Here’s a short quiz I don�t think you�ll have difficulty completing:

1. All things being equal, would you rather earn $45/hour or $55/hour doing accounting for a business?
2. All things being equal, would you rather have a $250/month clients or a $400/month client?

These questions may appear to take the record for the all-time dumbest questions ever asked. But, when you are working for yourself, sometimes these are questions that beg asking � It’s a question of economics.

You might recall from your high school economics class that supply and demand drive the pricing structure of the free world. The most obvious contemporary example is the computer industry where competition has been driving the prices of computer hardware down every year. As more computer manufacturers have entered the playing field the supply has increased beyond demand, and prices have fallen, and fallen, and fallen even further.

This principle can work for or against any business — even accountants. When we specialize in providing accounting for industries where there’s high demand, but limited competition, we can find clients more readily and charge a higher fee for our services. This is putting the law of supply and demand in our favor.

Why will some businesses pay more for bookkeeping than others?

The business world is “information hungry.” Managers/Owners want the latest information on the economy, their industry, and most particularly their business — and they want it now.

Fifty years ago a business owner might have been the only ‘game’ in town. They might have been the only hospital, car dealer, or dentist. Not anymore. With competition being what it is, business management needs to keep on top of their business more so now than ever before. If they’re not watching their business, they may not have a business to watch.

That’s certainly where the accountant comes in. Through a well-designed information system, uniquely fit to their business, the accountant can give management the information they want and need when they want it.

THE KEY IS TO FIT THE SYSTEM TO THE BUSINESS. To meet their needs we must understand their business and fit the accounting system accordingly. A contractor, for instance, driving a pickup truck with papers stashed and stuck everywhere imaginable, needs to have a different system in place, than does the local hairdresser. An automobile dealership needs to have a system that will track each car separately for both control and flooring (inventory finance) purposes.

Now, I know what you�re thinking: “Don’t all businesses use debits and credits alike?” The answer is “yes” and “no.” It’s true that debits are on the left, and credits on the right. But each business has different types of transactions and different accounts to follow. For instance, the automotive business has three accounts that are somewhat unique to that industry. Namely, Flooring Payable, Contracts in Transit, and Bank Reserve accounts.

The construction industry, particularly builders and developers, work with Jobs in Progress and Progress Billings. Manufacturing businesses must have a system in place that will track progress of raw materials and labor through to the finished product so that the owners can establish their cost per unit.

Since the universities and colleges don�t teach these small business concepts, the opportunities are great for the accountant knowledgeable about these areas . To confirm this, next time you talk with an accounting graduate ask them how ‘Flooring Payable,’ ‘Contracts in Transit,’ and ‘Bank Reserve Account’ are used. Chances are very good that they won’t have a clue.

Now, before you get critical of their training or capability remember that the colleges are grooming them for the Fortune 500 companies, not the used car dealer. All these concepts I’ve mentioned in this article are small business issues for businesses typically employing less than 100 employees.

We recognized the value of these concepts years ago, so our course, covers all types of businesses including those that I’ve mentioned above. And the course is suitable for the beginning accountant and for the college graduate. You will even have an opportunity to do the books for these businesses and practice them for yourself before working on the real thing. You’ll find more information on our complete accounting course under Accounting Made Easy.

Well, should you specialize in a higher demand industry?

That depends on your answer to these two questions. Do you want to make more money? Do you have the knowledge to work with these businesses? If your answer to both these last two questions is “yes” then you might want to consider answering “yes” to the first question, as well.

Smaller is better. At least two surveys over the past two years show that the Big Four accounting firms are losing clients. Some of them are dropping clients by choice, but many of their clients are leaving the big firms in search of a more personalized service and lower prices.

This is great news for you. Although the Big Four accounting firms aren’t servicing the small businesses that you and I talk about, smaller and mid-sized CPA firms service both corporate and small business clients. As large corporations do more and more business with smaller CPA firms, this provides an excellent opportunity for Small Business Bookkeepers and Accountants to service the businesses that the CPA firms are leaving in favor of doing larger corporate accounting.

