Accounting and Bookkeeping Articles

In this economic climate, it’s important to maintain you competitive advantage in order to enjoy job security or, if you’re in business for yourself, attract more clients.  One way to do that is to by enhancing your skill set and knowledge base with additional schooling and/or training.

Depending on your objectives, there are many benefits to continuing education.  And regardless of your plans, there’s really no down-side to learning more about financial management, the best way to market those skills, and the software that will help you accomplish your professional goals.  Here’s just a sampling of how continuing education could benefit you:

Better Trained Staff with Greater Employee Retention

If you’re running an accounting practice with a staff of employees, offering them complementary training will accomplish three things.  One, your clients will be working with better-trained staff.  This improves your business’s credibility and appeal.  Second, it demonstrates your dedication to the excellence of your accounting practice and the services your offer.  And third, when you provide employees with educational benefits, retention increases.

Promotional Opportunities

If you’re not self-employed, acquiring new skills will increase your value with a current employer while increasing your appeal to prospective employers.  Acquiring new skills is a personal investment that will produce big returns in your career.  It also displays a continual interest in self-improvement for yourself and your employer.  What boss wouldn’t be impressed by the proactive employee improving his/her skill set?

Industry Updates

This is one industry where being uninformed is detrimental to your career. For example, if you offer tax services, tax laws are continually changing.  Training enables you to stay abreast of these changes, safeguarding clients from potential audits while maintaining confidence in your own expertise.

CPE Credits

Depending on your occupation, you may be required to earn CPE credits in order to maintain your professional legitimacy.  In this case, continuing education becomes a necessity rather than a nicety.  Looking for programs that will help you develop the skills and expertise you’re seeking, in addition to earning the credits you need, is extremely important.

With an abundance of training programs available, it can be overwhelming to find the one that will help you accomplish your objectives.  You should look for a program with longevity that offers professional certification and has an abundance of satisfied graduates.  Then if the program specifications meet your needs, you’ve found the right one for you.

Look to UAC for All Your Training Needs

From accounting to tax to QuickBooks software, Universal Accounting offers training that’s guaranteed to help you improve your career.  Universal has been training professionals like you for 30 years, and we have hundreds of satisfied graduates who have used that training to catapult their careers.  Take a minute to peruse Universal Accounting Center’s catalogue to see which of our products can best benefit you.  From training materials to business books to manuals to informative DVDs, we have something that will satisfy your professional needs.  Visit Universal Accounting today!

My friend recently interviewed for a job which had over 80 applicants.  Three others that I know are dropping everything to accept jobs in Guam, Massachusetts and Oregon, each of which is hundreds, if not thousands, of miles from where they currently live.  Some are temporarily leaving families behind in hopes of finding something more stable and lucrative than what’s locally available.

Unemployment rates continue to rise, indicating that perhaps the economy isn’t yet on the rebound.  This means that the competition for current job openings is severe.   These days, having a friend look over your resume or asking a contact put in a good word for you may not be enough to measure up and secure a good position.  In times like these, job placement services can be extremely valuable.

Universal Accounting Center Offers Supreme Support

Universal has always offered stellar support services for those who are currently enrolled or have recently graduated from our programs.  These individuals are given access to a Personal Achievement Coach who can answer questions about the training progras, accounting and tax preparation and other related issues.  These coaches are there to provide answers, support and encouragement.  Here’s what former student Renee Latimer had to say about her experience with support coach Bill Brough:

Bill Brough has been an integral part of the success that I am enjoying today.  His constant support and encouragement during those times that I was overwhelmed with the volume of course material and faced with self-doubt were extremely helpful.  He was always available to answer questions, get me thinking on the right track or provide a funny anecdote or real life experience which kept my spirits and kept me moving forward towards my goals.  He never stopped believing in me, and this helped me believe in myself.

Universal’s support program also includes the following job placement services:

• Resume Preparation – Assistance, via email, reviewing and developing a resume for the purpose of securing interviews

• Resume Placement Assistance – Help identifying possible employers and accounting-related positions by following a weekly routine

• Interviewing Technique Review – Role play advice and suggestions in improving the success of job interviews

You chave access to these services throughout the follow-up support period that comes with each of our programs.  During that time you can contact your Personal Achievement Coach as often as necessary, taking advantage of their knowledge, experience and expertise.

