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Reynolds + Rowella Golfing with Purpose

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Recently, Reynolds + Rowella proudly showed support to a number of local community organizations:

The Greater Danbury Chamber of Commerce

The Greater Danbury Chamber of Commerce is comprised of approximately 800 members, which encompass a workforce of well over 105,000 individuals. Membership is diverse with representation from manufacturing, hi-tech, retail, service, professional and corporate and ranging in size from sole proprietors to 2000+ employees. They all, however, share the common belief that commerce functions at its best when business relationships are forged and resources utilized to their fullest potential, creating a partnership for the betterment of the region.

Regional Hospice and Palliative Care

Regional Hospice is the premier non-profit organization providing in-patient and in-home hospice care. Our mission is to provide exceptional end-of-life care, comfort and compassion to infants, adults, and their families.

Ridgefield A Better Chance

RABC is a local chapter of the national, non-profit, A Better Chance (ABC), Inc.. Ridgefield ABC, one of 26 public school Community School Programs associated with A Better Chance, Inc., is a not-for-profit 501(3)(c) organization whose mission is to provide educational opportunities to gifted minority high school age women from educationally, disadvantaged communities. We focus on the total development of these young women scholars; college preparatory educational, social development and community involvement so that they are not only prepared for college, but can excel.

REYNOLDS & ROWELLA | ACCOUNTING AND CONSULTING FAIRFIELD COUNTY CT

Reynolds + Rowella, LLP is a regional accounting firm known for a team approach to financial problem solving. As Certified Public Accountants, our partners foster a personal touch with clients. As members of Enterprise Worldwide, an association of accountants and advisors, our professional network is international, yet many of our clients have known us for years through the local communities we serve. Whether closely-held corporations or high-net-worth individuals, we believe we have earned our clients’ trust.


THE CONNECTICUT POST NAMES REYNOLDS + ROWELLA A WINNER OF THE SOUTHERN CONNECTICUT 2019 TOP WORKPLACES AWARD

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Reynolds + Rowella, an accounting and consulting firm with offices in Ridgefield and New Canaan has received a 2019 Top Workplace Award.  Hearst Connecticut Media Group has recognized 50 companies and organizations as Top Workplaces for 2019.  These companies have been recognized based solely on surveys about the workplace completed by their employees.  The survey asks questions related to seven different topics regarding workplace culture.  This marks the fourth consecutive year Reynolds + Rowella has won a Top Workplace award for Southern Connecticut.

“The Partners are proud to be recognized as a top workplace again.  For the past four years, our staff has exceeded our expectations in creating a unique culture,” says Managing Partner, Frank Rowella.

REYNOLDS & ROWELLA | ACCOUNTING AND CONSULTING FAIRFIELD COUNTY CT

Reynolds + Rowella, LLP is a regional accounting firm known for a team approach to financial problem solving. As Certified Public Accountants, our partners foster a personal touch with clients. As members of Enterprise Worldwide, an association of accountants and advisors, our professional network is international, yet many of our clients have known us for years through the local communities we serve. Whether closely-held corporations or high-net-worth individuals, we believe we have earned our clients’ trust.

Reynolds + Rowella Joins Far – Reaching Initiative

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Reynolds + Rowella Joins Far-Reaching Initiative to Promote the Awareness of Online Safety and Privacy for National Cybersecurity Awareness Month

October 1, 2019 — Reynolds + Rowella’s IT Services Group today announced its commitment to National Cybersecurity Awareness Month (NCSAM), held annually in October, by signing up as a Champion and joining a growing global effort to promote the awareness of online safety and privacy. NCSAM is a collaborative effort among businesses, government agencies, colleges and universities, associations, nonprofit organizations and individuals committed to this year’s NCSAM theme of ‘Own IT. Secure IT. Protect IT.’ which encourages everyone to #BeCyberSmart through cybersecurity best practices.

“We are thrilled to be participating in National Cybersecurity Awareness Month as a 2019 Champion. We strive to provide our clients with the knowledge needed to not only detect cybersecurity risks but to combat them as well. This October, we are putting extensive focus on the importance of cybersecurity in hopes that it will make a lasting impact on our clients and our community all year long.” Jarrett Meiers, Director, Strategic IT Services

Now in its 16th year, NCSAM continues to build momentum and impact with the ultimate goal of providing all Americans with the information they need to stay safer and more secure online. Reynolds + Rowella is proud to support this far-reaching online safety awareness and education initiative which is co-led by the National Cyber Security Alliance (NCSA) and the  Cybersecurity and Infrastructure Agency (CISA) of the U.S. Department of Homeland Security.

