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

A Brief Survival Guide for the Home Business Owner

Running an accounting practice from your home offers countless benefits. It also poses unusual obstacles. While you can determine your own work schedule, you only get paid upon submitting invoices to clients. While you can take on as much or as little work as you’d like, you must promote your own services. Self-employment definitely has its fair share of pros and cons. And in order for your practice to thrive in a competitive market, it’s important that you do all you can to ensure your business is successful. Here are seven simple survival tips:

1. Mind your distractions
While you can walk around the office all day in your bunny slippers, if you don’t have the self-discipline to get work done then you might at well go back to your day job. For a home business to be successful, the owner must be productive and not only work hard, but work smart. You will retain more clients if your services benefit their businesses; that cannot be accomplished unless you mind your distractions and focus on the work at hand.

2. Take advantage of tax benefits
Small businesses, especially those operating out of a home residence, can take advantage of countless tax benefits. However, instead of waiting until it is time to file, you should look at ways you can take advantage of these benefits year-round. If you’re unsure how to do that, consider either taking advantage of valuable tax training or consulting with a tax professional.

3. Charge what you’re worth
It’s common for freelancers to appear somewhat apologetic when discussing their fees. If you find yourself somewhat timid when explaining what you charge then you need to change your perspective. You offer valuable services that enable your clients to save money in some instances while making more money in others. You are worth your fees and then some. In fact, your small business clients will appreciate the confidence and assertiveness you display when discussing your services.

4. Market with confidence
Again, the ability to successfully market your services stems from your belief that what you do is valuable and worth promoting in the first place. If you are convinced that your services help small businesses owners function more profitably then all your advertising will speak of that with conviction.

5. Practice what you preach
You tell your clients how to use the information you give them to make more lucrative decisions; you must do the same. When performing accounting functions for your own practice, determine which marketing efforts are most profitable, which services are most appealing to clients and which services could be added in order to increase your business appeal and bottom line. Answering these questions will enable your business to become more successful.

6. Keep ahead of the competition
It’s important that you always keep an eye on your competition. Know what they’re doing and how they’re marketing their services. Doing so will enable you to keep one step ahead where clients and potential clients would rather you be.

Small businesses need a lot of work in order to survive. But you want to do more than just survive; you want to thrive. And in order for your practice to thrive you need to constantly evaluate your business’s health in order to find weaknesses and make them strengths. These six tips will help you to do that, learning more about your practice and how to make it function more profitably.

Strategic Partnerships (Part Three of a Three Part Series)

Improving the Profitability of Your Professional Alliances

In this valuable series on increasing the effectiveness of your professional relationships we have defined “strategic alliances” and determined who makes a good strategic partner. We have also discussed where, when, and how to secure strategic partners. We hope that you’ve come to appreciate the lucrative nature of these relationships; it’s why we call this concept Networking on Steroids.

And now that you see just how valuable these relationships can be, we would like to bump it up a notch and suggest that you Super-Size your professional alliances.

The Mastermind Group

We have discussed the importance of building individual relationships with like-minded professionals. Now consider how much more effective these partnerships would be if you super-sized them. What, you ask? Imagine that instead of regularly meeting one-on-one with your strategic partners, you leveraged your time by creating a mastermind group where all your partners could meet at the same time and benefit from this collaborative effort. Now instead of taking countless hours to meet with these partners individually you meet with them all at the same time, enjoying the mind-meld that results when professionals with the same customer profile are able to advise one other and share referrals. These groups should not only meet weekly, but set group goals to assist other members to achieve certain levels of client growth.

Mastermind Groups also present great opportunities for marketing partnerships. Because Mastermind Groups generally offer complementary services, it’s extremely beneficial for these groups to pool money in order to purchase advertising. They can also go in on a booth at a trade show, taking turns manning the booth and promoting their services.

Strategic partnerships are much more valuable than traditional networks. In building strong professional alliances you increase your clientele, your bottom line, and your business standing. You join the company of like-minded professionals who have your best interests in mind as you work together to grow one another’s businesses. While it may require more time and energy from you, it definitely offers a large return on that initial investment. And as an accountant you can appreciate a good ROI when you see one. Take the time to start building strategic partnerships today!