In this economy, job placement services could be just what you need to help you secure a lucrative position in this competitive market.  Students and/or graduates of Universal’s Professional Bookkeeper Program, Professional Tax Preparer Program and Professional Bookkeeper’s Guide to QuickBooks are eligible for these job placement services.  Not only will you receive specialized training that would make you a more appealing job applicant, but you will receive guidance from a Personal Achievement coach to help you present yourself and your newly acquired skill-set in the most appealing way.  Visit Universal Accounting Center to learn more about these programs today!

We welcome your feedback on this and other articles you find here.

You will either step forward into growth or you will step back into safety. – Abraham Maslow

Inside of you is a business tycoon waiting to break free.  Do you believe it?  If not, your business may be struggling because you don’t yet believe in your own ability to succeed, and success stems largely from what we belief about ourselves.  When your beliefs are limiting, you become trapped in a drab existence where you barely eke out a living.  Until you change that believe, you’re unlikely to experience substantial growth and profitability come two, five, or even twenty years.  However, if you believe that your business is a raving success in work clothes, then you’re on the right track.

Once you establish that core believe, you can easily grow your business by adding complementary services to your offerings.

Offer Complementary Services

If you intend to continue your business only offering accounting services, then to grow that business you must draw more clients who need those services.  That’s doable, but there are other, more effective ways to build your business.  Consider this; if you were to add complementary services, like tax preparation, QuickBooks consulting, loan application services, and business turnaround help, your current clients are likely to request some of those services as well.  Without sending out fliers, postcards, or doing one radio commercial, you could increase your billable hours simply by informing current clients of your expanded offerings.

Tax Preparation and Planning

Many tax preparers make more money in the months leading up to the April 15 tax deadline than others do all year long!  Not only that, but tax preparation is another financial skill in high demand since all individuals and businesses alike, small or large, are required to file taxes. And many of your accounting clients would be happy to have you file their taxes as well.

QuickBooks Consulting

QuickBooks is, by far, the most popular accounting software on the market.  More than 80% of small businesses use it to manage their accounting.  However, these same businesses often need help setting up their companies and managing various tasks.  A QuickBooks Specialist can provide the assistance they need in optimizing this accounting software and all its features. When you consider that Intuit, the makers of QuicksBooks, charges $75 an incident and $349-$600 per year for support, you can see how easy it would be to offer your services for a more reasonable fee in order to serve clients in need of QuickBooks help. 

Loan Application Services

Business owners are often intimidated by the process of completing a loan application package.  There are a lot of required components and many would feel more comfortable if they could enlist the help of a financial professional before submitting their application.  You could add loan application services to your offerings as yet another complementary service that would appeal to your target market.

Business Turnaround Services

The survival rate of small businesses is low even in an ideal market; imagine what it’s like now?  Many small businesses are struggling and owners often need help in moving those businesses from the red into the black.  Offering turnaround services will enable you to become a valuable resource to many current and prospective clients.

David Sherwood, Universal Practice Development coach and motivational speaker, will be presenting on this same topic at the Universal Accounting Conference in Salt Lake City, UT over September 20^th-21^st.  In addition to Sherwood’s presentation, you can select from the following valuable topics:

• Getting Started with Office Technology
• Networking and Relationship Strategies
• Planning Practice Growth
• The Power of Presence: Your Ultimate Marketing Channel
• Becoming a Profit Expert with Business Benchmarking Reports
• Technology Strategies for the Growing Office
• Working through Resistance
• Phenomenal Women in Business
• Smart Staffing Strategies to Work Less and Make More
• How to Find and Create Expanded Service Opportunities
• Tax Practice Administration
• Introduction to Social Media
• How the Right Client Feedback will Perfect Your Practice
• Future of the Accounting/Financial Services Industry
• From Friend to Fortunate: Making Social Media Pay

If you need help injecting growth and profitability into your business, this conference is just what you require.  In two short days you will have everything you need to advance your business to the next level.  Not only that, but you will be able to network with other financial professionals who understand your concerns better than anyone.  Invest in yourself and your business, and register for the Universal Accounting Conference today! Early birds receive a discount of more than $100!

