Ransomware has become one of the leading methods by which hackers target businesses. While many people may think that it is only big organizations that are targeted by ransomware attacks, the truth is that even the smaller businesses are not immune to such ransomware attacks. In fact, in many instances, hackers have turned their attention to small businesses because they lack adequate measures to counter them. The disruption of these businesses is costly for small businesses and governments in general. According to the World Bank, small and medium-sized businesses (SMBs) are critical in many world economies. They account for up to 90 percent of all businesses worldwide and employ more than 50 percent of people in employment.

It is now more than a year since the coronavirus pandemic brought the world's economy almost to a standstill, and we are witnessing changes in businesses that we have never seen before. As the Small Business Administration (SBA) rolled out a massive lending program ever seen in the United States history, fraudsters saw a potential area to exploit, which is the reason for the rising cases of COVID-19-related fraud. The US Department of Justice (DOJ) has termed the high levels of fraud as “historic” and focuses on taking a high level of enforcement action to counter the threat. 

As a small business owner, every penny always counts, and 2021 is an extraordinary year that every income must be secured than ever. As the pandemic-related challenges continue mounting, you must optimize your revenue and income sources, minimize your expenses and reduce your tax liability. Sadly, many entrepreneurs lack adequate knowledge of tricks and tools that can help them achieve this. They, in most cases, end up spending more money than they should. Although some may see taxation and setting up strategies as a challenging undertaking, the truth is that you don’t need to be a professional accountant to understand it and take advantage of the accounting tips. Here are a few strategies that you should consider in 2021.