Leverage Your Professional Alliances and Build Your Clientele

The information from this three-part series was inspired by a section in UAC’s Universal Practice Builder (UPB) Program. This course teaches you how to grow your practice and become more profitable than you’ve ever imagined. Universal guarantees that after completing the UPB program you will earn more than $30,000 in annualized billings in just 12 months. Not only that but you’ll have access to 12 highly-effective marketing strategies that will help you secure 15-25 solid leads per month! If you’ve been curious but unwilling to commit to a brighter, more rewarding future, visit our site and see what others are saying about the Universal Practice Builder Program. Click to view a video that will show you why one graduate knows this program more than paid for itself after just one client. Hear why another felt she didn’t have to wait to complete the entire program before she could begin using what she learned in Module One to increase her clientele. And understand why all of them are grateful to have completed this program. Visit our Universal Practice Builder site now and see how proven marketing approaches can grow your business, guaranteed!

Strategic Partnerships (Part One of a Three Part Series)

Improving the Profitability of Your Professional Alliances

If you think this is another article on networking, think again. Networking is a tired term conjuring images of business luncheons and industry conferences where attendees weave in and out of conversations, exchanging business cards as they go. Strategic partnering, however, is a new breed of networking that’s more powerful and focused than anything you may have tried before.

WHAT is a strategic partnership?
Also called “natural business relationships,” strategic partners are business professionals who share your target market but do not offer competitive services. They are individuals with whom you can share ideas, advice, and yes, referrals. But more than that they literally become a work force that buoys your business, enabling you to labor more efficiently and enjoy great profitability.

One obvious choice for a strategic partner for an accountant is a payroll service. Our firm, like many others, will not do payroll; it’s too demanding, and its margins are low. Because of that we refer our clients to a local payroll service provider. In doing so we establish a strategic partnership wherein the payroll service is also willing to refer their clients to us. They have hundreds of clients and are constantly seeking new companies to work with, to the tune of 3-4 new clients per week per sales rep. In order to tap into their client base we provide a free one-day accounting seminar for their existing and prospective clients. They promote it as a special benefit for enlisting their services, and we secure the opportunity to promote our accounting services to them. It’s a win-win opportunity.

WHO makes a good strategic partner?
Strategic partnerships are scalable, meaning that depending on the size of your practice, you must pick professionals who are compatible with your business size and type. Occupations that correspond well with accounting include loan officers, checking representatives, financial planners, insurance representatives, lawyers, etc. If you were the CEO of a large accounting firm then you would try to connect with leaders of organizations that complement your business’s size and prestige. If you are a contract accountant with a handful of clients then you would look to other small business owners or employees of like organizations.

In order to be successful, these strategic partnerships must be symbiotic, meaning they are beneficial to both parties. Before approaching a potential partner ask yourself the following three questions:

1. What will they get from the relationship?
2. What will you get from the relationship?
3. Are they the type of individual who will provide referrals?

There is no use wasting your time on individuals who are not interested in participating in this type of relationship. While it does not require an abundance of time and energy, it does involve the commitment to meet regularly and help one another. These questions will enable you to screen those who may not be ready for this type of collaborative effort.

What will they get from the relationship?
We have heard many accountants complain that some markets are unbreakable; a close-knit group of professionals already exists in their community and they refuse to open their circle to a rookie. Having something valuable to contribute can be the secret to gaining entry to these elite groups. When you can provide their clients with something valuable that will reflect positively back on them they will be more likely to not only refer their clients, but provide you with ringing endorsements.

Before meeting with potential partners you must know beforehand what you can offer them. Consider introductory services you could provide their clients at no cost: QuickBooks seminars, tax consultations, or business assessments. All of these would benefit their clients while exposing them to your professional expertise.

What will you get from the relationship?
You should know, specifically, what you are looking for in return. Do you just want a list of referrals or would you prefer a glowing, personal endorsement from the potential partner? Consider the level of commitment you are looking for before making any arrangements. Be willing to press the potential partner for their contribution to this relationship and walk away if it doesn’t prove beneficial; only when both are willing to give will the strategic partnership work as intended.