For the past few years the economy has felt like a slalom run in an Olympic event.  If you’re like most, you’ve felt ill trained to tackle this obstacle course with your savings account intact.  For these bad times, most businesses rely on their contingency plans.  But do you have a plan that helps you prepare for the good times?  In a recent Entrepreneur.com article, author JK Harris shared “9 Ways to Prepare for Growth and Success.”  We’ve selected 5 of his tips that we think best apply to our readership:

1. Define growth for your company. First you must establish a target before you can aim for it.  The same philosophy applies to success.  What does that look like for your company?  How many clients will you have?  Where will you be located?  What area will you serve?  Clearly defining what growth means for your company will help you better focus your efforts on accomplishing it.

2. Prepare for the limelight. We know very well that most accountants don’t feel comfortable with lots of attention.  The nickname “bean counter” is not synonymous with attention hog.  But in order to prepare for success, you must prepare, at times, to be placed in the spotlight.  According to Harris, “Successful owners of growing companies are almost always in the spotlight to some degree—maybe not always to the general public but certainly within your industry and with your employees.”

3.  Stay close to your customers. Unless you take the time to regularly converse with your clients, you won’t know what they most need from you.  Not only that, but the more you communicate, the better your customer service, and the better your customer service, the more satisfied your clients.  And, quite frankly, nothing will forecast business longevity like a client roster full of satisfied clients.

4.  Take care of your employees.  Next to your customers, your employees are your greatest asset.  When you’re able to reward their efforts with appropriate recognition, challenging projects and promotional opportunities, you increase employee retention and build a staff of satisfied employees.

5.  Focus on your core business.  We will always recommend that you enhance your service offerings with complementary services.  However, some become far too distracted by this idea and expand their businesses in ways that tax their personal lives and their professional expertise.  Make sure that each addition is closely aligned with financial services and doesn’t overburden your growing practice.

Don’t just prepare for success but expect it.  And when you set in motion a plan that anticipates more growth, you’re more prepared to take advantage of success when it comes.

Take the First Step

You will be best prepared for success when you increase your hone your skills and increase your service offerings!  You do that when you master small-business accounting with the Professional Bookkeeper (PB) program.  You will study four modules entitled Accounting Made Easy, Practical Small Business Applications, Advancing Your “Account-ability,” and Building a Successful Accounting Practice.  Once you complete the course, which can be done in less than 60 hours, you will have the confidence and know-how to start books from scratch and manage a variety of client accounts.

In addition to accounting, you can learn how to prepare individual and business returns with the Professional Tax Preparer (PTP) program.  The four modules in this course include Establishing the Tax Foundation, Becoming the 1040 Expert, Profitable Business Returns, and Building Your Successful Tax Practice.  This program will enable you to make additional money during tax season and attract more clients with your diverse service offerings.

Both programs provide the following:

• Practical and extensive training
• Marketing training that will help you effectively promote your new skills
• The opportunity to earn valuable certification as a Professional Bookkeeper and a Professional Tax Preparer
• DVD training materials you can review again and again
• Hands-on instruction that will provide you with experience managing accounts and filing returns
• Flexible training that you can master on your own time and at your own pace
• 6 months of follow-up support provided by knowledgeable financial professionals
• A customized website for your business
• An iron-clad guarantee

Round out your training by becoming a QuickBooks consultant. You probably already know that 85% of small businesses use Intuit’s QuickBooks accounting software.  This means that your target market could use a QuickBooks consultant to help them set up their books, use the program more effectively, and/or answer important questions.  Not to mention, the Professional Bookkeepers Guide to QuickBooks (PBG) can also save you considerable time and energy managing accounts yourself!  And who do you think these new clients will come to for their accounting needs?  YOU, of course!

Plan for success today and enroll in these three Universal programs now!

Resource

Harris, JK.  “9 Ways to Prepare for Growth and Success: The Economy Taught You to Expect the Worst, but Have You Ever Prepared for the Best?” 19 March 2010   Entrepreneur.com

“More sales calls?  New marketing strategies?  Sure.  But for some of you, that won’t be enough.  I’m talking about refining or expanding the lineup of products or services you offer, or changing the way you sell them.” – Randy Myers, “How to Boost Sales in a Deflated Economy”

Randy Myers of Entrepreneur.com recommends that you consider expanding your service offerings in order to increase your profitability.  Doing so will enable you to achieve geometric growth which is accomplished by increasing revenue from multiple sources: revenue from existing clients interested in new services as well as revenue from new clients interested in both new and existing services.

