Accounting and Bookkeeping Articles

Work, love and play are the great balance wheels of man’s being.-Orison Swett Marden

Happiness is not a matter of intensity but of balance, order, rhythm and harmony.-Thomas Merton

Many people start a business with their families in mind.  They believe self-employment will provide them with more flexibility, income and free time to spend with those closest to them.  In the beginning however, and much longer if they’re not careful, this is not the case.  And those who run their businesses in addition to working full-time jobs often find their lives become more, not less, hectic.  If you want your accounting practice to improve your livelihood rather than tap it, you must achieve balance in your personal and professional lives. Here are five things to consider:

1. Set boundaries

No business can run 24/7 without the help of a significant support staff.  If the demand requires it, consider hiring a business manager; that just might save your health, your family, and even your business. While you may think you’re doing your business a favor by working long hours, you’re actually setting yourself up for an acute case of burnout.  With or without a support staff, you must set reasonable boundaries that enable you to spend time doing those things you most enjoy.

Just as any business has to establish business hours, so must you.  Ensure that you dedicate time to both your business and your family.  Of course there will be emergencies when you will be required to work long hours in order to fulfill obligations with clients, but that’s the exception, not the rule.  It’s up to you to ensure that you honor these “office hours.”  You may be surprised at how much more you accomplish once you set these boundaries.  You may also be surprised at how much more you enjoy your down time.

2. Practice two-way flexibility

In order for entrepreneurs to experience success, they must be flexible.  This means that you may spend a late night or early morning working for a client when you could be spending time with your family.  But to be truly balanced you must be willing to exercise that same flexibility for your family’s sake; in fact, this is one of the benefits of self-employment.  This two-way flexibility may require you to take a child to the doctor or visit with a teacher when you would otherwise be working.  The trick is in knowing your priorities and being able to juggle both your business and family responsibilities well.

3. De-stress and decompress

Owning your own accounting practice can be a stressful venture.  In order to function at your best, you must take measures to de-stress and decompress.  This means taking time everyday to do something that makes you feel good, like jogging, meditating, or reading something non-work related.  When you give yourself the opportunity to unwind and release tension, you can work at an optimum level, giving your business and your family the best that you can.

4. When possible, involve your family

A good way to spend more quality time with your family is to involve them in your business.  Consider hiring your teenager or enlisting the help of your spouse; this can be a win-win situation for everyone.  Your teenager learns responsibility, you get help with tedious tasks, and you all spend more time together.

5. Enjoy the fruit of your labors

What good is it to work hard for additional income if you don’t occasionally enjoy it?  In order to truly refresh yourself and spend quality time with your family, you need to take a regular vacation and enjoy one another’s company.  Whether you cruise the Caribbean or go camping, it’s important that you spend dedicated time away from work.  In fact, a good time to plan for that vacation is right now before you’ve scheduled your summer away.

It’s important to acknowledge the intricate balance between work and family.  Focusing all your time and attention on the business may help it to grow, but sadly your family will grow as well, only you’ll miss it.  Make a commitment to do what’s necessary to achieve balance in your personal and business lives.  Most likely it will make your business more profitable in the long run.

Financing a Small Business

In order to achieve that desired balance, often we must find ways to make our work hours more profitable.  Becoming a financial consultant can help you achieve that. Our manual, Financing a Small Business, is packed with clear-cut instructions and terrific resource materials that will simplify the creation of a loan application package.  Using the sample loan package included as a model, you can easily help clients apply for a valuable business loan.  Within hours you can begin offering your services as a financial consultant.  Increase your value and achieve balance.  Order your copy now!

Trust can often determine the longevity of a business.  While small businesses may be able to advance for some time using aggressive marketing tactics, customers will not look back after they lose trust in a small business, especially if you provide financial services like tax preparation.  Last week we discussed ways you can help clients avoid an audit, and one of those was by preparing their taxes yourself.  In this week’s article, we’ll look at ways you can secure your position as a trustworthy tax preparer.

As you build relationships with clients, it’s important that you do all you can to maintain their trust.  Here are five steps to securing a client’s trust in your and your services.