Are they the type of individual who will provide referrals?
Business professionals come in all shapes and sizes. There are some who would find a strategic partnership to be an amazing opportunity while others might appear enthusiastic and not follow through. We suggest that if you haven’t received any referrals after 90 days you move on to another potential partner.

Return next week when we will talk about WHEN, WHERE, WHY, and HOW you can go about building these strategic partnerships.

Universal Accounting Center Can Help You Promote Your Practice

Building strategic partnerships is one way to grow your business by increasing your clientele with referrals. In fact this is something we teach you about in our Universal Practice Builder Program, designed to train you how to promote your accounting practice. In fact, for over 25 years we’ve taught professionals like you how to grow their businesses and market their services to those who need them most. Come learn more about our Universal Practice Builder Program - what we like to call Marketing on Steroids. Here’s just a sampling of what you will gain from enrolling in this phenomenal program:

A guarantee of $30,000 in new annualized billings in only 12 months

1. 12 marketing strategies that you can implement immediately
2. A process which can produce 15 to 25 qualified leads per month
3. 3 months of coaching via telephone and Internet
4. Training on a computerized database tracking program
5. A presentation DVD to show potential clients

Sound interesting? We’re confident that you’ll find it more than just interesting but profitable as well.

Whether your business is new, seasoned, or just a dream in your head, the Universal Practice Builder Program can help. And if you enroll now, you will also get Financing a Small Business, a 126-page manual packed with clear-cut instructions and terrific resource materials that will make creating a loan application package easy. It even includes a sample loan package that you can use as a model. This book is a must-read for business owners interested in financing options, or accountants that will be in a position to give financial advice.

If your business isn’t growing, it’s either idling or dwindling. Take advantage of this amazing package deal to ensure it’s on the path to profitability. It won’t be long before you and your family start reaping the benefits. Order 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

Have You Lost That Fire?

Staying Motivated after Achieving Success

People often say that motivation doesn’t last. Well, neither does bathing - that’s why we recommend it daily. - Zig Ziglar

People who are unable to motivate themselves must be content with mediocrity, no matter how impressive their other talents. - Andrew Carnegie

Be miserable. Or motivate yourself. Whatever has to be done, it’s always your choice. - Wayne Dyer

Remember the days when the thought of owning and operating your own business was exciting and new? Now that you’ve actually accomplished that goal and have enjoyed a certain measure of success, you may find yourself feeling less and less inspired as the days go on. Whether you call it job burnout or just plain boredom you need to address this issue before it gets out of hand. There are ways to regain your motivation and feel excited about your business, and once again look forward to working for yourself everyday. Here are five ways to reignite that fire:

1. Don’t wait for inspiration to find you
Motivational speaker Jim Rohn said, “The best motivating is self-motivating. The guy says, ‘I wish someone would come by and turn me on.’ What if they don’t show up? You’ve got to have a better plan for your life.”

It’s important that you find your inspiration. What gets you excited? It’s good to look for books and tapes that could help you maintain a certain level of motivation. And remember that quote about bathing? You need to dedicate time for self-motivation every day. Even if it’s simply looking for quotes like the ones above; be proactive and find your motivation.

2. Set goals
You may be feeling a little disinterested because you’ve already achieved a fairly large goal: you’ve opened your own accounting practice. But what next? If you don’t set new and challenging goals you’ll find yourself losing steam and then finally the drive to do your best. Remember the question above: What excites you? If it’s no longer owning and operating your own accounting practice consider growing your accounting practice so that you become a premier firm with 20 or so employees. Or maybe you’d like to expand your business by offering more services like financial consulting or tax preparation and planning. Or perhaps you’d like to make enough money so that you enjoy a more flexible work schedule and spend more time with your family. Think long and hard about which goals you can be passionate about.

3. Enjoy yourself
You may not be feeling motivated because you’ve worked yourself too hard; perhaps you’re experiencing burnout. If you don’t take the time to enjoy the fruits of your labors, you’re on a fast track to MediocreVille. Planning for a big payoff, like a dream vacation, a new home, a flat-screen TV or whatever gets you excited, may be what it takes to motivate you in a more balanced way.