Luckily, there are a lot of services that complement accounting, making them the perfect addition to your service offerings.  Here are just a few:

Tax Preparation

When you start a tax practice, you are well on your way to personal and professional success. Every business and individual must prepare and file taxes. It’s the law. And as you become the “tax expert” for your clients, you will find more and more opportunities to impact the profitability and health of their businesses.  Not only that, but tax preparation can be extremely lucrative.  Consider that first-time preparers submit tax forms for 50 clients, charging an average of $150 each.  They make, roughly, $7500 working the 45 days before April 15^th, and that’s before they have had much time to build a solid clientele.  For many people, this represents 3 months of salary.  That’s an appealing consideration when thinking about increasing your services.

Becoming a Professional Tax Preparer is easier than you might imagine.  With Universal Accounting’s self-paced training program, you can learn everything you need to know about filing both personal and business returns for your clients.  A year from now, you could be enjoying a busy and profitable tax season.

QuickBooks Consulting

In becoming a QuickBooks Specialist, you would have numerous opportunities to bring in more business, increase your income, and make your job easier.  You can start small by offering QuickBooks set-up and consultation services for $65-$95 per hour. You’ll find companies who want to perform accounting tasks themselves, but need help configuring QuickBooks to meet their needs.  With QuickBooks expertise, YOU can provide that help.

You can compliment your QuickBooks services by offering QuickBooks support.  Consider this: Intuit charges $75 an incident and $349-$600 per year for support.  That’s too pricey for most small business owners.  You could offer QuickBooks support for a more reasonable fee and draw in more clients in need of a little QuickBooks help.

Universal Accounting Center’s self-paced program, the Professional Bookkeeper’s Guide (PBG) to QuickBooks, enables you to complete the parts that interest you and skip over the parts that don’t. Even if you have used the software for years, this program teaches you shortcuts and methods you may not have previously known. You will be impressed by the simple flow and completeness of this program.  For a small price you can purchase the PBG, enabling you to earn that valuable QuickBooks Specialist designation.

Financial Consulting

Help clients prepare those formidable small business loan packages as a financial consultant.  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!

Adding services that complement your current offerings is easier than you might have imagined.  By enrolling in any of the above programs, you’ll find that you can achieve geometric growth by year’s end.

Resource

Myers, Randy.  “How to Boost Sales in a Deflated Economy.” 18 January 2010  Entrepreneur.com

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

10 Steps in Getting What You Want

Start out with an ideal and end up with a deal.-Karl Albrecht

The most difficult thing in any negotiation, almost, is making sure that you strip it of the emotion and deal with the facts. – Howard Baker

Any business arrangement that is not profitable to the other person will in the end prove unprofitable for you.  The bargain that yields mutual satisfaction is the only one that is apt to be repeated. – B.C. Forbes

From buying a flat screen TV to securing new clients, you must know how to negotiate the best deal possible.  Giving in too soon or holding out too long can both be detrimental.  Negotiation is about balance-it’s about risking just the right amount to achieve what’s best for you and your business.

Some professionals are born with the innate ability to work a deal while others are weary of any situation that requires skillful negotiation.  We’ll admit, negotiating isn’t for the faint of heart, but sometimes learning the necessary steps is all it takes to get your game on, and in the end, close a deal to your satisfaction.  In this two-part series we share 10 steps that can help you improve your approach to the art of negotiation.  This week we’ll examine the first five steps:

1. Prepare

It’s important that you do your research before scheduling any kind of negotiation.  Whether you’re working with a vendor, a client, or your next-door neighbor, you should know what you both have to contribute to the deal.  And what are your weaknesses?  Any good negotiator will have determined yours before the meeting.  Do you know what theirs are?  Also ensure that you are meeting with the one who actually holds the power to seal the deal.  The last thing you want to discover, after going through all 10 of these steps, is that the deal you have secured still needs approval from someone higher up.

2. Time

Timing can be everything.  If you schedule a meeting with a company at its busiest time of the year or after a sudden downturn in the local economy, you will be at a disadvantage.  When scheduling an appointment, ensure that you have selected a good time for both you and the party with whom you’re negotiating.

3. Strategize

Negotiation is all about strategy.  Remember that your first offer sets the tone for all future conversations.  In his Entrepreneur.com article entitled “The Art of Negotiating,” Michael Sanibel explains, “The first offer is usually the most important and the benchmark by which all subsequent offers will be judged and compared.  You’ll never get what you don’t ask for, so make your first offer bold and aggressive.”  Remember that negotiation can be a professional dance where offers are often padded with extra, but unnecessary, amenities that help build price so that it can be whittled down again.  Understanding what, exactly, you want, will help tremendously as you move forward.