Small Business Accounting is Where it’s At

85% of the opportunities that exist in bookkeeping and accounting exist in small businesses. A few weeks ago, we talked about the 550,000 new small businesses that open each month in the United States.

Not only is the opportunity great, but small business accounting is the most exciting.

As a small business bookkeeper/accountant you’ll be a big part of the profitability of the small businesses that you work with. From payables to receivables, even payroll, the small business bookkeeper/accountant is a business owner’s profit expert.

Small Business Accounting Expertise - It’s Achievable, Profitable and Easy

Universal Accounting Center has been teaching small business accounting since 1979. That’s over 25 years.

Universal does what others can’t. College and university accounting graduates are more interested in finance, analysis and corporate accounting… and most university programs don’t spend any time teaching the intricacies of small business accounting.

It takes a small business expert to teach small business accounting. As a small business accountant, you’ll need to know about many different kinds of businesses. From flower shops to bicycle shops. Bakeries to Construction companies. Universal Accounting understands the needs of small businesses.

Businesses Need What You Have to Offer

Most accounting software packages are sold as if the business owner doesn’t need to know anything about accounting to do the books. While this may be true of data input, it’s not true for understanding what the accounting system is telling him or her via the numbers. It takes a skilled bookkeeper/accountant to do that.

The accounting process is critical to the success of any small business. The small business bookkeeper/accountant provides the important interpretation of the numbers that allows the business owner to make informed decisions concerning the financial health of his or her business.

Become the Small Business Profit Expert and Be Well Paid

Most freelance small business bookkeepers earn an average of $300 per month per client. When you first start working with a new business, it might take you 8-10 hours per client week to do the books each month. But over time that hourly commitment will drop. Even at 8-10 hours a week for each client, at the end of the month you’ve just grossed $6000. That’s a minimum of $30 per hour.

Of course some clients will bill more… some less. Part of what you’ll learn with Universal Accounting is an easy and practical way to know what to bill for your services. You’ll learn how to set-up your business. You’ll learn how to find and keep clients. You’ll become a profit expert.

Now is the Time

I know you’ve heard this before. There are many out there telling you the same thing. Let me show you why the Professional Bookkeeper Program is different. As the regulations that face small businesses continue to become more and more complicated and the number of new businesses each month continues to grow, the need for qualified small business accounting experts has never been greater. In fact, the Bureau of Labor Statistics says that this trend will continue for the foreseeable future.

If you want to earn what you’re worth and create the lifestyle that you and your family deserve, owning a small business bookkeeping and accounting practice is the perfect solution. Discovering for yourself how profitable and attainable this will be for you is only a couple more mouse clicks away. Click on the link below and find out why so many people just like you and me are starting their own small business bookkeeping and accounting practice.

Click Here and Discover How Achievable, Profitable and Easy Starting a Small Business Bookkeeping and Accounting Practice Will Be

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.

Public Speaking: How to Make an Impact

(Part Two of a Two-Part Series)

Last week we talked about how you can use public speaking as a powerful marketing tool. Unfortunately many people are terrified of public speaking. In fact, a large number are more afraid of public speaking than they are of death. Jerry Seinfeld once joked that when attending a funeral most would choose to be in the coffin rather than giving the eulogy. While it can definitely be a little intimidating to speak in front of a large group of people, it’s worth the free publicity. And sometimes just knowing how to prepare for a public event can put your mind at ease and make the task more approachable. Here are seven things to consider when preparing for your speech:

1. Know your audience
Regardless of the topic you choose, you should know a bit about your audience in order to cater the message to their interests and needs. When you discuss something that applies to their current situation and is useful, they’ll see that as a representation of your expertise and professional value; they will remember that when looking for an accountant.

2. Practice your delivery
Practice makes perfect, right? It can also calm your nerves to know you’ve practiced the speech before going public. And going through your speech will help you recognize problem spots that either don’t make sense or are difficult to say aloud. If possible, practice in front of a safe audience of family and/or friends who can give you feedback on your delivery.