1. Remember that honesty really is the best policy.

If your client ever catches you in a lie, or what they perceive as a lie, you have lost their trust forever.  It doesn’t matter how small or big the lie may be. Nothing erodes trust more quickly than dishonesty.  As you interact with clients, you must practice the utmost integrity; it will leave a lasting impression that will secure their loyalty in your services as well.

2. Practice good listening.

Consider how you feel when someone gives you their undivided attention while you’re talking. You feel respected and valued.  As you show empathy and listen to your clients, you’ll demonstrate a genuine interest in their needs which in turn helps build trust.

3. Practice open communication.

When you practice open communication, you are really demonstrating an unwillingness to withhold information from your clients.  In so doing, your business practices become transparent, a quality that reveals your honorable nature.

4. Follow through.

There are some business owners who will make all sorts of promises, believing that promises alone will win customers.  Unfortunately, customers soon lose interest in a company that doesn’t follow-through.  If you tell a client you will do something, you are bound to do it.  Otherwise trust is lost.

5. Don’t gossip.

Clients will watch everything you do and make character judgments based on what they observe.  People with integrity do not gossip.  If your clients catch you speaking ill of someone else, they’ll begin to wonder how long it will take before you start gossiping about them.

When you build a trustworthy business, you earn a level of success you can really feel good about.  Not only that, but in doing so you build relationships with clients that are based upon loyalty and respect.  And that will enable you to retain clients more than anything else you may offer.

In January of last year, the IRS released an article providing tips for tax payers looking for tax preparers.  If you’ve considered adding tax preparation to your service offerings, it’s important to know what the Internal Revenue Service recommends individuals look for when selecting a professional tax preparer:

• Find out what the service fees are before the return is prepared. Avoid preparers who base their fee on a percentage of the amount of your refund or who claim they can obtain larger refunds than other preparers.
• Only use a tax professional that signs your tax return and provides you with a copy for your records.
• Avoid tax preparers that ask you to sign a blank tax form.
• Choose a tax preparer that will be around to answer questions after the return has been filed.
• Ask questions. Do you know anyone who has used the tax professional? Were they satisfied with the service they received?
• Check to see if the preparer has any questionable history with the Better Business Bureau, the state’s board of accountancy for CPAs or the state’s bar association for attorneys. Find out if the preparer belongs to a professional organization that requires its members to pursue continuing education and also holds them accountable to a code of ethics.
• Determine if the preparer’s credentials meet your needs.  Does your state have licensing or registration requirements for paid preparers?  Is he or she an Enrolled Agent, Certified Public Accountant, or Attorney?  If so, the preparer can represent taxpayers before the IRS on all matters – including audits, collections, and appeals.   Other return preparers can represent taxpayers only in audits regarding a return signed as a preparer.
• Before you sign your tax return, review it and ask questions.

Enroll in UAC’s Professional Tax Preparer (PTP) Program for the Proper Training

Universal’s tax training can help you become a qualified and designated Professional Tax Preparer.  You’ll acquire expertise that clients appreciate while increasing your bottom line, especially during tax season.  Don’t wait to advance your career by enhancing your service offerings.  Enroll now in the Professional Tax Preparer Program.

Resource

IRS.  “Tips for Choosing a Tax Preparer.” 13 January 2009  IRS.gov

According to Shwiff, Levy & Polo, a CPA firm in San Francisco, “Small business owners often do not realize their tax preparers, unlicensed and licensed, may be putting them at risk.  Both may give no advice-or even worse, incorrect advice-about complex tax laws, and only input numbers the owner provides into a tax preparation software program.  The small business owner in effect serves as their own tax advisor, while still paying the tax preparer for tax counsel.”

In concern, this firm issued five tips, which were published on WebCPA, to help small business owners avoid an audit. Here we review these tips in order to enable you better serve your clients by helping them avoid an IRS audit of their own.

1. Encourage your client to use accounting software to track their finances.

If you’re doing this for them, then they’re in good shape.  If you’re not, it’s important that you strongly recommend that they use this software to consistently input all financial transactions.

2. Verify that the tax preparer is licensed.

While legislation to regulate paid tax preparers is pending, currently unlicensed tax preparers are not required by law to have any tax training, or even a high school diploma, for that matter.  Scwiff, Levy & Polo recommends that clients use licensed tax preparers.  At Universal Accounting, we would suggest securing one that has received the Professional Tax Preparer designation.

