What’s Your Target?

Knowing What Your Clients Really Want

The Bay Street Group is a firm that provides accounting and tax professionals with expertise in marketing, management, and strategy. In 2007 they performed a survey intent on finding out what clients really want from financial specialists. They received feedback from 1,799 accountants, financial advisors and CPAs from all sectors of the profession. 45% surveyed work in an office with 1-10 individuals.

The survey uncovered a gap between what financial professionals think their clients want and what their clients actually say they want. For example, 77% of accountants surveyed said they think that the majority (if not all) of their clients would recommend their services, while only 55% of their clients would actually do that.

What Clients Really Want

82% of clients surveyed said they might change accountants or firms if they got a good referral. You don’t want to be that accountant that looses a client because you weren’t aware of their real needs. The survey found that when clients choose an accountant or firm they are most interested in good service and attentiveness, the quality and reputation of the firm, and the accuracy of their work.

Good service and attentiveness. Clients want to feel valued, and that occurs when you practice good customer service. This can be achieved by treating each customer with respect, keeping all your promises, responding immediately to complaints, practicing good communication, and going above and beyond the call of duty. When you attend to your clients’ needs, they will know that you value their patronage. One accountant explained that they are most effective when they “worr[y] more about satisfying existing clients than obtaining new ones.” Another explained, “We can ask them how we are doing and what we can be doing better. Being proactive is the best approach to keeping strong client relationships.”

Quality and reputation of the accountant and/or firm. Remember that 82% of clients surveyed said they would switch accountants if they got a solid referral. Word-of-mouth marketing is still the most effective, simply because people trust the recommendations of friends and family. And the only way you can benefit from that type of marketing is when you develop a solid reputation. You’ll notice that these three characteristics are closely related; in providing attentiveness, good service and accurate work, you build a firm reputation that will get you countless referrals.

Accuracy of work. Good accountants recognize that their reputation depends on the accuracy of their work. It’s all about numbers, and when the numbers are incorrect, your reputation, and your clients’ business, are at risk. Your job is to help your clients enjoy profitability, and if your work is inaccurate, that can never be accomplished.

Miscellaneous. 40% or more of clients surveyed said they’re also interested in the following: affordability of services (67%), proactive advice and consultation (63%), specific understanding of their industry (56%), specific understanding of business (51%), problem-solving ability (44%), and personal chemistry (42%).

Reevaluate what you think your clients need, because you may be wrong. This survey indicates a significant gap in what clients need and what clients are actually getting. It’s important to do what you can to retain you current client base; remember, it’s 10 times more costly to attract a new client than it is to retain an existing one. So look at what you can do to improve service for your customers, because you’d rather be the one getting more business because of referrals than be the one loosing business because of them.
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Accounting and Bookkeeping Information

Whether you work for small businesses or high level corporations, it’s important to know exactly what your clients want so you can successfully cater your services to their needs. And regardless of business size, all your clients want top-notch treatment. In fact, ensuring they receive that treatment will nearly guarantee your ability to continually retain them as clients. Michael Platt is a management and marketing consultant who has worked with accounting firms for over 20 years. In an article entitled “What CEOs Want from Their CPA Firm: A Perspective from Accounting,” Platt discusses 10 things CEOs are looking for from their accountants, information he received from a panel discussion with a handful of what he likes to call “A-Level Clients.” Here’s what they had to say:

1. Practice Basic Business Etiquette
From answering the phone to returning emails, clients expect everyone in your firm to practice basic business etiquette. Often this requires you to hold training sessions that inform employees of your expectations and business policies.

2. Customize Your Approach
Not every client expects the same treatment. Some like regular interaction with a representative from your firm. Others just want a monthly update. In order to customize your approach you must first know your clients’ preferences. That requires focused and attentive communication with each and every person for which you work.

3. Be Proactive
Some accountants have the misconception that they work in a vacuum, crunching numbers and regurgitating data for their clients. That should not be the case. Accountants can change the course of a business by providing crucial information on what might be done to improve a business’s profitability. Clients want a Profit Expert. That can only occur when accountants are proactive.

4. Work as a Team
Everyone on your staff should work as a team. That means you should introduce your clients to all your employees so each client appreciates their roles and responsibilities and how they might be able to assist them.

5. Add Value
Clients expect your prices to be competitive and your services valuable. But unless you explain just how valuable they are, they may never know. These high-level CEOs told Platt that they expect their accountants to articulate their value, to understand how their services enhance their clients’ businesses and to take the time to explain it to them. In that you must know and believe that you and your services are valuable. Practice an elevator speech that will communicate just that.