3. Manage your nerves
First you must determine what you’re really afraid of. When it comes to public speaking most people are more afraid of the public than they are of the speaking. There are some who equate public speaking with performing while it’s really just a form of communication; if you find yourself experiencing performance-anxiety, changing your perspective may be all it takes. Again, practicing can help calm your nerves, as can visiting the event locale, getting enough rest before the event, and doing some deep breathing exercises before you deliver your speech.

4. Win ‘em over
Studies show that you generally have three minutes to win over your audience. It takes that much time for them to size you up and determine whether or not you’re worth listening to. That’s why you must pay special attention to those first few minutes of your speech. Are they engaging? Applicable? Humorous? Or perhaps, poignant?

5. Involve the audience
Some are afraid to ask the audience questions because they expect no response. The truth is, people like to talk. They appreciate the opportunity to contribute and share their two-cents. And the more you involve them, the more invested they’ll be in your presentation.

6. Make eye-contact
Whatever you do, don’t read from a stack of note cards without looking up to connect with your audience. If possible, it’s also good to move around a little bit, although avoid pacing back and forth; that will make everyone nervous.

7. Be Yourself
The most important thing is for you to be yourself. Relax, be personable and don’t do anything that feels uncomfortable or unnatural. You’ll find that this one tip, in and of itself, will help the audience warm up to you more than any other.

Once you give a speech or two you’ll find that it’s not as frightening as it once was. In fact, you may surprise yourself and discover that you actually like it. Either way, you’ll promote your business by leaving a powerful impression. And all this for free!

You Can Semi-Retire in 12 Months or Less

How can I say that? It’s easy, I’ve seen it happen. People just like you and me who started a professional bookkeeping and tax practice 12 months ago are semi-retired. What did they do and how did they do it?

First, let’s talk about what I mean when I say semi-retired. How would you like to work half time or less and make the same amount of income you make now? Literally hundreds of graduates of the Professional Bookkeeper Program are doing that right now. In fact, some are working half time and making a more than they did before… a lot more.

Anyone who starts a business will tell you that it takes work, patience and a willingness to do a little selling. Allen Bostrom, President of Universal Accounting, in his book In the Black: Nine Principles to Make Your Business Profitable says, “Nothing happens until you make a sale.”

Do I Really Have to Be a Salesman?

No. You don’t have to become a salesman, but you do have to understand how to find potential clients and show them why you are the best qualified to make their business more profitable. Once they see the benefits in hiring you, it will be an easy sale. It’s not as hard as you think? There are a lot of really simple and effective ways to market your bookkeeping and accounting practice that you can put into effect right away without any background in sales.

Universal Accounting provides some time-tested marketing methods within the Professional Bookkeeper Program that enable people who don’t consider themselves to be marketers to reap fantastic results. “Marketing” is simply the process of getting the word out about the benefits that your business provides.

Successful People Do What Other Successful People Do

If I wanted to be a professional baseball player, I’d do what professional baseball players do. I’d practice like they did, hang-out where they hang-out and do just what they did. I’d create a model of success from watching them and duplicate it in my own situation. Marketing is no different.

You don’t really have to be a genius to be a good marketer. You just have to be persistent. Look at what has been successful for others and duplicate it into your own life.

What Do I Do When It Doesn’t Seem to Work?

You might be saying to yourself, “What if the marketing methods you suggest don’t work? I don’t want to fail.”

Many of the folks who are now retired asked that same question. Let me share with you what they found out as they put these simple marketing principles into action. An early retirement or semi-retirement is very doable. Click HERE and read more about how others have semi-retired in as little as 12 months.

How To Guarantee that Your Skills Will Turn Into a Great Income

1) First of all… don’t give up.

To be successful in marketing your business and services you need to be persistent.

Remember the story of the tortoise and the hare? Victory doesn’t go to the swift, it goes to the persistent. Slow and steady wins the race.

The difference between reaping the rewards of your marketing efforts and having nothing to reap is not your ability to sell or create great advertising, but your unwillingness to give up. Marketing is a numbers game. If you do the right things for the right amount of time, you’re efforts will produce the right results.