3. Submit a list of questions.

The tax firm recommends that small business owners, “Submit [to their tax preparer] a list of questions to get the additional missing information and prove that review and analysis is being conducted.”

4. Secure proper documentation.

Have your clients require tax preparers to validate large deductions by securing the necessary documents from banks and brokerages.  This would be valuable documentation that could work to their benefit in the event of an audit.

5. Update the financial database.

After the tax return has been prepared, you client must require the tax preparer to provide a list of the adjusting journal entries so they can be added to the business owner’s financial database.

When you act as an accountant and financial advisor to your clients, you’ll find your value increases significantly when you can help them avoid an IRS audit.  In fact, it would help both you and your client tremendously if you received the proper training to become a tax preparer yourself!  That’s why we’ve added one final step to this already helpful list:

6. Enroll in the Professional Tax Preparer program.

Your practice will become even more appealing when you add tax preparation services to your menu.  Not only that but many tax preparers make more money in the months leading up to the April 15 tax deadline than others make all year long! Since all individuals and businesses, small or large, are required to file taxes, tax preparation is a respected skill that will always be in demand. And many of your current and prospective clients would probably be happy to have you file their taxes as well as perform the standard accounting services you currently provide.

Also consider who your clients will trust to file their taxes.  Countless individuals are scammed each year by people who claim to know what they’re doing.  More and more are becoming weary of tax preparers without any credentials.  The Tax Preparer Designation, mentioned previously, will put many of those individuals at ease, assuring them that you have been properly trained in tax preparation.

Make a New Year’s resolution to acquire the expertise necessary to become a Professional Tax Preparer.  UAC’s Professional Tax Preparer (PTP) program will not only give you hands-on training in completing full individual (1040) and business returns (1065, 1120, 1120S), it will also provide you with the following:

• 20 hours of valuable video instruction
• 2 instructional manuals
• Step-by-step instruction in becoming a sole practitioner
• One year of follow-up support from expert tax preparers
• The opportunity to earn valuable professional certification
• Our iron-clad, risk-free guarantee

Increasing your service offerings could make you the premier financial provider in your area.  Enroll in the Professional Tax Preparer Program today, and improve your competitive advantage while securing your business standing in the local community.

Resource

“Tips for Small Businesses on Avoiding an IRS Audit.” 11 November 2009  WebCPA

The worth of a book is to be measured by what you can carry away from it. - James Bryce

Books are the quietest and most constant of friends; they are the most accessible and wisest of counselors, and the most patient of teachers. -Charles W. Eliot

The man who does not read good books has no advantage over the man who can’t read them.  – Mark Twain

What better way to start a New Year than with a good book designed to help improve your business, your career and your future?  Here is a list of popular publications from which you can select your next read.

Driven: Business Strategy, Human Actions, and the Creation of Wealth by Joel Litman and Mark Frigo (Strategy and Execution , January 2008)

This book is based upon a 10-year research project on thousands of businesses that have succeeded, failed and maintained mediocrity.  Driven examines how a business’s plans and actions determine it trajectory and introduces the Return Driven Strategy as a “framework for business analysis and planning prioritization.”  This book contains helpful case studies and practical advice in evaluating critical business decisions.

Blue Ocean Strategy: How to Create Uncontested Market Space and Make Competition Irrelevant by W. Chan Kim and Renee Maugorgne (Harvard Business Press, February 2005)

Using the metaphor of an expanding and competitor-free blue ocean, this book examines how some businesses ensure their success by avoiding “red oceans” which have been thoroughly explored and are rife with competition.  Blue Ocean Strategy encourages innovation while focusing on creating and capturing new demand rather than competing for an existing market share.  This book includes examples from Southwest Airlines, Cirque du Soleil, Curves, and Starbucks.

The E-Myth Revisited: Why Most Small-Businesses Don’t Work and What to Do About It by Michael Gerber (HarperCollins, March 1995)

While this book may have been written 15 years ago, its continued status as a best-seller is an indication of its value to small business owners everywhere.  The author himself explains, “If you own a small business, or if you want to own a small business, this book was written for you.”  Gerber dispels startup myths and misconceptions.  He also walks readers through the different stages of business developments and makes the distinction between working on your business and working in your business.  Some claim the principles discussed in this book have already qualified it as a classic and must-read for all entrepreneurs.

