Accounting and Bookkeeping Articles

It’s easy to get sucked into all the negative talk about the recession.  But if you do, before you know it, you’ve prescribed to a new and pessimistic attitude that negatively impacts your management style and, quite possibly, your profitability.

While fear and worry may be all the rage right now, allowing those emotions to influence your business approach will only undermine your efforts.  If you continue to think negatively, you’ll find yourself battling a mental current that’s not conducive to financial success.  But how do you turn those negative thought patterns around?  Here are five tips in changing your attitude so that you can experience success amidst the economic recession.

1. Consider what’s working.

While your business may have been impacted by the recession, we’re guessing that you’ve learned a thing or two as well.  Look back on the last six months and ask yourself, what’s going well?  Have you acquired new clients?  Or perhaps you’ve learned new marketing approaches that work better in the current economy.  Maybe you’ve streamlined your budget so that you’re spending less money.

2. Examine your thoughts.

Have you prescribed to this fatalist mentality that the economy is sliding into oblivion?  If so, your daily and even hourly thoughts probably reflect that.  Consider how this must impact your decision-making process.  You may be more tentative about taking risks, growing your business, or contacting prospective clients.  Practice thinking more positive and uplifting thoughts.  Get into the habit of expecting good things to happen to you and your business.  You may be surprised how this step alone can turn your business around.

3. Avoid gloom and doom discussions.

It’s almost vogue to discuss just how bad the recession is.  Newscasts, radio programs, and even water cooler discussions seem propelled by these frenzied conversations about how our nation is on a fast-track to poverty and despair.  If you want to avoid the negative energy associated with these discussions, don’t participate.  You can leave, try to change the subject, or refuse to engage in derogatory conversations that will only point your business towards failure.

4. Consider the opportunities.

Some believe that the recession is only opportunity in disguise, that economic failure is the perfect springboard to small business success.  By exerting more energy and thinking out of the box, you can use this time to grow your business while your competitors lay low.  Adding new services, strengthening your marketing strategy, and streamlining your business processes can all enable you to become the premier accounting firm in your area, regardless of the recession.

5. Practice positive affirmations.

We know, we know.  Looking in the mirror and telling yourself, “I am experiencing great business success,” may sound a little campy.  But the truth is, when you actively fill your mind with positive affirmations, you’re better equipped to rid yourself of negative thoughts and the impact they will absolutely have on your business.  Write a few statements down and consider how they make you feel when repeated.  Eliminate the weaker statement and continually repeat those that are empowering.

Just because your friends are jumping off mental bridges doesn’t mean you have to follow them.  In fact, your business will thank you for maintaining a positive attitude regardless of the economic downturn.  After some time, your positive attitude will certainly be reflected in your business’s success.

Visit Universal Accounting Center (UAC)

There are countless ways Universal Accounting Center can help you take advantage of the recession in order to advance your accounting practice.  To find out how, visit our website and take an electronic tour.  You’ll learn more about our programs, our products, and other services we offer.  Don’t wait to find out how UAC could change your professional future for the better.  Take a tour today!

10 Common Characteristics of Successful Entrepreneurs

There are certain characteristics that will assist you on the road to entrepreneurialism.  And while some may come naturally, others can be developed and honed.  In this two-part series we examine 10 characteristics commonly found in successful entrepreneurs.  Last week we discussed the following 5 traits that we believe are success indicators when it comes to small business ownership:

1.    Passionate

2.    Organized

3.    Accessible

4.    Involved

5.    Progressive

This week we examine the final 5:

6. Respectable

Your reputation as an entrepreneur depends upon your honesty, integrity, and determination to always conduct business honorably.  Countless corporate officers have cost themselves and others their livelihoods because they believed that personal gain was more important than personal integrity.  Because of this, many individuals seek financial professionals who are respected in their community.

7. Time-wise

In order to be successful you must manage your time well.  Not being able to do so can cost you your business.  There are countless individuals with the necessary skills and expertise who mismanage their time and, as a result, mismanage their businesses.  If you are to be your own boss, you must be able to prioritize projects and allocate your time accordingly.  Too many become distracted by the freedom of self-employment and lose track of their businesses as they lose track of time.

