largest magnitude in claims dollars.Tax issues involving income tax, estate tax, and entity selection (Sub-C or S) are frequently prone to claims. Tax engagements represent 56 percent of all CAMICO claims when measured by frequency. More is at camico.com.
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It’s impossible to predict with absolute certainty how the market will respond to a new technology, and it’s just as difficult to predict when and where growth will occur as a result of this response. With that, software startups can learn from experiences of other successful software companies. This ebook discusses how implementing cloud-based financials protects software companies from getting to the point where demand outstrips their ability to sustainably manage it.
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