Good to Great: Why Some Companies Make the Leap…and Others Don’t by Jim Collins (HarperBusiness, October 2001)

A prequel to Collins’ bestseller Built to Last, Good to Great is based on research of 1,435 companies to determine what characteristics successful companies share.  That list is narrowed down to 11 businesses that made substantial performance improvements over the course of time, including Fannie Mae, Gillette, Walgreens and Wells Fargo.

In the Black: Nine Principles to Make Your Business Profitable, by Allen Bostrom (Universal Accounting Center, 2005)

Designed specifically for the small business, this book contains 9 practical principles that will enable you to improve your business’s profitability.  And you don’t have to wait to complete the book before you can start applying them.  Working from personal experience and the experience of his father, President and CEO of Universal Accounting Center, Allen Bostrom, shares tips proven in countless businesses just like your own.  If you would like to run a more synchronized practice where all three business functions (accounting, marketing, and production) work together, this is the book for you.  See why In the Black has become a bestseller on Japan’s amazon.com.  Order your copy today!

The thought of making sales calls can make even the most seasoned accountant cringe.  But the truth is, when you manage a small accounting practice, you’re going to have to call contacts in order to secure new clients; it’s just a matter of whether or not those calls are successful.  Your approach can mean the difference between a positive experience and an abysmal one.  Here are 8 tips that will help:

1.    Schedule time for cold calls. Tamara Monosoff, in her article on WomenEntrepreneur.com, suggests setting aside approximately 2 hours for cold calls.  She believes it takes time to establish a rhythm, and mornings and evenings can be more productive than afternoons.  Consider scheduling such a block of time for cold calls every week.

2.    Smile while you dial. You’d be surprised at how smiling changes the tone of your voice, making it much more appealing and pleasant.

3.    Listen attentively. Never double-book your sales calls, meaning, you shouldn’t multitask while talking to prospective clients.  It’s important that you be attentive.  You’d be surprised at how much you can learn about a prospect’s needs when you practice active listening.

4.    Consider using a script.  If you find that sales calls are unnerving, you should create a general script to follow.  That would prevent you from allowing your nerves to lead you away from your objective.

5.    Sell the meeting, not the service. Not many people like sales calls; they will anticipate your call to action before you even say it.  Therefore, it might be more productive if the objective of your sales call was to determine which of your services a particular prospect most needs and then schedule a face-to-face meeting at which time you can best present your services as the perfect match for their unique needs.

6.    Make more calls. Statistically speaking, the more calls you make, the more likely you are to secure additional clients.  This is why we suggest routinely calling contacts and referrals every week in order to grow your clientele.

7.    Use the power of the pause. According to the American Press Institute, pausing can perfect your sales performance.  In an article entitled “Tips for Telephone Sales,” they explain, “Learn how to pause for effect.  …Pausing keeps things natural and allows you to breathe properly; thereby helping you relax.”

8.    End the call. Once you’ve achieved your objective, it might be tempting to engage in small talk for a bit.  Don’t do it.  End the call by saying something to the effect of, “Thank you.  I will see you at noon on Thursday.”

Often all it takes to complete successful sales calls is to follow a few standard tips.  By exercising the above techniques, after time you will find that your clientele will grow and become more profitable as a result.

Take the Universal Tour

It’s important for every career-minded professional to know what their options are and how they might achieve true success.  If you’ve been wondering what steps you might take to reach your goals, visit Universal Accounting Center and take our tour to see how we can help.  From gaining professional certification to providing valuable training, Universal Accounting Center is interested in helping you succeed.   Visit UAC today!

Resources

Monosoff, Tamara.  “10 Telephone Sales Tactics that Work.” 9 September 2009  WomenEntrepreneur.com

–“Tips for Telephone Sales.” 1 April 2002  American Press Institute

As the New Year approaches, many professionals become interested in finding more efficient ways to get the job done.  In BNet’s crash course entitled “The Quick-and-Dirty Guide to Getting Things Done,” author Kim Girard gives four tips on finishing projects twice as quickly.  They work well for anyone in a managerial position tasked with seeing a project through to completion, a description that applies to anyone who is self-employed.