2) Follow a Time-Proven Formula

Follow the system that leads to success and you will find success. The marketing methods taught in the Professional Bookkeeper Program are tested and proven. If you follow the steps outlined by Universal Accounting, you will find and keep clients.

How do I know this? I have seen it happen. You don’t even have to take my word for it. There are literally thousands of people all over the country just like you and me who have found the personal and professional success that they were looking for by following the simple steps outlined by the Professional Bookkeeper Program. It’s that easy.

3) Don’t Become a Focus Group of 1

I’m sure you know people who judge everything based upon what they would do or how they would respond. Don’t.

As you learn more about marketing, you might find that you personally wouldn’t respond positively to a particular campaign or program. That’s ok. That’s why they make chocolate and vanilla. Different things appeal to different people. The marketing strategies taught by Universal Accounting have been used successfully by many industries all over the world for many years. They work.

and 4) Remember Rule #1, Don’t Give Up!

Don’t shortchange your results by giving up too soon. I’m sure that there were two or three times that the tortoise thought to himself, “There’s no way I can beat the hare. He’s faster than I am. He’s too far ahead of me. I’m just too slow.”

Don’t let doubt get in the way of your success.

The Professional Bookkeeper Program: The Most Comprehensive Small Business Accounting Program on the Planet

There isn’t a more complete bookkeeping and accounting program anywhere. From A to Z you’ll learn everything you’ll need to know to do the books for any small business. Did I say any small business? That’s right any small business. It doesn’t matter if it’s the bicycle shop down the street or a construction company that has 100 employees, you’ll be prepared.

But that’s not all. Let’s mention some of the things you’ll get from Universal that nobody else even offers.

• 6 months of Support. If you have any questions, we’re just a phone call away, with all the expert help and support you’d ever need.
• 6 months of Marketing Support. As you grow your business you’ll have the same kind of resources for your own marketing efforts that larger corporations with an entire marketing department draw upon.
• You’ll utilize the experience of some of the most savvy marketers in the business, people with years of experience in the field. Universal’s training is unique. We wouldn’t feel good about teaching you how to become a professional bookkeeper or accountant and not show you how to find clients too.

You owe it to yourself to look into this wonderful opportunity to create the kind of personal and professional success that you deserve. There has never been a better time. Small businesses all over the country are looking for what you have to offer. All you have to do is click on the link below and find out more about the exciting and rewarding business of professional bookkeeping and accounting.

A Great Deal On the Most Complete Small-Business Accounting Training Available Anywhere!

Having a solid understanding of the Accounting and Bookkeeping methods and procedures is a great first step in learning the concepts behind Financial Business Analysis. You will learn to do books for small to mid-sized companies and how to analyze the books to prepare reports. You will learn to interpret reports so that you can advise your clients how to reduce costs and to better understand their financial standing and profitability. Your clients will look to you as an invaluable source of information about the financial health of their organization.

How to Achieve a Win-Win Situation

As a self-employed accountant/bookkeeper you’ll encounter many situations where you must negotiate a favorable outcome for your small business. These may be large or small deals and could occur with suppliers, vendors, clients, and other businesses. In order to be a successful negotiator you must know how to gain a resolution that both parties can benefit from. Achieving a win-win situation. Selling yourself short or taking too much from the negotiating party can be damaging long-term. Here are a few things to remember the next time you find yourself planning a negotiation.

Know what you want
First you must know what you want. The majority of contract disputes and falling out of business relationships is because of one party not clearly defining what they want from the situation. Many negotiations fail in the first place because one or both parties did not determine beforehand what their objectives where. It’s difficult to hit the mark when you’re not even sure what your own target is. Don’t be too vague (“a favorable outcome”) and don’t be too rigid (“X amount or nothing”). Negotiation is all about modifying terms so that both parties can feel satisfied with the deal.

Come to the negotiation with different options
Negotiation requires flexibility. Come to the negotiation with different options in order to illustrate your willingness to achieve a favorable outcome for both of you. Perhaps you’ll be asked to lower your fee in order to get a larger company as a client. Don’t lock yourself into a situation where you’re not getting paid what you’re worth, but recognize that you can agree to a lower fee in the beginning which will increase at a predetermined time. Remember, build within your monthly fees a way you can give a “discount” without you having to work for free.