4. Network
Working all by your lonesome can get old after awhile. Allowing yourself to get out and rub shoulders with other financial professionals can not only help motivate you but improve your business. As you talk with others you’ll find that you get new ideas on how to better manage your business, attract clients, and problem-solve. It will also be refreshing to enjoy the socialization networking provides.

5. Ride the wave
Once you begin to feel that motivation again, ride the wave. That excitement for your work can ebb and flow, so when you feel a swell, jump on and ride it through. You’ll find you’ll accomplish a lot more in less time.

Master Coaching

Don’t panic just because you’ve lost your motivation; you can easily find it if you take a few simple steps. You may be surprised just how soon you feel that flood of excitement wash over you again. And if still need some help, Universal Accounting Center offers a special service designed to help you set and achieve motivational goals. Our Master Coaching includes 12 weekly coaching sessions with a dedicated coach to set goals, make assignments and hold you accountable for implementing the program. After the initial 12 weekly sessions, the coach will conduct nine follow-up monthly sessions. Imagine having your own personal small business coach to help you accomplish your goals and motivate you when you may not be able to motivate yourself. To learn more about Master Coaching visit the Universal Accounting Center website. For information on ordering this service, click here.

5 Self Management Tips:

How the Self-Employed Stay that Way

Remember when you worked in a traditional environment where disgruntled employees would grumble about the boss around the water cooler? Not that complaining about management practices ever did any good, but it sure made you feel better! Unfortunately, now that you’re the boss, you need to be more proactive in changing poor management practices. That often means taking a long, hard look at yourself to see what must be changed in order to improve your business, and that can be difficult. How do you get started? Here are 5 self-management tips that will help you avoid common pitfalls and become truly successful.

1. Hire help when you’re outgrown your capabilities.

It sounds crazy, but a small business can spiral out of control when the owner gets more clients than he/she can handle. Some insist on managing all the work by themselves, even if it exceeds their capabilities. They work long hours and burn themselves out. Don’t run yourself ragged because you’re afraid that hiring help will cut too much from your profits. Remember, you’ve got to spend money to make money, and often that money is best spent on payroll. When you hire good help, you sacrifice a small percentage of profits in order to add more clients to your roster, growing your business and increasing your income.

2. Take the time to sit back and reflex on lessons your business has taught you.

You will learn a lot from your successes and even more from your failures. Small business owners often become so busy they forget that everyday their business is teaching them how to become more successful. As the manager of your business you need to schedule weekly time to reflect on what is and isn’t working. Examine both the high and the low points, and make necessary changes to your management approach. Most importantly, look at your failures and ask what they’re trying to teach you. Continual reflection on your business practices and how you could better them is what will separate your business from those that fail. In fact, this one tip alone could prevent countless businesses from collapse.

3. Find a mentor and learn without making mistakes.

While learning from your own mistakes is a good thing, it’s even better when you can learn without them. Look for a mentor, someone who has managed their own business successfully and enjoys the type of lifestyle you desire. Then ask if they would mind being an adviser. Generally people are happy to help if they believe they have some expertise to offer. Ask your mentor for advice, listen to their experiences, and share your own successes and failures in order to get feedback and guidance.

4. Allow employees and customers to teach you what is and isn’t working.

It can be uncomfortable to ask those you work with how you might improve your business. But an objective point of view is invaluable when it comes to developing strong management skills. And you’d be amazed at what employees and clients might say; they have insight to your business that you just don’t have and they may offer suggestions that would help your business become more profitable.

5. Be willing to change.

Improvement requires change. Most small businesses succeed because they are flexible and recognize the need to constantly revise their management approach. Don’t batter yourself over the flaws in your business; be grateful that you’ve discovered them in time to make the necessary changes. Don’t cringe when a client suggests you add new services or better your customer service; be grateful for the information that will enable you to improve your business. In the beginning of your business, change will be constant, but after a few years you’ll settle comfortably into rhythm that may still require change, but not as much of it.

Good management starts with you. The best managers are able to step back, take a good look at their management style, and ask how it can be improved. When you’re willing to change, change usually comes easily and with fewer struggles. Remember that it’s impossible for any startup to arise perfect from the dust. The best and most successful businesses, however, go through a continuous cycle of reflection and change. Mistakes and flaws are not devastating; they are great instructors. Listen to what they have to say and move forward.