“Cybersecurity is important to the success of all businesses and organizations. NCSA is proud to have such a strong and active community helping to encourage proactive behavior and prioritize cybersecurity in their organizations,” said Kelvin Coleman, executive director, NCSA.

For more information about NCSAM 2019 and how to participate in a wide variety of activities, visit staysafeonline.org/ncsam. You can also follow and use the official NCSAM hashtag #BeCyberSmart on social media throughout the month.

About Reynolds + Rowella

Reynolds + Rowella’s IT Services group has been dedicated to helping clients protect sensitive information, reduce the likelihood of a data breach and comply with regulations. The IT Services group delivers comprehensive, effective security and compliance solutions to its partners and clients.

Reynolds + Rowella’s unique combination of employee training, security assessments, policies and procedures – combined with disaster recovery and breach response services makes the firm a complete solution for clients.

Free Security Services Offer

For the entire month of October, Reynolds + Rowella is offering a number of free security awareness services such as Phishing Simulations, Dark Web scans, and Data Security Scorecards. If you’d like to take advantage of our offer, email Jarrett Meiers jarrettm@reynoldsrowella.com

About National Cybersecurity Awareness Month

NCSAM is designed to engage and educate public- and private-sector partners through events and initiatives with the goal of raising awareness about cybersecurity to increase the resiliency of the nation in the event of a cyber incident. Since the Presidential proclamation establishing NCSAM in 2004, the initiative has been formally recognized by Congress, federal, state and local governments and leaders from industry and academia. This united effort is necessary to maintain a cyberspace that is safer and more resilient and remains a source of tremendous opportunity and growth for years to come. For more information, visit staysafeonline.org/ncsam or niccs.us-cert.gov/national-cybersecurity-awareness-month-2019.

About NCSA

NCSA is the nation’s leading nonprofit, public-private partnership promoting cybersecurity and privacy education and awareness. NCSA works with a broad array of stakeholders in government, industry and civil society. NCSA’s core efforts include National Cybersecurity Awareness Month (October); Data Privacy Day (Jan. 28); STOP. THINK. CONNECT.™, the global online safety awareness and education campaign co-founded by NCSA and the Anti-Phishing Working Group. For more information on NCSA, please visit https://staysafeonline.org/about/.

Benefits of Outsourcing Your Accounting to a CPA Firm

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You built your company from the ground up, so you pride yourself on the ability to handle all aspects of that business. However, it’s not a sign of weakness to outsource important facets of your operation when the benefits outweigh the drawbacks. As we’ll detail here, hiring an expert CPA firm to provide accounting services is chock full of advantages that can improve your bottom line and augment your company’s ability to grow.

Improved Focus

Accuracy, organization, attention to detail. All these elements are required for precise accounting practices. This type of dedication can be tough to provide when you’re handling the workload of your core business activities while also striving to develop future business. Outsourcing accounting allows you to zero in on main priorities while also assuring you avoid costly errors and omissions that can occur when you’ve bitten off more than you can chew. What’s more, since your finances are now an independent company’s sole focus, they can provide you with detailed reports and relevant information on-demand, so you make better business decisions, faster.

Enhanced Protection

One of the most significant risks a small or medium-sized business faces is fraud. Whether employee fraud or any other type, the aforementioned inability to monitor your finances with hyper attention to detail means it’s harder to detect irregularities and illicit activity. A qualified CPA firm, on the other hand, will carefully audit every financial transaction so you can catch any nefarious activity the moment it happens. Furthermore, the independent and objective viewpoint of an outside accounting firm means you’ll get unbiased reporting and advice on the financial health of your company every step of the way.

Decreased Costs

Contrary to popular belief, it is not more expensive to outsource your accounting and bookkeeping than to keep this service in-house. Having staff that handles the financial aspects of your business means pouring money into salaries, employee benefit packages, accounting software, hardware, supervision, supplies, security measures, and training. A full time chief financial officer can make up to $250,000 a year. By outsourcing, you can minimize this overhead while receiving the same (or more) expertise, and attention to detail.

Increased Flexibility

Your goal as a business is to get bigger and better. And any business owner understands the struggle of scaling upwards to accommodate new clients. By letting a qualified CPA firm take over your accounting, you also outsource the headache of attempting to adjust to the seasonal and business-related fluctuations of accounting work. A dedicated CPA firm can give you scalable options, so you’re able to accommodate changes quickly and remain flexible for your inevitable expansion.