While these CEOs may not be of the same caliber as your clients, they do offer valuable advice on ensuring that your firm adequately fulfills each of your client’s needs. Take care to cater your services so they address their concerns and respond to their unique issues.

Return next week when we’ll discuss the final 5 things CEOs are looking for in their accountants:

6. Recognize How Valuable Your Client’s Time Is
7. Understand Your Client’s Business
8. Streamline Your Communications
9. Share Additional Services
10.Make Their Lives Easier

Reference
Platt, Michael T. “What CEOs Want from Their CPA Firm: A Perspective from Accounting.” RainToday.com

Wouldn’t you like to know what your clients really expect from you? A panel of CEOs told Michael Platt, a management and marketing consultant who works with accounting firms, what they’re looking for in a financial professional. In an article entitled “What CEOs Want from Their CPA Firm: A Perspective from Accounting,” Platt discusses 10 things CEOs want from their accountants, information he received from this panel discussion with this handful of what he calls “A-Level Clients.” Last week we discussed the following five of 10 things these CEOs expect from their accountants:

1. Practice Basic Business Etiquette
2. Customize Your Approach
3. Be Proactive
4. Work as a Tea.
5. Add Value

This week we will share the final five qualities these CEO are looking for:

6. Recognize How Valuable Your Client’s Time Is
This says it all. Your clients recognize that time is money which means every minute you seem to waste appears to them as currency going down the drain. And more than that, thoughtlessly wasting a client’s time is disrespectful and may ultimately chase away your clientele.

7. Understand Your Client and Their Business
Sometimes it’s profitable to specialize in a particular business type: car dealerships, retail stores, restaurants, or hotels. When you do so you become familiar with their language, concerns, and unique needs. While you don’t necessarily have to specialize in order to understand, doing a little research in order to become familiar with your clients’ businesses will go a long way. In doing so you’ll earn loyalty, and perhaps, lifelong clients.

8. Streamline Your Communications
Don’t overwhelm your client with excessive emails and phone calls. They have work to do, and just because you can obsess over their financial data all day long doesn’t mean they want to. Make your correspondence clear and concise. And when working with your staff, ensure that you coordinate your communication efforts so clients do not receive duplicate and redundant information.

9. Share Additional Services
Like most people, your clients are looking for ways to make their lives easier. If you offer complimentary services - like tax preparation, QuickBooks consulting, or business assessments - it behooves you and your client to tell them about it. Don’t be shy. You offer valuable services that can enhance your clients’ businesses. The more you can do for them, the more indispensable you become.

10. Make Their Lives Easier
It’s important for you to be proactive, to anticipate your clients’ needs before they do. This is what elevates you from a common accountant to a valued profit expert. You provide your clients with the information they need to make wise business choices that improve their profitability.

Whether your client rooster is full of CEOs or mom and pop shops, applying these 10 tips like the 10 commandments of accounting will make you a highly favored financial professional. In no time at all you’ll find your elevated standard for customer service enables you to leap ahead of the competition.

Reference
Platt, Michael T. “What CEOs Want from Their CPA Firm: A Perspective from Accounting.” RainToday.com

Your Most Important Project to Schedule This Summer: A Vacation!

According to the American Express Monitor, about two-thirds of small business owners in the Midwest plan to take a summer vacation. More than half of those individuals expect to work while away. We’re sure you can sympathize with the fear of leaving your business for a week or so in order to relax and enjoy yourself. But it’s important for you to schedule a break so you can unwind and enjoy that flexibility that comes with running your own business. But how do you go about it? Here are a few tips to help you plan that summer vacation.

It’s for your own good

Keep telling yourself that, because it’s true! You’re not doing yourself or your clients any favors by avoiding time off. In fact, the truth is, you’ll probably experience job burnout if you don’t take a break from your business. Trust that the vacation will rejuvenate you and enable you to rejuvenate your business. In fact, many business owners receive their greatest insights and inspiration when they’re out of the office.

Schedule the vacation

Look at your planner and schedule a time for your vacation, just as you would schedule time for a conference or a client appointment. And don’t just pencil it in. Get your plane tickets, register at a hotel, and order that rental car. Make it official!

Prepare your clients

Once you decide when you’ll be taking a vacation, let your clients know. You’ll probably need to remind them a number of times, ensuring that they note the dates you’ll be gone. Before you leave, take all necessary precautions: leave a voicemail noting your absence, and program your email account to respond to incoming emails with a notification of your absence. The last thing you want to do is leave work associates feeling like you didn’t effectively communicate your intentions.