Leave room to bargain
Be sure that you’ve determined a bottom line, or what you must see happen in order to accomplish your purposes, and then aim high. Seasoned negotiators recognize that they must aim high in order to get what they want. Determine your bottom line and pad it. If your initial offer is your bottom line you’ve left no bargaining room. Ask for more than what you expect to get and realize that the party you’re negotiating with is doing the same thing. But there’s a fine line between insulting the party by asking too much and low-balling yourself by asking too little.

Pick a good time to negotiate
Often timing is everything. Be sure you’ve scheduled your meeting at a favorable time. If the party you’re negotiating with has a crucial meeting just one hour after yours, ask if you can reschedule a time where you won’t be pressured to end the meeting too quickly. Avoid times that are stressful or emotionally-charged. For example, you don’t want to negotiate a deal if you know the company is experiencing crunch-time and will be unable to truly focus on what you’re proposing.

Get to know the party you’re negotiating with
It’s important to not only know what you want but why you want it. You’ll probably be asked to express your objectives and why they are important to you. It’s equally important that you get the same information from the negotiating party. You should know them and understand their motives and objectives. When you know these things, you’ll be able to work a deal that’s favorable for them while being profitable for you. Don’t be afraid of getting into the details of the deal and numbering for the other party all that they would receive in contracting with you for their accounting services.

Don’t be intimidated
Small business owners are often intimidated when they first begin negotiating, especially if it’s with a larger business. You must recognize what you bring to the table. If you can’t articulate how you can benefit the party you’re negotiating with, you won’t be able to stand a firm negotiating ground, and chances are you’ll give in too soon. Stand firm and be willing to walk away if the deal promises to impair your business in the end.

Keep emotions in check
Negotiations are by nature emotionally charged. Often there’s a lot to gain or loose in a negotiation, and meetings can become heated. While that’s not necessarily a bad thing, you must keep emotions in check so you don’t loose control. You also don’t want your emotions to hinder your ability to secure a favorable outcome. Keep in mind to take nothing personal. By asking for a lower monthly fee, the company is not saying you aren’t worth it, but perhaps that is what they hope you will do.

Be patient
Good negotiations can require a series of meetings, phone calls, and email exchanges, so don’t feel pressured to reach an agreement after just one appointment. And sometimes it’s necessary to take a break and evaluate what has already been presented. Don’t feel pressured to end a negotiation too soon; often that means you’re getting the short end of the stick. Holding firm and allowing the negotiation to carry out a bit will demonstrate just how serious you are.

Don’t give away the house to get the welcoming rug. You came into the negotiation process with no deal… the worst that can happen is that you come out of it with no deal. Keep the perspective that is needed to build your business long term and don’t shortchange yourself if what is currently on the table is unacceptable to your profitability.

Negotiations are sometimes a frightening but necessary part of business. Don’t let the fear paralyze you. As long as you take these steps and follow your instincts, you’ll find yourself securing more and more favorable negotiations. Practice makes perfect and you have to start somewhere. Happy Negotiating!

Ready to take the next step in the process you’ve started in the Accounting Profession? Take this opportunity to learn more about the accounting training that will make the difference in your and your loved ones lives. You can make what you have pictured yourself achieving in accounting a reality with the proper training. Take a moment and familiarize how Universal Accounting can help you to achieve your goals!

Want To Move From The Home Office?

Take Our Quiz to See if You’re Ready for a Commercial Office Space

Scott Irvins, UAC graduate, worked from home for ten years before moving to a commercial office space. Some freelance accountants, like Scott, find working from home productive; they can get a lot done while avoiding the rental expense of a commercial environment. But not everyone thrives in a home office space. Do you think you’re ready to move away from home? Take our quiz to find out.

Are you easily distracted at home?
Some find that there are too many interruptions when working from home. From the TV, to the refrigerator, to the telephone, to the family, to home emergencies – sometimes it can seem like the day is filled with more distraction than work. If that’s the case you need to look at the pros and cons of a home office and a commercial office space and see which comes out on top. If you find that you’re not doing much work from home, you should consider alternatives. Of course, don’t forget anticipated expenses. Will the increased productivity you expect in working from an office space pay the rent?