Practice Bookend Management

This tip is taken from a book entitled, The Lazy Project Manager: How to Be Twice as Productive and Still Leave the Office Early. Author Pete Taylor argues that failing projects generally don’t get the necessary attention at the onset.  A manager needs to launch the project in the right direction and with the proper amount of momentum.  For this reason, you should pay particular attention to the start of a project, and then manage with the same intensity at the project’s end.

Note: Decide upfront how you will manage changes to the project.  Depending on the size of your operation, this may be as simple as acknowledging the change and making the necessary revisions to your timeline and subsequent steps.

Avoid E-Mail Abuse

Choosing to use email as your communication method of choice with team members can be dangerous.  If a large volume of emails are being sent and received, people tend to disregard them, assuming that much of what is being communicated is tedious and unnecessary.  Establish a system of communication that is clear for everyone.  Lynda Bourne, a blogger for the Project Management Institute, suggests that you only use email for items that require immediate attention.  All documents related to the project can be deposited somewhere else, for quick and easy reference, like a wiki or shared drop box.  All other communiqué can be accomplished via phone or face-to-face contact.

Put Out Fires Quickly

The longer you wait to resolve problems, the more they can interfere with your project’s success.  In order to avoid that, Girard recommends implementing Scott Berkun’s 7 steps in getting a project back on track, as taken from his book entitled Making Things Happen:

1.    Calm down

2.    Evaluate the problem in relation to the project

3.    Get the right people in the room

4.    Explore alternatives

5.    Make the simplest plan

6.    Execute

7.    Debrief

Perform a Postmortem

It’s important that you always perform an assessment after the project has been completed.  What worked well?  What needs improvement?  Girard suggests identifying three of each.

Note: Set some ground rules before you begin.  For example, ban usage of iPhones and BlackBerrys during this meeting, and ensure that everyone has a right to voice their opinion as long as they focus on problems and not personnel.

When you practice these four tips, you are better equipped to complete projects sooner.  Decide to implement them now, and enjoy a more productive New Year.

Increase Your Profitability as Well

There are two ways you can increase your income.  1) Work more efficiently, and 2) increase your service offerings.  Now that you know how to accomplish number one, consider working on number two.

By law, every small business must perform certain accounting functions.  This makes small-business accounting a great niche market.  And in this day and age of economic uncertainty, business owners don’t want to turn their finances over to just anyone.  They feel much more comfortable leaving their accounting to a certified professional: a Professional Bookkeeper (PB).

Set a New Year’s resolution that you can easily accomplish this year by enrolling in the Professional Bookkeeper program and earning your PB designation.  Not only can you earn valuable certification that will put prospective clients at ease, but you will also learn valuable accounting skills that will help you better serve your small business clients.

Here are just a few things this program enables you to do:

• Master accounting for retail and wholesale businesses
• Determine and establish the accounting method that best fits any given business
• Set up an efficient system for a “ma & pa” manufacturing company
• Track job costs simply and efficiently for a construction company
• Effectively handle flooring for an inventory-financed business
• Confidently consult with business owners on key business issues
• Enter data quickly and accurately
• Prepare payroll like a seasoned pro
• Avoid costly IRS penalties
• Spot and avoid dangerous trends before they become tragedies
• Save a company thousands of dollars in auditing costs
• Start your own bookkeeping and accounting business, using a step-by-step approach
• Acquire clients quickly and cost-effectively

One course will enable you to accomplish all that and more.  Talk about a powerful resolution!  Take advantage of the New Year and earn valuable certification that will help you advance your accounting practice and increase your bottom line.  Enroll today!

Resource

Girard, Kim.  “The Quick-and-Dirty Guide to Getting Things Done.” BNET Crash Course

Our telemarketers talk with many of your peers, some of whom have been laid off and are looking for work.  As we encourage them to see this time as an opportunity to launch their own accounting practices, they are hesitant, and some flat-out refuse, explaining that they want to find a job before they enroll in our training.

When we call them back in a few months, we find that they’ve run out of savings or unemployment and can no longer afford to enroll; they also haven’t found a job. It’s at this regrettable point that both the potential student and our salesperson realize that had that person acted 3 months earlier, he or she would be in a much better situation now.