Create an emergency plan

Whether you have a support staff, or simply work solo, you need to create a plan so that clients who experience emergencies don’t feel abandoned without recourse. Whether these individuals can expect to contact you, a member of your staff, or a fellow accountant or bookkeeper for emergency help, they must know what they can do. Having an emergency plan will also give you peace of mind so you can relax rather than worry.

Set some vacation rules

Before you leave you should decide how much, if any, contact you plan to have with your staff and/or clients while away. If you decide to take work along, determine how many hours you’ll work each day. And then abide by these vacation rules. The last thing you want to do is spend time going on an exciting vacation only to spend half of it working from a boring hotel room.

Let go of control and go on vacation

If you’re going to have fun, at some point you must release control and go on vacation. Leave the stress behind and make a concerted effort to enjoy yourself. You may be surprised at just how self-sufficient your business has become; you may have to schedule even more vacations in the future.

References
American Express Monitor

My kids have one of those miniature basketball hoops we keep in the house. They don’t like to play with me because making baskets is a “no brainer” when you tower above the hoop. Wouldn’t it be nice to have a “no brainer” career, where you tower over success? Oh, wait, you do!

Every business, whether it be an auto shop, a high-level marketing firm, or an art gallery, must perform accounting functions. Not only is it required by law, but good accounting helps a business assess its progress and take steps to become even more profitable. Because of this, good accountants are a priceless commodity, and when they do their job well they become invaluable to the businesses they work for. The accounting profession can be your “no brainer” career, with guaranteed success just as close as a miniature basketball hoop. Lucky you!

The U.S. Bureau of Labor Statistics estimates that employment for accountants will increase more than average by 2014. They also state that, “As the economy grows, the number of business establishments will increase, requiring more accountants and auditors to set up books, prepare taxes, and provide management advice. As these businesses grow, the volume and complexity of information developed by accountants and auditors regarding costs, expenditures, and taxes will increase as well.”

Life is good for the freelance accountant.

Catapult Your Practice to Success

Training is important. Not only to you, but to current and potential employers. The Bureau goes on to say, “Voluntary certification can attest to professional competence in a specialized field of accounting and auditing. It also can certify that a recognized level of professional competence has been achieved by accountants and auditors who have acquired some skills on the job, without the formal education or public accounting work experience needed to meet the rigorous standards required to take the CPA examination.”

It takes four years to get an accounting degree at a standard university. And they only train you in corporate accounting, which represents 2% of accounting opportunities out there. What makes up the 98%? Small business, and Universal Accounting Center knows small business accounting; they can train you in less than 60 hours!

The Professional Bookkeeper(PB) Program

Universal Accounting Center’s Professional Bookkeeper Program was originally created by Alf Bostrom when he became frustrated that no course existed to teach a hands-on process of small business accounting.

The course has evolved over the last 25 years into a comprehensive program in the day-to-day bookkeeping of a small business. And our graduates have found that the principles also apply exceptionally well to larger companies. You not only get the theory taught in college, but you are taught by practical examples of real-world companies. From a bakery to a car lot, you will do books for 9 businesses and see how they are similar and how they differ.

And the best part, you can complete the course in 60 hours; if you start today you could finish the program by the end of summer and focus on building your client base this fall!

Professional Bookkeeper’s Guide (PBG) to QuickBooks

In addition to the PB Program, we’re also offering this exclusive training in QuickBooks, the leading accounting software for small businesses. Universal’s PBG training program will teach you QuickBooks quickly, and painlessly. UAC’s Guide to Quickbooks Pro is a self-paced program that enables you to complete the parts that interest you and skip over the parts that don’t. Even if you have used the program for years, the program teaches you shortcuts and methods you may not have known. You will be impressed by the simple flow and completeness of this program. So why wait? In just a number of hours you could be ready to better manage your own finances while adding new services to your own practice and increasing your bottom line.

Don’t wait another day to take advantage of this incredible time for accountants and ensure that your accounting practice towers above the competition! Order this special package today!

To be most effective in running a business -any business-you should be a ‘goal-setter.’ Your goals are what will give you purpose, direction and energy.

A well-written goal is more likely to be achieved. Use the SMART approach for defining your goals. Goals must be…

S pecific. A goal stating, “I am going to have a successful bookkeeping service” is too vague. A more appropriate goal would be, “I will have ten clients and be billing $3,000 per month by December 31st.”

M easurable. Define the expected outcome. In the previous example, the goal will be met when when he or she has 10 clients.

A ttainable. Concentrate on practicalities. Even an otherwise well-written goal is useless if it cannot be achieved within the allotted time. If you’re only giving yourself a week to find ten clients, it is probably unattainable. Three to four months would be more like it.