Is your business growing?
Sometimes a business literally outgrows the spare bedroom in which it was founded. If you find that you have more clients than you can keep track of in your home office space or if lack of space hinders your productivity, it may be time to move your business away from home.

Would your clients appreciate a more professional environment?
Chances are you hold regular meetings with clients in your home office space. Is your office space up to professional par? Unfortunately, an unprofessional work environment can reflect back on your accounting skills. You want to project a professional image in everything you do, from your balance sheets to your filing system, and when clients have to step over stacks of paperwork to find a seat, they may second-guess how you’re managing their finances. If you think moving to a commercial office space would give you a professional makeover, it’s worth considering.

Are you thinking about hiring help?
There are many factors to consider when inviting someone to work from your home. It may be awkward to invite a stranger to commune with your family; it can also be uncomfortable for neighbors who don’t like the idea of you generating even more traffic into the neighborhood. If you find that your business has grown to the point where you need help, you also might consider finding the space to accommodate those employees.

Will projected revenues support the move?
If you’ve decided that a move is in your immediate future, you also need to run the numbers to see if projected revenues will support that move. Remember that rent is not the only expense to consider. Insurance, gas for the commute, loss of the home-office tax deduction, should all factor into the equation.

Do you need a clear boundary to separate home and family life?
Some start working from home because they feel it will give them the flexibility to spend more time with their families. The problem is that it’s difficult for some individuals to set a clear boundary between their professional and personal lives. When you rent a commercial office space it becomes much easier to distinguish between the two while retaining a more flexible work schedule.

If you answered “yes” to two or more of the above questions, chances are you should seriously consider renting a commercial office space. Most importantly, ask yourself these two questions: Do you want your own office space? And can your income support the costs? If you answer “yes” to these two questions, than you need to go hunting for office space.

Join us next week when we discuss “Meet Your Match: How to Find a Commercial Office Space for Your Business.”

Are you ready to take the next step in the process you have started in the accounting field? Are you tired of coming across those times when you know you could have done better if you just had the training in this or that aspect of the accounting, bookkeeping process? If only you had a way to learn how to market your accounting practice from an accountant who has been successful?

Be the Profit Expert Professional for Small Business! Don’t hesitate another day in getting the Accounting and Marketing Training that makes the difference. Click here to get more information on what you need to know about becoming the Profit Center Expert for small business accounting and tax!

6 Tips for Enjoying a More Lucrative Business

As a small business owner yourself and as an accountant who continually interacts with small business owners, you should always be on the lookout for ways to increase profits: your own and that of your clients. Doing so makes you a much more valuable accountant, not to mention, a much more profitable small business owner. What are some simple things you can do to accomplish that?

1. Remember the 80/20 rule

Also known as Pareto’s Law, this rule states that 80% of your business comes from 20% of your customers. Do you know which of your customers comprise that 20%? If not, it’s time you found out. You can then target them for special promotions and service offerings.

2. Getting that 20% to retain more services more frequently

Now that you know which clients comprised that valuable 20%, you must try to get them to use more of your services more frequently. In these newsletters we often return to the concept of geometric growth which means you expand your service offerings so that you are billing current clients more often. Geometric growth also enables you to attract new clients who might be interested in more than just your new services. This tip may require you to add complementary services to your menu, like QuickBooks consultations or tax preparation. But the effort would pay off in increased profits.

3. Determine what motivates the 80%

By focusing on the 20%, don’t forget there is still value in the 80%. Studies show that it’s better to spend your time retaining current clients than it is trying to find new ones. That 80% represents a client base that is familiar with your services and value as an accountant. Now you need to determine what motivates them and how you might be able to get them to join the 20% by retaining more of your services more frequently.

4. Ask clients what they want

No one can tell you how to best serve your clients than your clients themselves. What do they need? Are there other services they wish you offered? What might get them to more readily refer your services to friends and family? You may discover things that are difficult to hear. You may also get the most valuable business advice yet! These clients will definitely offer more personal and specific information than you could get from any other source.