Employment Uncertainty: The Perfect Opportunity

The recession has changed the workforce, driving many into self-employment out of necessity rather than choice.  If you’ve ever wanted to start your own practice, it’s important that you do so on your own terms, as the result of strategic planning and foresight.  Waiting for a pink slip to “inspire” your entrepreneurial spirit will launch your startup prematurely and on shaky ground.

If you currently have a full-time job, you can take steps now to plan for self-employment while enjoying the security of a regular paycheck.  If you’ve recently lost your job, don’t lose hope; you can still use this time to increase your skill-set and build a practice as your re-build your career.

Make Small-Business Accounting Your Business

Small business accounting is a valuable niche market.  In fact, over 90% of accounting opportunities can be found in the small business arena.  Universal Accounting Center (UAC) has been training professionals like you in small business accounting for 30 years because they recognize what many do not; most universities and trade programs are teaching students corporate accounting which isn’t preparing them for the typical, real-world accounting experiences they will encounter.

The Professional Bookkeeper Program

Becoming a small-business accountant doesn’t require years of your valuable time.  UAC’s Professional Bookkeeper (PB) Program is not only reputable, but it’s self-paced, enabling a busy professional like you to take your time or complete the program quickly, in less than 60 hours.

And when you take this program you are trained to act as your clients’ Profit Expert.  What is a Profit Expert?  A proactive accountant who realizes that the information he/she generates provides crucial data that can make or break a business.  It’s the accountant’s job to share this data with business owners, explaining it in such a way that they both understand what the information indicates and can use it to make informed business decisions.  The PB Program will train you how to do that.

You will gain the confidence and skill necessary to start and manage nearly every client’s books, and when you have a question, our follow-up program enables you to call and ask one of our seasoned professionals.

This valuable course provides you with access to the following:

• Flexible training you complete on your own time and at your own pace
• Rich and engaging training DVDs you can view again and again
• Hands-on instruction through which you gain much-needed experience
• Training in building and marketing your new practice
• 6 months of valuable follow-up support
• The opportunity to earn professional certification
• Our iron-clad risk-free guarantee

Success Stories

Countless students have benefitted from this training as evidence by the hundreds of testimonials we have received.  Here are just a few:

As an average for each client I am making about $30 – $50 an hour, I’ve been able to quit my full-time job. Thanks again to everyone at Universal Accounting Center! It has created for me a brighter outlook financially, as well as more free time in my personal life. And, I didn’t have to go to college for years and pay thousands of dollars for an education.-S. Thomas

This is the best investment for the money and for my future.-B. Davies

You gave a stay-at-home-mom the knowledge and understanding of accounting needed to go out and get work that can be done from home. -I. Snow

You’ll be glad to know that in the time since I completed the course, I have gone from 1 client, a friend of mine, to 27 clients in a matter of just 8 months. I’m finally realizing the potential that I always knew I had. -V. A. VonTonder

In this down economy, don’t wait until you’ve been unemployed for 3 months before doing what you’ve wanted to do all along: act now and enroll in the Professional Bookkeeper Program.  It’s could be the one Christmas present that you’ll use far into the future.

When managing your own office, it’s important to know that you’ve created a healthy work environment for your employees.  The more satisfied your staff, the better they perform and the longer they stay-both of which contribute to your firm’s success.  But how do you know whether or not your offices are inviting and comfortable?  Personal Life Coach, Ron Prewitt, suggests asking yourself the following questions:

1. Do employees laugh often?

While you don’t want your employees to spend their entire workday sharing jokes and yuking it up, you should remember that laughter is a sign of comfort and indicates that employees are happy.

2. Do employees freely share their ideas?

Often employees have the best ideas for improving a business.  Being allowed to share those ideas helps them feel valued, which in turn increases their job satisfaction.  If you haven’t already, establish an open-door policy encouraging employees to share their ideas regarding your practice.

3. Are your employee values and expectations clear?

Sometimes employees can’t seem to hit the mark because they’re unsure of what or where that mark is.  Consider creating an Employee Handbook that includes a mission statement, company policies, job descriptions and perhaps instructions for common tasks.  This, coupled with regular performance evaluations, will provide employees with the direction they need to be successful.

4. Do you work simply?

When tasks become complicated or even frivolous, you lose employee trust.  Ensure that all the projects you assign are absolutely necessary.  Assess your processes to guarantee that all employees are working together effectively, free of busy work and redundant tasks.