R ealistic. Reaching for the stars is an exhilarating way to approach goal-setting. But once you’ve targeted your dream goal, it’s time to ask yourself, “How close can I come to achieving it? Do I need to rethink this and set some smaller, intermediate goals?”

T imed. Your ultimate goal can easily fade into the distant future unless you set a real deadline for achieving it. The same principle applies to all your goals. It’s much easier to accomplish a goal if you have a definite time for doing it.

More Help With Business Questions

The “Start Your Business” section of the accounting-and-bookkeeping-tips.com site gives tips on getting your business moving and solving startup problems.
Click HERE to Learn How to Help Get Your Business On Target

Filling the Gaps

How the Accounting Profession May Respond to Talent Shortages

Last December Robert Half International, a staffing and consulting firm, created The Financial Leadership Council in order to report on trends in the accounting, finance and audit professions. Recently they released a report entitled “Charting the Future of the Accounting, Finance and Audit Profession” addressing the projected shortage of talent in the accounting field.

Universal Accounting Center has long been reporting that accounting is a sure profession with a bright future and endless opportunity. This new report confirms UAC’s assessment, expressing concern over the projected talent shortage while suggesting ways in which the profession can better attract and secure accounting professionals. The report also advices accounting professionals how to best prepare for changes in the industry.

Attracting and Retaining Skilled Professionals

The Financial Leadership Council advices employers to revise their recruiting practices in order to make even entry-level positions more appealing. Their suggestions include enhancing the branding of the accounting profession, showcasing exemplary professionals who successfully balance their families and careers while offering more career guidance, projects that promote growth, and challenging assignments mixed with routine tasks. The profession as a whole will be required to better understand what motivates and inspires this new generation of employees.

Preparing for Changes

And if you are looking to advance in the accounting profession, the council advices you to enhance your communication skills. Technological advances, including email and text messaging, will require the ability to communicate more, not less, effectively. And again, as UAC has consistently advised, an accountant’s ability to analyze financial information, to act as a profit and growth expert, and to inform business owners as they make crucial business decisions, will make them valuable assets to any organization. Finally, the council encourages accountants to improve their cultural literacy in order to increase their ability to function in a global economy.

To request a free copy of this report, visit www.financialleadershipcouncil.com.

The Professional Bookkeeper Program Can Help You Prepare

Universal Accounting Center has been helping individuals like you advance in the accounting industry for over 25 years. And one of the objectives of the Professional Bookkeeper Program is to train individuals to act as a company’s profit and growth expert, using the analysis of financial information to help small business owners make key decisions that will make their businesses more profitable.

Not only that, but in receiving this training you enable yourself to start a small business of your own as a freelance accountant. Never has there been a time where skilled accountants are in such high demand. You can craft your own opportunity, either advancing in your current job or taking that leap to start your own accounting firm. The possibilities are truly endless.

Napoleon Bonaparte once said, “Take time to deliberate, but when the time for action has arrived, stop thinking and go in.” UAC recognizes your need to take the time to decide whether or not this program is for you. That’s why we’ve created a DVD designed to help you start your own accounting and bookkeeping practice. This DVD will introduce you to our program and how you can use the training to take advantage of all the opportunities in the accounting field. For less than ten dollars you can deliberate and then prepare for action before it’s too late. Don’t waste another day. Order now!

Working all by your lonesome in your home office can often leave you feeling isolated. It’s important that you recognize there are countless resources designed to provide you with useful information, connect you with other professionals, help you solve common business problems and make you more profitable. And they’re all only a keypad away. Where can you find them? Right here.

Sites for the small business owner

These sites are designed specifically with the small business owner in mind. Here you can find helpful small business resources and access valuable guidelines and tips.

The Small Business Association. Their motto is “programs and services to help you start, grow and succeed.” The SBA is an independent agency of the federal government designed to promote the small business. With district offices across the nation, the SBA can help you access training, counseling, and other small business specialists. Their site also provides other valuable links.

The National Association for the Self-Employed. The NASE provides special member services to help you become a successful entrepreneur. They can provide you with the tools and resources that can save you time and money in your personal and professional life.

Accountants Who Blog. Blogging is a great way for professionals to share information and connect. This site provides you with a list of well-known blogging accountants.

Financial/Credit

Maintaining or building good credit is important for the small business owner. These resources are designed to do just that.

As a small business owner it’s important that you maintain good credit. There are three main credit reporting agencies that will help you check your standing and ensure that your identity isn’t violated by someone you do or don’t know. Visit Transunion, Experian, and Equifax to get your credit report or track your credit rating.