Added Support

In addition to all these benefits, it’s always essential to have the peace of mind that you’re in contact with specialized professionals who have the expertise to guide you along when it’s needed. A CPA firm like Reynolds and Rowella even ups the ante by providing access to HR and IT consultants to supplement your financial needs. We don’t just run the numbers. Our consultants offer CFO-level analytics and business strategies to give you a clearer vision of your present needs and future aspirations. We strive to make sure that by outsourcing your accounting, you’ve empowered your business.

How to Protect Your Data from The Dark Web

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Do you know where your passwords are? Beyond the reach of search engines, the Dark Web is the internet equivalent of a seedy back alley. A place where no one uses their real name and illicit deals are made. And even though you’ve never been, your sensitive information may currently be living there. So how do you know if it is? You’ll have to peer into the dark.

Where Is the Dark Web?

There are three levels to the vast web of information we know as the internet:

  • The Public Web: Accounting for only about 4% of the internet, this is where the general public spends most of its time – shopping, reading, and interacting via social media.
  • The Deep Web: Containing 90% of all sites are the company pages, information databases, and various other purposely hidden legal sites inaccessible to the public and unindexed by search engines.
  • The Dark Web: Deeper than the deep web is the last 6%. The Dark Web. A network of hidden sites where visitors use anonymity software with encrypted connections to conceal details such as their IP addresses to mask identities and locations.

Dangers of The Dark

As you can imagine, the promise of anonymity means the dark web is a haven for cybercriminal activity. Hackers and scammers regularly sell packages and maintain lists of top commodities such as credit card information and social security numbers. An email address or password is usually the first to appear as cybercriminals are always looking for easy targets. Naturally, if your email ends up on a list on the dark web, your odds of being targeted for a phishing scam skyrocket. And if it’s your password ­– hackers may already be circulating your most sensitive data.

Protecting Yourself

So how do you keep your information from sinking to the depths of the dark web? Password protection and proactivity are key.

Create Stronger Passwords

As a general rule, your passwords should be 12-15 characters in length, not use words found in the dictionary, combine uppercase and lowercase letters, and use numbers and symbols. The best way to achieve this is to think up a personal phrase and codify it. For example, “Dad was born in 1973” becomes D@Dw@sB0rNiN1973.

Don’t Re-use Passwords

Because it’s easier, many individuals use the same password across multiple sites. This recipe for disaster allows cyber thieves who’ve compromised one account to now easily access all the rest of your accounts. Password managers like 1Password or LastPass can help by creating and storing unique and complex passwords on your behalf.

Use Two-Factor Identification

Two-factor identification adds an extra step to the log-in process, providing another layer of security. Typically, this means receiving a code you’ll need to input to access your account, often via text message. Once implemented, a username and password purchased on the dark web are no longer sufficient credentials to gain access to your data.

Stay Proactive

A patient bunch, criminals can sit on your stolen data for several months before attempting to use it. Many times, they let it circulate in an attempt to sell it. This creates enormous risk but also, opportunity on your end. If you find your stolen data on the dark web before it’s been used, you’ll have time to shield yourself from a massive breach. So, it’s imperative to utilize identity-monitoring and external-credential systems to continually monitor the exposure of your most sensitive information.

At Reynolds and Rowella, we have the expertise to assist you in doing just that and offer a free dark web scan to help shed some light on the situation. To find out more about how we can help prevent your information from floating around the depths of the internet, contact dedicated dark web expert, Jarrett Meiers today at jarrettm@reynoldsrowella.com.

Choosing a Benefit Plan Auditor

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Federal law requires most employee benefit plans with more than 100 active participants to have an independent audit of the plan financial statements and to include the audited financial statements with the annual form 5500 filed with the Department of Labor (DOL).  For calendar yearend plans on extension, the filing deadline is October 15.  Significant penalties can be levied against the plan administrators and sponsors by the DOL for deficient and or late filings. One of the most important decisions a plan administrator makes as part of their fiduciary duties is selecting a qualified, independent auditor to perform the plan audit. When making this decision, what really matters?

Three Factors to Consider When Choosing a Benefit Plan Auditor

1. Plan auditor qualifications

Federal law requires an employee benefit plan auditor responsible for signing the audit report to be licensed or certified as a public accountant by a State regulatory authority.  In addition, the auditor must be independent and not have any financial interests in the plan or the plan sponsor.

2. Auditor experience and firm peer review results

One of the most common reasons for deficient audit reports is the failure of the auditor to perform tests in areas unique to benefit plans. The more training and experience an auditor has with employee benefit plan audits, the more familiar the auditor will be with specialized benefit plan auditing standards.  In addition, firms performing benefit plan audits should have the audits subjected to their triannual peer review and annual internal inspection process.  Peer review is an external inspection process performed by an external independent auditor.  Peer review examines the audit firm’s adherence to their quality controls standards including “tone at the top”, hiring process and compliance with regulations to include; continuing professional education, compliance with auditing standards and the application of generally accepted accounting principles. 