Risk Of Loss of Client Records

A short time ago, I received a call from a past student who, since completing the course, has successfully been operating an accounting service for years and enjoying the fruits of his labor as a freelance accountant. The night before his call, he explained, his office had been broken into and his new state-of-the-art computers had been stolen. And, adding insult to injury, his backup diskettes had been taken as well. He was distraught, to say the least — not so much about the computers (they’re insurable), but all the information they included that would take months, if ever, to recreate.

Unfortunately there are many ways data can be lost: Theft, fire, natural disasters, disk crashes, oversight, just to name some of the more common ones. I hope that none of these will ever be your problem, but all of us are susceptible.

What Can You Do To Reduce Your Risk?

There are some data security precautions that every freelancing accountant should take:

Back up your hard drive on a regular basis

If possible, you should back up your hard drive on a weekly basis. This is particularly important for client files. One of the best ways to do this is to copy files to CD-R, or recordable CD-ROM media. If you have a CD recorder (and most computers that are purchased now have them), you can copy files to a CD-R quickly and easily. Newer versions of Windows operating system even have much of the software needed to burn files to CD-R built in now. CD-R disks are cheap and portable. If you have smaller amounts of data, you could use floppy disks, as older systems are sure to thave them, but you won’t get much information on a floppy disk.

Store your backup diskettes/CD’s off-site, or subscribe to an Internet storage provider

As with the example at the beginning of this article, if you make backups and they are stolen or destroyed by such things as fire, flood, or other natural disasters, they do you no good. You can take your backup media home with you if you do your work in an office (where appropriate), thus insuring that if something happens at the office, you have your backups in a seperate physical location. If you work out of your home, you can send backups by mail to someone that you trust that lives close enough to get the data in a crunch, but far away enough that if there is a natural disaster, they are unlikely to be affected if you are. In a corporate setting, where feasible, you could send your records to another office located out of state.

Be warned that especially in the case of floppy disks, they may not be 100% reliable, especially if stored for long periods of time or in storage conditions where temperatures vary drastically from hot to cold extreme. Heat can melt floppy disks, making them in most cases unusable. Also note that floppy disks are succeptible to magnetic fields, since data is stored on them as magnetic dots, so keep floppy disks away from things like electric motors, stereo speakers, and even some unshielded monitors or televisions. Because floppy disks are more volatile than CD-R or DVD writable media, use them for backup only if there is not another option and if you must use them, you must take extra precaution when storing and handling them.

An Internet storage provider is a service provided on the Internet where you can store data on a server located elsewhere. The upside to these services is that they are typically backed up in such a way that the risk of you losing data is very small. If you are going to use one of these services, however, if you have large amounts of data to backup, you must realize that the speed of your Internet connection will limit the speed with which you can do your backups. If you have a high-speed broadband connection or if you have relatively small amounts of data to back up, this may be an ideal solution. These providers will typically charge a monthly fee to store your data, so always balance this among the pros and cons of this type of backup solution.

“Hard Copy” Backups

While much to-do has been said about the “paperless office”, the reality is that many companies that produce printer consumables such as paper and ink/toner have seen steady increase in sales, despite so many records being stored on a computer. One reason why this is that when you print out reports and such, there is some confidence in having something tangible that you can look at without the assistance of a computer. I doubt that you have ever heard of a book “crashing”. While paper records cost money in ink and other printer consumables and can take a lot of space to store, it may still be one of the more dependable backup methods out there.

Print out a hard copy of Financial Statements each month, and a complete General Ledger every six months and store them in a binder. This will become particularly valuable in future years if your accounting program changes.

How Long Should I Store Client Data?

You must store client data for at least 7 years (the statute of limitations for business materials). After that, your client data is actually a liability to them to have it stored. Why? If records older than that exists, it could actually work to a client’s disadvantage if they are ever subpoenaed for a court case. Those records could be used against them. If destroyed, they could be admissible in court or as part of an investigation. Before destroying client documents, you will want to sit down with them and weigh the pros and cons of storing them beyond the 7 year limit. Some business owners may want to keep the records for archival purposes (and some of us just can’t bear to throw things away). It is the business owner’s decision whether to keep records beyond the 7 year limit. Just make sure that they understand what their risk is if they do.