5. Is your organization reasonably orderly and comfortable?

It’s difficult to feel relaxed in a messy or cluttered work environment.  In fact, some may argue that external clutter is a reflection of internal clutter.  Organizing your office and creating a tidy work environment will enable your employees to work undistracted.  Also ensure that the furniture you provide is comfortable and ergonomic.

6. Do your employees have strong connections with others?

It’s important for your business to be actively engaged in the community.  Consider dedicating one day as a volunteer effort that will not only build morale but keep you connected with people from your target market.

Sometimes all it takes to improve a work environment is a more conscious reflection on how your staff interacts.  Take note of where your office might be lacking and make the necessary changes today because often your bottom line is just a reflection of your success as an office manager.

UAC Offers Onsite Employee Training

Offering job training can do wonders for employee satisfaction.  Not only does is it enhance their personal careers, but it increases job performance.  UAC has been training professionals for 30 years in bookkeeping, accounting and tax services.  We know what your clients need; we know what your business needs.  And a knowledgeable, trained staff will do wonders for your bottom line as well as employee morale.  Whether it be business management, accounting, or tax training, we can provide complete, onsite training for your employees.  And regardless of their positions, we can help them understand how their work contributes to your business model.  Learn more by visiting UAC’s website today!

Resource

Prewitt, Ron.  “Signs of a Healthy Work Environment.” Medi-Smart.com

In order to become more familiar with prospective clients and their pressing needs, you must perform market research.  Not only will it inform your marketing efforts, your service offerings, and your search for the right demographic, it will also give you a competitive advantage.

The US Small Business Administration, in their article entitled “Market Research” explains that market research can help you answer the following questions:

• Who are my customers and potential customers?
• What kind of people are they?
• Where do they live?
• Can and will they buy?
• Am I offering the kinds of goods or services they want at the best place, at the best time, and in the right amount?
• Are my prices consistent with what buyers view as the product’s value?
• Are my promotional programs working?
• What do customers think of my business?
• How does my business compare with my competitors?

You can imagine how valuable it would be to have the answers to all of those questions.  Performing effective marketing research can help you do just that.  The SBA goes on to provide seven steps in learning more about your market and gathering the information you need:

Step One: Define Marketing Problems and Opportunities

Most college research classes would tell you it’s pointless to begin gathering information when you haven’t yet drafted a pressing question or issue on which to focus your efforts.  This step enables you to articulate what you’re struggling with, as well as what untapped opportunities may exist for your business.

Step Two:  Set Objectives, Budget, and Timeline

As you can see, it’s all about direction.  What do you want to accomplish, and how much time and money will be spent doing that?  Without parameters like this, your market research could go on indefinitely and never do your business any good.

Step Three: Select Research Types, Methods, and Techniques

Before embarking on your market research, you should determine which type of research your want to perform.  Two basic types exist: primary and secondary.  Primary research is what you gather yourself through conducting surveys, interviews, etc.  Secondary research has already been done and merely requires you to find it; it is also less costly and can be accessed from something as simple as an Internet search or a visit to your local library.

Step Four: Design Research Instruments

If you plan to conduct primary research you need to create the instruments you will use to collect data.  The most common is the questionnaire.  The SBA advises, “Mix the form of the questions.  Use scales, rankings, open-ended questions, and closed-ended questions for different sections of the questionnaire.  The form or way a question is asked may influence the answer given.”

Step Five: Collect Data

At this point, after you have thoughtfully designed your market research strategy and created your research instruments, you are ready to collect the data.  It may be helpful to enlist the help of a professional researcher who can inform you how to implement everything you have prepared.

Step Six: Organize and Analyze the Data

A professional researcher can help you with this step as well.  The SBA explains how to accomplish step six: “Once your data has been collected, it needs to be cleaned.  Cleaning research data involves editing, coding, and tabulating the results.  To make this step easier, start with a simply designed research instrument or questionnaire.”

Step Seven: Present and Use Market Research Findings

Now comes the step you’ve been waiting for.  Begin using the information to improve your marketing efforts.  Also consider revising your current marketing plan accordingly, implementing the data you’ve gathered to create a more effective and profitable strategy.