4. Listen

On the other hand, it’s equally important that you know what the other party wants, and this can only be achieved when you listen to what they’re saying (this includes body language).

5. Leverage

Know and believe in your own strengths–what you bring to the table.  Only when you have confidence in what you’re offering will you be able to use that as leverage in securing the deal you want.

Complementary Services Act as Great Leverage

Your business will become so much more appealing when you add tax preparation services to your menu; this alone will give you more leverage in closing deals with prospective clients.  In just two short months, tax season will be upon us; that’s just enough time to become a Professional Tax Preparer.  Learn everything you need to know about tax preparation in UAC’s Professional Tax Preparer program.  We’re so confident that it will work for you that we offer a 100% money-back guarantee:

If, after completing all of the learning activities,

you do not feel that you have received your money’s worth,

simply return the materials to Universal Accounting Center,

for a complete refund.

There aren’t many universities out there that would make that promise to its graduates.  Don’t wait another day to enhance your business and change your life.  Enroll today!

Join us next week when we talking about closing the deal with final five steps:

6.    Offer

7.    Anticipate

8.    Aim

9.    Hold Firm

10. Close

Resources

Sanibel, Michael.  “The Art of Negotiating: A Practical Guide to Getting What You Want, When You Wants It, and at the Price You Want.” 24 August 2009  Entrepreneur.com

Sloan Brothers with Daniel Kehrer.  “10 Techniques for Better Negotiation.” 2005  Yahoo! Small Business

9 Steps in Properly Terminating Employees

One of the most difficult things you may have to do as a small business owner is terminate an employee.  Regardless of the reason for taking such action, it’s important that you follow a procedure that ensures you are not only legally protected but also respectful of the employee’s feelings as well.  Last week we shared the first 4 of 9 steps in properly terminating employees:

1.    Be objective

2.    Make it legal

3.    Work out the details

4.    Provide reasons, but don’t belabor the point

This week we’ll share the final 5 steps:

5.    Don’t blame or apologize. If termination is the result of poor employee behavior, you should have already issued various warnings and performance reviews as documentation.  The final termination meeting is not a time to assign blame.  And while you may very well express regret for this action, you should not apologize for your decision.

6.    Express gratitude for work done. Once you explain the reasons for termination, you can thank the employee for the work they have done.  In his article entitled “How to Respectfully Terminate Employees,” Lolito explains, “A terminated employee should understand that while the employment relationship did not work out, the employer appreciated her service and does not fault her in a personal sense.”  In the case of a layoff, offer to write a letter of recommendation and, if you truly valued their work, tell them you would be happy to have them back once the business can sustain that.

7.    Let the employee respond. It’s important that the employee have a voice.  Give him or her the opportunity to respond and react to the decision.  However, as mentioned previously, don’t allow the meeting to turn into a debate or negotiation.

8.    Wrap up loose ends. Be sure to have the employee sign all necessary paperwork, and then take measures to close down their appropriate accounts.  AllBusiness.com recommends, “Prepare to collect everything the company has provided to the employee, and consider which computer passwords, access codes, and permissions must be changed.”

9. Note lessons learned. Once the process is complete it’s important that you review the situation and see what lessons you have learned.  Do you need to create or modify your company handbook in order to address some of the issues you encountered?  Should you revise the job description to better attract applicants with the skills you require?  What types of training might be required in order to ensure that your employees are aware of your expectations?   All this will help you better prepare, and perhaps even eliminate, similar situations in your business’s future.

Termination is distasteful for both the employer and the employee.  However, if you could take measures to ensure it’s done properly, you will save yourself a lot of difficulty in the future.

Increase Your Appeal by Offering Tax Preparation Services

You can increase your income and your ability to maintain a staff of employees when you add tax services to your menu.  Consider the fact that 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 do your accounting for them.

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 will put many of those individuals at ease, assuring them that you have been properly trained in tax preparation.

Take time this summer to acquire the expertise necessary to become a Professional Tax Preparer before next tax season.  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), but 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 will increase your appeal and your bottom line.  Enroll in the Professional Tax Preparer Program today, and improve your competitive advantage while securing your business standing in the local community.