Privacy Concerns

Whatever method of backing up your client data that you choose, you must be sure that not only is it available in case you lose data, but you must be sure that it is kept private. Most business owners take privacy very seriously, from their business plans, to their contact database, to their financial records. Their competitors would likely love to have access to their financials and other records. One of your chief responsibilities that you have to your clients is to keep this kind of information out of the hands of unauthorized people. If a client’s data makes its way into the hands of those that could use that data to do the company harm, at very least, you will have lost a client.

These privacy concerns extend to your own business’ data as well. Just make sure that you take as good of care of your own business data as you do your clients’. Nobody ought to know better than an Accountant or Bookkeeper just how important that a company’s financial data is to their very survival as a business.

Where possible, computers containing client information should be password-protected. This helps casual users from having access to these records, but they should not be relied upon exclusively. Computer passwords can be broken by those with the knowledge to do so.

Computers should be be in a locked room up when not in use where possible. If you have taken precautions to make backups, but someone steals the computer itself, they now have your data. Where you may not have insurance to cover these kinds of losses, you may also lose you way of earning a living if computer equipment is stolen.

Conclusion

Your client data is entrusted to you to keep it safe, accurate, and private. While it is a liability that you bear, it is one that is managable if you take proper precautions. If you provide proper backups and have taken care of both passwords and physical security, you will eliminate much of the potential problems that could result from loss of your client data. You may want to point out to clients measures that you have taken to keep their data secure, once you have your information strategy in place. Showing your clients that their data is as important to you as it is to them will help build confidence in them. You will be seen as knowledgeable and proactive in your approach to keeping them protected.

Get More Tips On Running Your Accounting Service

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.

Have You Watched the Game Films?

Like a Football Coach Getting Ready for the Big Game - You Better Know Your Competition

Even if they don’t know you. You have to know your competition.

During the week, as the players on the field practice, the coach sits in the office, watching film from his next opponent’s previous game. He wants to know as much as he can about their strengths and weaknesses, when he can rush the quarterback and how good their defensive is. The coach needs to prepare for the “big game” as much as the players do.

The preparation the coach and the team do before the game often allows the underdog to win the big game. You’ll find the same holds true in your professional tax preparation business.

How to Learn More About Your Competition?

There are a lot of ways to find out more about your competitors. Let me share with you a few of them.

• Become one of their customers: Get a first-hand look at how they treat their customers and the types of services they offer. By becoming a customer, you’ll actually see how well they keep their promises and follow through. As you interact with your own clients, this becomes valuable information that is difficult to obtain any other way.
• Call and request information: If you don’t want to become a customer, you can call and request information as a potential customer. Find out how professional or amateurish they seem. If they produce any literature about their service or willingly offer pricing information over the phone or through the mail, this is great information to have. It helps you get a handle on how to position yourself as you prepare your pricing and literature. (But remember, many companies have caller-ID, so you might not want to call from your business phone.)
  
  
• Search their Web site: If they have a presence on the web, become familiar with what they say to their customers. You need to know their sales message as well as you know your own. If they offer a newsletter or other e-mail correspondence, sign-up. It’s a great way to find out what they are saying.
• Study the Yellow Pages: You may not find specific information about your competitors there, but you can get a handle on who your competitors are. It might surprise you to find that there aren’t as many as you think. Don’t overlook the Yellow Pages.
• Talk to current customers: Conduct a survey or send out a questionnaire to learn more about your competition. Most people welcome the opportunity to express what they like and don’t like. It’s human nature to want to offer help. Ask for it… and you’ll find people willing to offer advice and information all over the place.

“Knowledge Is the Fountain From Which Creativity Springs”
-Jay Conrad Levinson

Knowledge gives you power. With it, you get power to compete with other small businesses like your tax practice (and the big franchises too). By promoting your strengths and exploiting their weaknesses, your practice grows and generates the income and lifestyle you and your family deserve.