UAC Provides Customized Business Assessments

While performing market research is extremely valuable to the success of your business, it can be difficult and time-consuming.  Allow Universal Accounting Center to help.

UAC is in the business of seeing small businesses like yours succeed.  And we know one of the ways to accomplish that is to provide you with all the valuable information of a customized business assessment.

Universal’s reports will interpret and explain your industry benchmarks and provide the following customized features:

• Executive Summary highlights strengths
• Industry percentile rankings for 20 major financial ratios
• Interpretation of variances from industry norms
• Bold graphs that show comparisons
• Profit improvement “what if” financial capabilities
• “Discussion Ideas” section that provides a springboard for action

Click here to view a sample business assessment performed by Universal Accounting Center.

Take the first step in gathering crucial information about your business. You owe it to yourself to get a complete financial picture of how your practice compares to others in the industry; in fact, make it an Christmas gift. It’s a tool that will enable you to better navigate through the recession.  Add to the detailed analysis provided in your business analysis an hour of business consulting, and you have an amazingly great value.  Call UAC at 1-(800) 343-4827 for more information about getting your own customized business assessment!

Resource

“Market Research.” US Small Business Administration

10 Questions to Ask before Taking the Plunge

Victor Kiam once said, “Procrastination is opportunity’s assassin.”  If you’ve been procrastinating your startup, it’s time to determine, once and for all, whether or you’re truly interested in the opportunity to build your own accounting practice.  Last week we posed the following five questions to help you gauge just how prepared you are for self-employment:

1. Do you enjoy making decision and taking charge?
2. Are you flexible?
3. Do you have a vision of what your business could become?
4. Are you self-motivated?
5. Do you have the necessary expertise?

This week we pose five more:

6.  Are you passionate about accounting?

If you answer “no” to this question, than go back to the drawing board.  You should be passionate about your business, otherwise you’ll dread the work you do, regardless of how skilled you are.  But if you are passionate about accounting, it will exude from you, attracting more clients who trust your enthusiasm and confidence.

7. It is financially feasible for you to quit your job to start an accounting practice?

This is where you ask yourself if you should continue to work full-time while serving a few clients in your spare time, or if you have enough clients to sustain your home business and quit your day job.  Maybe you’re ready to quit regardless, but do so with a well-padded savings account that can fill in the gaps until your income can support you.

8.  Whose your competition and how can you gain a competitive advantage?

You should do a little market research to see if the area can sustain another accountant.  And what are those other accountants doing that you could improve upon?  This could also be where you get some ideas on marketing.  How are they attracting clients and how could you improve on those methods?

9.  Will your family support your decision?

This is not the type of decision you casually break to your spouse.  “Honey, guess what I did today?”  In order to succeed, you’ll need your family’s support.  Be sure to discuss all the pros and cons together before making any decisions, because in a crunch you just might need to enlist their help in order to succeed.

10.  Will you be happy working for myself?

Ask yourself if you’re truly interested in running a full-time accounting practice.  Will you enjoy managing the business-end of your practice?  Is this something you will enjoy doing every day?  Because if you’re unhappy having your own accounting practice, then nothing else will compensate for your dissatisfaction.  But, on the other hand, if it’s something that will challenge and excite you, then pursue it with gusto.

Asking yourself the right questions can determine whether or not you’re ready to start your own accounting practice.  And just because you’re uncomfortable with some of your answers now doesn’t meant you can’t open your practice later.  It just means that you have a bit more to do in order to prepare for success.

UAC’s Training Can Help

The Professional Bookkeeper (PB) Program is just the course you need to prepare your startup.  For over 25 years we’ve honed our training in small-business accounting, the most lucrative market for contract accountants.  In less than 60 hours you can learn everything you need to know to start your own practice and attend to all your clients’ needs.

When you enroll in the Professional Bookkeeper Program you receive to the following:

• Flexible training you complete on your own schedule
• Rich and engaging training DVDs you can view again and again
• Hands-on instruction and practice sets through which you gain much-needed experience
• Training in building and marketing your new practice
• 6 months of valuable follow-up support
• The opportunity to earn professional certification
• Our iron-clad risk-free guarantee

The time is right to realize your dreams of self-employment.  Take action today and enroll in UAC’s Professional Bookkeeper Program.