5. Demonstrate gratitude

Nothing makes a client feel more valuable than by a genuine show of gratitude. This is also a good way to increase client retention and inspire loyalty in your clients. Whether you do this by giving them a modest gift (movie tickets, a gift certificate, or free lunch) or by thanking them personally for their business, it will be a gesture well remembered.

6. Show your face

You just can’t put a price tag on becoming a familiar face in the community. The more exposure you get the more free exposure your business gets. Ensure you’re aware of all the community events and, when possible, become a permanent fixture. Be especially aware of those that would afford you the opportunity to have a little booth from which you can distribute business cards and brochures about your services. Remember that everyone you meet is a potential client and may associate with hundreds of other potential clients. In this it becomes a numbers game. The more people you meet, the greater your potential for increasing your client base.

These six simple tips can help you take the necessary measures to increase your business’s profitability as well as the profitability of those small businesses you work for. Allen Bostrom, President and CEO of Universal Accounting Center, has a lot of experience helping small businesses do just that, and he’s written a book about it called In the Black: Nine Principles to Make Your Business Profitable. Practical and easy-to-apply, you can finish this book one day and begin implementing those principles the next. To learn more about this book and some of the principles he shares, visit his website today!

Keep Your Profits “All in the Family”

Make Your Bookkeeping and Accounting Business a Family Affair

I started in the warehouse and drove the delivery truck. I learned to work at the feet of my father. It wasn’t always easy, but he taught me to value customers and take pride in my work.

As my father and I swept the warehouse floor together I learned how important it is to do the job right, even if it was just sweeping the floor. And by washing the delivery truck every week, I learned to take pride in my appearance and how I presented myself. My father made sure I learned these important lessons when I was young.

Dad always said, “Son, there are givers and there are takers. Make sure you don’t become a taker.” I learned some important lessons sweeping that warehouse floor. Not the least of which was the requirement to “give” your best everyday. He was a tough task-master sometimes, but it was a valuable education that I couldn’t have found anyplace else.

I don’t work with him anymore, but the lessons I learned from him are with me everyday.

Universal Accounting Started as a Family Business

Alf Bostrom started Universal Accounting over 25 years ago as a means to help small businesses. He was widely known for helping ailing businesses get back on their feet financially by implementing sound accounting principles. His son, Allen Bostrom, President of Universal Accounting credits his father Alf, with teaching him the basics of sound financial management as a young man. He says, “I watched him, learned from him, and enjoyed how much business owners respected his advice. His example acted as a spring board for me as I have been able to learn from him and experience even more.”

Teach Your Children The Important Life Lessons as They Work With You

Whether or not your children stay in the accounting field, they will learn skills that will help them throughout their life. Understanding the accounting process is a valuable skill that anyone in business should know, but most people never learn.

Allen’s early exposure to bookkeeping consisted of inputting accounts receivables and payables into the ledgers for his Dad. This experience with bookkeeping didn’t involve a computer, and allowed him to learn the nuts-and-bolts of the accounting process. This provided a valuable education that most teenagers never get.

Hands-On Learning is Hands-Down the Best

The way Allen’s Dad taught him is the way we’ll teach you. The Professional Bookkeeper Program is unique in its hands-on teaching method. You’ll actually complete the full set of books for several different small businesses. You’ll do the books for a bakery, a motorcycle shop, a frame shop and a convenience store, just to name a few.

With the confidence you’ll gain from this unique method of hands-on learning, you’ll be able to approach any small business and be comfortable with your ability to provide a valuable service. And you’ll be able to earn a very profitable income too. I’ve not found another course that uses this method of instruction like Universal’s Professional Bookkeeper Program.

We’ve been teaching small business bookkeeping and accounting since 1979, that’s over 25 years. There’s not a more complete course on the nuts-and-bolts of small business bookkeeping anywhere. No wonder we’re called the small business accounting experts.

A Great Deal On the Most Complete Training Available Anywhere!