Resources

“How to Fire an Employee.” AllBusiness.com

Lolito, Michael J.  “How to Respectfully Terminate Employees.” 18 August 2008  Entrepreneur.com

In this economy, the race isn’t won by the quickest, but by the most agile.  As you rethink your business, consider your flexibility.  Unlike large corporations that are unable to quickly change course, small businesses have the advantage of being quick and nimble, which just might be their saving grace.

The current recession is requiring many entrepreneurs to adapt and evolve their businesses, altering their approach to better suit the ever-changing market and consumer needs.  So stretch yourself as you consider how you might improve your flexibility by applying the following four tips.

1. Take advantage of technology

If you’re not careful, you could miss the technology train and all the great, economical marketing techniques that go with it.  The following two suggestions will lure the technologically savvy and/or those that are impressed with your ability to remain current:

Build a Business website. If you don’t already have a website, you should get one.  Progressive businesses have an internet presence; it speaks volumes of their professionalism and ability to keep up with current trends.  A good website will represent you well and increase your clientele.  It will also work 24/7 as a virtual receptionist, getting the word out about your business while you spend your time doing what you do best: accounting.  And if well developed, your business website can act as an inexpensive marketing tool and a good point of contact.  It can also help to further brand your business.

Universal Accounting Center (UAC) has a website development tool, available exclusively for accounting, tax, and bookkeeping professionals.  Visit our Accountweb site to learn more about how you can have a website of your own in a matter of days.

Take advantage of social networking.  From Facebook to Twitter, more and more businesses are taking advantage of social networking tools in order to broadcast news about their services, and most of these tools are free!

2. Rethink your marketing strategy

The same old approach you’ve used in the past probably isn’t very effective in this current financial climate. If you build a business website and take advantage of social networking, you’re on the right path.  Also consider other demographics that might now find your financial services especially helpful.  And don’t give up on prospects.  The recession has caused many to be more selective when it comes to spending their money; often this means that prospects take longer to commit. 

3. Listen to your clients

They can best tell you how to alter your approach in order to better suit their current needs.  Tap into their expertise as consumers to determine what they’re most concerned about; while you may not consider this a service your currently offer, you would be surprised at how appreciative your clients become when you resolve their financial concerns.  And isn’t that your expertise?

4. Expand your services

In listening to your clients and trying to better meet their needs, you will find that many desire you to expand your services.  Becoming a one-stop financial shop would be much more convenient for them, and lucrative for you!  Adding tax preparation services to your menu will increase your clientele while making your services more appealing to current clients.

The Professional Tax Preparer Program!

Universal Accounting Center’s tax preparer program contains all of the following:

• Video Instruction
• Full 1040
• Full Business Returns (1065, 1120, 1120S)
• Step-by-step instruction in starting a sole practitioner
• One Year Follow-up Support from expert tax preparers

And while many programs will lecture you on tax law and preparation practices, Universal’s program is effective because it provides the practical application that will perfect your skills.  Theory is taught as guiding principles, but the focus is on actually doing taxes to gain proficiency.

The PTP course consists of 20 hours of video training. Most tax preparation courses include books and some worksheets. Our training is very engaging and entertaining as seasoned tax preparers give practical advice on not only tax issues, but provide real-world solutions to give you the edge in productivity and profitability. Our instructors know what challenges you will face because they have been there themselves.

To be honest, you don’t need a Professional Tax Preparer designation to prepare taxes.  Currently, there are no qualifications for any individual to complete tax returns.  But in today’s world of complex tax laws and increasing tax fraud occurrences, tax payers are looking for specialists with credentials.  It affords clients peace of mind to know that the individual they’re working with is qualified and knowledgeable.  It also affords the tax preparer peace of mind to know they’ve been properly trained.  Universal recognizes the value of a professional designation and awards the Professional Tax Preparer designation to those who successfully complete the program.

Modules in the Professional Tax Preparer program include the following:

Module 1: Establishing the Tax Foundation

Module 2: Becoming the 1040 Expert

Module 3: Profitable Business Returns

Module 4: Building Your Successful Tax Practic

In just 20 hours you will be ready to face tax season with confidence and ease.  One tax season alone will prove lucrative enough to pay for the program 3 times over!  Increase your flexibility, and enroll in the Professional Tax Preparer Program today!