Better Business Bureau. Their mission is to be the leader in advancing marketplace trust. Dedicated to fostering fair and honest relationships between businesses and consumers, the BBB is supported by more than 300,000 local business members nationwide.

Medical/Insurance

We don’t have to tell you that medical insurance can be a grave concern for the small business owner. Here are a few resources that can help:

A.M. Best. A worldwide insurance-rating and information agency, A.M. Best provides users with valuable information about insurance companies in which they might be interested.

Med Advantage. One example of discount healthcare services.

YOURx PLAN. One example of discount prescription services.

Products/Services

If you’re like most accountants you depend on one or more software package to help you serve your clients. Here are a few product websites you might find useful:

QuickBooks Users. Go here to solve QuickBooks problems, connect with other users, and give and receive QuickBooks advice.

PeachTree Users. Go here to solve PeachTree problems, connect with other users, and give and receive PeachTree advice.

Universal Accounting Center Provides These and Many More Helpful Resources

These are just a few examples of helpful resources you’ll find at Universal Accounting Center. For more information like this, visit our Free Accounting and Tax Resources screen. Scroll to the bottom and you’ll find even more links, including articles for your home-based accounting business as well as real estate, travel, and employment sites. We pride ourselves on helping accounting professionals like you succeed. This is just another way UAC is trying to make your job as a freelance accountant a little easier.

Universal Accounting Center is pleased to announce that the Accounting and Bookkeeping Tips Accounting Forum, is now open and available to everyone on the internet 24 hours a day. For those of you that are not familiar with this FREE service, it gives you the opportunity to share ideas, ask and answer questions, and communicate with other professionals in the accounting field. The Forum also offers you a place to comment, and share your knowledge with others. You may access the Forum at the Accounting and Bookkeeping Tips web site.

We are thrilled to offer this FREE service to you. We hope you will visit our Small Business Forum often. We know you benefit from it.

What are the Benefits?

Many large CPA firms are going paperless, using document management software to scan and store business documents. But going paperless provides benefits that many small businesses don’t currently appreciate. How much time and money could your business save by going paperless? It’s probably more than you realize.

The Benefits

Here are a few ways document management software can make your business more manageable and, perhaps, more productive and profitable.

A more intuitive system for accessing files
Many firms go paperless by scanning business documents and filing them using the Windows system that was included in their computer package. Unfortunately, that’s like shoving all your files into one filing cabinet (i.e. the C drive). It doesn’t enable you to find what you need with grace and ease. A document management system allows you to pull the files you want with one simple command, saving you a significant amount of time.

Workflow automation
This isn’t a big payoff for small businesses, especially those that are one-accountant practices. But for larger firms that involve more than two or three individuals in the accounting process, document management software enables them to handoff documents in a timely manner, seamlessly passing them from one responsible party to the next.

Annotation capabilities
Many are weary of going paperless simply because they like the tangible nature of paper and are in the habit of annotating their documents. Document management software allows you to make notes on the electronic file with checkmarks and stamps. In an article called “Paperless Payoffs,” published in this year’s June issue of Accounting Technology, John Higgins, cofounder of CPA Crossings, explained, “When you go paperless, you also go pencil-less. That’s where people run into challenges. They’re accustomed to making notes on files. You’ve got to make those notes electronically.”

Retention policies
It can be a headache to manage all those files you are required to keep for a certain number of years. Document management software will manage those files for you, keeping them long enough to comply with regulations and then deleting them once that time has expired.

Training and security features
Obviously you want a system that will protect all those valuable files. Document management software can do that while allowing clients to view their information in an independent and secure manner, saving you the time required to send email updates.

An economical and convenient solution
Not only will document management software save you in office supply costs, but consider all those tasks that it can streamline for you, saving you time and money.

And a good example of how convenient it can be is illustrated in the paperless Law Office of Adam Spence as reported by the Baltimore Business Journal. Spence believes his paperless office edges out the competition. He said, “Opposing counsel usually walks in with big boxes and files full of paper; I walk in with my laptop. Clients see the difference and they experience the difference.” Imagine what it would be like to take your filing cabinet with you wherever you go: to meet with a client, out of town on business, or waiting to pick your child up from soccer practice.

Hopefully you see the countless benefits your business can experience by going paperless. But how do you do it? Join us next week when we present part two of this series on the Paperless Office and discuss the paperless process.

References
DeFelice, Alexandra. “Paperless Payoffs: Rewards from Document Management Systems.” Accounting Technology. June, 2007: 19-26.

Graham, Scott. “A Small Firm’s Approach to Competition - Go Paperless.” Baltimore Business Journal. 24 Feb. 2006.