3. Association memberships

The Employee Benefit Plan Audit Quality Center (EBPAQC) is a voluntary membership center of the American Institute of Certified Public Accountants (AICPA) to help audit firms meet the challenges of performing audits of employee benefit plans.  Being a member firm requires the audit firm to comply with a higher set of standards and practices specific to plan audits than non-member firms. In addition, the AICPA and EBPAQC requires its members to have their audit practice reviewed by internal and external qualified auditors.

In closing, employee benefit plan audits have increasingly become the subject of examination by the DOL and IRS, so it is imperative to select a qualified employee benefit plan auditor.  For a full list of EBPAQC member firms, click here.

Some key questions to ask when considering a benefit plan auditor are:  Are you a CPA?  How many employee benefit plan audits do you perform each year?  Are the auditors in your firm performing benefit plan audits required to have specialized employee benefit plan audit training?  Are your benefit plan audits subjected to peer review?  What were the results of your most recent peer review?  Are you a member firm of the AICPA’s Employee Benefit Plan Audit Quality Center?

Choosing a benefit plan auditor can be overwhelming. If you don’t know where to start, contact Dan Harris, CPA, at danh@reynoldsrowella.com or 203-972-5191 for more information.

Collene Torres of Reynolds + Rowella joins over 300 swimmers for Swim Across America

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Collene Torres of Team Wave Riders joined more than 300 swimmers and volunteers in the 13th annual Swim Across America Fairfield County on June 22, 2019.   Team Wave Riders raised more than $8,500 for this event!  Collene says the team is already talking about expanding and have set their goal for 2020 at $20,020!

Swim Across America is the inspired sequel to a triumphant Run Across America completed by the two founders of SAA, Jeff Keith and Matt Vossler in 1985. The eight-month journey spanned the country from Boston to Los Angeles and raised over $1 million for cancer research. Jeff Keith, one of the determined runners, a 22-year-old from Fairfield, CT, had lost his right leg to cancer a decade before. Following college graduation, these two childhood buddies embarked on their mission, making history in the process. Together, they instilled hope in all who fight this disease and heightened consciousness about overcoming this frightening diagnosis.

It was in 1987 that Keith and Vossler decided to bring their cause back home and transitioned from running to swimming for a cure. With a focus on raising money and awareness for cancer research, prevention and treatment, Swim Across America was chartered as a 501c3 nonprofit organization.

Since 1987, SAA has granted over $80 million through 20 experiential open water swimming fundraising events and over 100 pool swim fundraisers.

REYNOLDS & ROWELLA | ACCOUNTING AND CONSULTING FAIRFIELD COUNTY CT

Reynolds + Rowella, LLP is a regional accounting firm known for a team approach to financial problem solving. As Certified Public Accountants, our partners foster a personal touch with clients. As members of Enterprise Worldwide, an association of accountants and advisors, our professional network is international, yet many of our clients have known us for years through the local communities we serve. Whether closely-held corporations or high-net-worth individuals, we believe we have earned our clients’ trust.

How Does the Dark Web Impact Small Businesses?

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Identity theft is an unfortunate occurrence that is all too familiar with most business owners, but do those individuals know where the compromised data will end up? Often, these business owners are unaware of the virtual marketplace where stolen data is purchased and sold by cybercriminals; a place known as the “Dark Web”.  It’s important to understand what information is available for purchase there and how it impacts small businesses.

What is the Dark Web?

The Dark Web, which is not accessible through traditional search engines is often associated with a place used for illegal criminal activity. While cybercriminals tend to use the Dark Web as a place to buy and sell stolen information, there are also sites within it that do not engage in criminal activity. For many, the most appealing aspect of the Dark Web is its anonymity.

What is for sale on the Dark Web?

Information sold on the Dark Web varies, and includes items such as stolen credit cards, stolen account information from financial institutions, forged real-estate documents, stolen credentials and compromised medical records. Even more alarming, the Dark Web contains subcategories allowing a criminal to search for a specific brand of credit card as well a specific location associated with that card. Not only can these criminals find individual stolen items on the Dark Web, but in some cases, entire “wallets” of compromised information are available for purchase, containing items such as a driver’s license, social security number, birth certificate and credit card information.

What is stolen personal information used for?

When stolen information is obtained by criminals, it can be used for countless activities like securing credit, mortgages, loans and tax refunds. It is also possible that a criminal could create a “synthetic identity” using stolen information and combining it with fictitious information, thus creating a new, difficult to discover identity.