Having a solid understanding of Accounting and Bookkeeping methods and procedures is a great first step. You will learn to do books for small to mid-sized companies and how to analyze the books to prepare reports. You will learn to interpret reports so that you can advise your clients how to reduce costs. You’ll show them how to better understand their financial standing and profitability. Your clients will look to you as an invaluable source of information about the financial health of their organization. You’ll likely save them more than they pay you, so selling your services to them is easy.

The first step to one of the most rewarding and satisfying businesses available is only a few mouse clicks away. There has never been a better time to start your own professional accounting and tax business than right now.

Kick-Start the Year with 6 Practical Goals:

2008 New Year’s Resolutions

Always bear in mind that your own resolution to success is more important
than any other one thing. –Abraham Lincoln

About this time most of us feel obligated to make a few New Year’s resolutions. And while you may have your own resolution to loose a few pounds, cut credit card debt, or spend more quality time with your family, your business could probably use a few resolutions of its own. It’s difficult to increase your success if you don’t have a target to shoot for. Here are a few things that can help you create a list of realistic business goals for the New Year:

Organize all contact information
If you’re like most small business owners you have business cards, scraps of paper with contact information, and maybe even a notation or two in your planner of potential clients. They’re doing you no good scattered around; you need to gather them all together and organize them into a rolodex or electronic file that makes it easy to look up individuals and actually contact them!

Contact potential clients regularly
Now that you’ve organized all your contact information, it’s time to devise a plan for actually contacting these people. For some reason or other you thought they qualified as potential clients; now it’s time to give them the chance to request your services. Determine the method of contact you feel most comfortable with: phone calls, mailings, lunch appointments, gift calendars. You need to remind these people, without being pesky, that your services will enhance their lives. Once you’ve contacted them two or three times you can rotate them off your contact list. But the good news is that you should be able to find a few new clients this way, increasing your client base and your bottom line.

Backup your hard drive
While this is a boring resolution, it’s definitely something that you can check off in one day. Hopefully this is a task most of you perform regularly, but if you don’t, today is the day to start; don’t wait until your computer crashes to regret not performing this resolution. You have lots of crucial, financial information that clients expect you to manage. If you loose it, you also loose your credibility, and that can cost you more than you can imagine.

Increase your staff
When you think of this resolution, all you might see in your mind are dollar signs. But if you hire right, you can train an employee to perform monotonous accounting tasks for less than you charge your clients. This means that if you pay your employee $15/hour and you charge $40/hour to do those tedious jobs, you make a $30 profit each hour this employee works; now you can spend your time doing the more significant accounting tasks. And if you use a son or daughter to do this work, part of their salary is tax-deductible! The point is, if you can hire a reliable, efficient employee to help manage some of the easier tasks, you have more time to take on more clients. This enables you to grow your business.

Cut costs
We’re guessing you advise your clients on ways they can cut costs. It’s time you take a look at your own books to see if there are ways you can cut costs and save yourself some money. Regardless of how frugal and efficient you think you are, chances are there are ways you can cut some of your costs and channel that money into more productive channels.

Better manage client information
Whether it’s your filing system or the electronic method you use, you may want to find something that helps you better manage client information. Can you easily run reports that give you a birds-eye view of your clients’ finances? Do you have a quick method of accessing client information from multiple views? There are numerous software packages that attempt to make your job as an accountant easier. You may consider purchasing one that could help you. And because 80% of small businesses use Intuit’s QuickBooks Pro, that’s the software package we suggest.

UAC’s Guide to Quickbooks Pro
Universal Accounting Center (UAC) has a training program that 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, and add new services to your own practice, increasing your bottom line.

The retail cost of UAC training coupled with the QuickBooks Pro software is $485, but for a limited time you can get that for just $385. And if you already have the software, or are just interested in a trail version, it’ll just cost you $285. Don’t wait; order today!

Regardless of what resolutions you choose, it’s important to set goals for your business. If you don’t make plans to increase your success, you’ll be lucky to get by. Don’t wait until the end of January to take steps to improve your business. Regardless of how small, take steps to move your business forward today!