Why are stolen credentials so valuable? 

Stolen user names and passwords are becoming increasing popular among cybercriminals, but why? Identity thieves will often hire “account checkers” who take stolen credentials and attempt to break into various accounts across the web using those user names and passwords. The idea here is that many individuals have poor password practices and are using the same user name and password across various accounts, including business account such as banking and eCommerce. If the “account checker” is successful, the identity thief suddenly has access to multiple accounts, in some cases allowing them the opportunity to open additional accounts across financial and business-horizons. 

Why should small businesses be concerned about the Dark Web?

Since the Dark Web is a marketplace for stolen data, most personal information stolen from small businesses will end up there, creating major cause for concern. With the media so often publicizing large- scale corporate data breaches, small businesses often think they are not a target for cybercriminals, however that is not the case. Cybercriminals are far less concerned about the size of a business than they are with how vulnerable their target is. Small businesses often lack resources to effectively mitigate the risks of a cyberattack, making them a prime target for identity theft as well as other cybercrime.

At a recent Federal Trade Commission (FTC) conference, privacy specialists noted that information available for purchase on the Dark Web was up to twenty times more likely to come from a company who suffered a data breach that was not reported to the media. The FTC also announced at the conference that the majority of breaches investigated by the U.S. Secret Service involved small businesses rather than large corporations.

How can you reduce the risk for your small business?

To reduce the risks of a cybercriminal gaining access to your company’s information/network, you must ensure you have proper security measures in place.

In addition, it is crucial that your employees are properly trained on security, including appropriate password practices.

Get a Free Dark Web Scan on Us

To help you get started on the path to cybersecurity, we’re happy to provide your business with a full Dark Web Scan completely free of charge.

This is our way of giving you some peace of mind and providing a risk-free way to ‘sample’ our capabilities.

We will vigilantly search the most secretive corners of the Internet to find compromised information associated with your company.  This will include the full data set that we were able to find, completely uncensored, passwords and all.You can then use this information to know where you stand and help you plug any security holes.

To get your free Dark Web Scan, simply email securityscan@reynoldsrowella.com

Have concerns about your business? Our IT consulting group can assist with security options for businesses of any size.  Contact our Strategic IT Services Director Jarrett Meiers jarrettm@reynoldsrowella.com 203-438-0161 to discuss your situation.

Reynolds + Rowella is a regional accounting firm known for a team approach to financial problem solving. As Certified Public Accountants, our partners foster a personal touch with clients. As members of DFK International/USA, an association of accountants and advisors, our professional network is international, yet many of our clients have known us for years through the local communities we serve.

Strength in Numbers 2019

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The Partners at Reynolds + Rowella are pleased to announce the following Strength In Numbers Scholarship Award winners for 2019. Since 2000, the firm has awarded $500 scholarships to two graduating seniors from New Canaan, Ridgefield and Wilton High Schools.

Congratulations to all the winners!

New Canaan High School Winners:
Luke Crowley, Ryan Levene

Ridgefield High School Winners:
MacKenzie Robson, Ryan Garson

Wilton High School Winners:
Alexander (AJ) Eustace, Rebekah Sherwood

Congratulations to Olivia Hanisch

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Reynolds + Rowella is pleased to congratulate Olivia Hanisch, summer college intern in the Ridgefield office, on being one of three students in the state to be awarded CTCPA’s Rising Junior Accounting Scholarship.

This endowment of $5,000 (with renewability for a potential total of $10,000 over two years) is chosen by The Trustees of the Accounting Scholarship Foundation of the Connecticut Society of Certified Public Accountants. The award recognizes the academic achievement of college students entering their junior year who are looking to pursue a career in accounting, and eventually a CPA licensure.

Olivia is currently attending the University of Connecticut, Storrs Campus, where she is a Babbidge Scholar, indicating that she has earned a grade point average equaled to 4.0. In addition, Olivia is heavily involved on campus, especially within the School of Business. She is a brother of the professional co-ed business fraternity, Alpha Kappa Psi, and was a member of the Business Connections Learning Community for the last two years. One of her true passions is community service, made evident through her active participation in HuskyTHON, an 18-hour dance marathon to support Connecticut Children’s Medical Center.

We are glad to have Olivia joining us in the office this summer and are excited to be contributing to her journey in the accounting profession.

where to find us and how to call us

90 Grove Street / Ridgefield, CT 06877 / Office: 203.438.0161 / Fax: 203.431.3570
51 Locust Avenue / New Canaan, CT 06840 / Office: 203.972.5191