8. Customer-oriented

You must be in tune with your clients’ needs and continually build your business with those needs in mind.   Your customer service techniques must be excellent, and you should periodically ask for feedback in order to ensure that they are satisfied.

9. Shameless self-promoter

This is difficult for some people, but in order for the word to get out about your business, you must be willing to talk about your work in glowing terms.  First this might require that you come to recognize and appreciate the value of your own services.  In offering others the opportunity to take advantage of your accounting expertise, you are providing them with informed insight that will enable them to make more profitable business decisions.  Once you become confident of your practice’s innate value, it becomes easier (and more natural) to promote your services.

10. An expert

Prospective clients are looking to pay a professional: an industry expert.  Your credibility is often verified with professional certification.  While you don’t have to become a CPA, you should invest in training that will enable you to earn a valid designation, like that of Professional Bookkeeper.

Earn the Professional Bookkeeper Designation!

Many programs require you take months, if not years, to earn some sort of professional certification.  UAC graduate, Scott Irvins, wanted formal accounting training and decided to do something unusual; he went to a local university to get an associate’s degree in accounting and he took Universal Accounting Center’s Professional Bookkeeper course.  After all that, Scott felt UAC provided more comprehensive accounting training in less time.  He explained:

“The Universal Accounting course – we were done in 4 weeks. I knew everything we needed to do was getting started. As to the other one [University coursework], in that four weeks I hadn’t even finished the first class yet, and 18 months later I finally had a little piece of paper that says I have a degree in computerized accounting. But from the get-go with Universal Accounting Center, their training was fast and simple. In looking at both, it was actually more comprehensive than the 18 month class. We had to do the entire extra general education things, and they broke the training up into little pieces, where in Universal Accounting Center you got the whole picture and you got to do it all in four weeks. It was great.”

The Professional Bookkeeper Program better prepares bookkeepers to serve small-business clients by training them in full bookkeeper and accounting services. Upon completion, qualified students receive the PB designation, assuring prospective clients that these UAC graduates are qualified to take care of the small business owner’s bookkeeping needs. In less than 60 hours you too can earn the Professional Bookkeeper (PB) Designation and develop expertise in small business accounting.

Enhance Your Credentials by Adding QuickBooks Specialist to Your Repertoire

You probably already know that Intuit’s QuickBooks accounting software is popular.  So popular, in fact, that over 80% of small business owners use it to track their finances.  With such a significant percentage, you’re at a disadvantage if you don’t know QuickBooks.

The Professional Bookkeeper’s Guide to QuickBooks is a self-paced program enabling you to skip the parts you may already know while taking the time to truly study those areas with which you’re not as familiar.  And once you complete the guide you can earn a designation proving to employers that you have certified QuickBooks expertise.

Invest in yourself by enrolling in two programs that will enable you to demonstrate your expertise to current and prospective clients.  Enroll in the Professional Bookkeeper program and the Professional Bookkeeper’s Guide to QuickBooks now and earn two professional designations to hang in your office by summer.  Enroll now.

10 Common Characteristics of Successful Entrepreneurs

In order to become a trapeze artist you need a strong stomach, a good sense of balance and a lot of nerve.  Most occupations require their applicants to have a certain set of character traits.  The same goes for entrepreneurs.  Without possessing (or acquiring) some common characteristics, the prospect of starting and growing your own business will be tedious and, in some cases, impossible.

In this two-part series we share 10 common characteristics of successful entrepreneurs.  Where might you be lacking?  Here are the first 5 of 10 important traits:

1. Passionate

You may be able to launch your new business without passion, but why would you want to?  When you’re passionate about what you do, it makes some of the more tedious tasks more tolerable.  It also enables you to maintain your “vision” even when things get rough.  And passion is transparent; your prospective clients will feel and appreciate your enthusiasm.  Something about that engenders trust in your clientele.

2. Organized

Managing your own business requires organization.  If you are unable to locate key files efficiently, it will cost you time and money.  This is especially true for accountants.  Your reputation could be shot if you lose or misplace client information.  If organization does not come naturally to you, this is a trait that must be developed if your accounting practice is going to prosper.

3. Accessible

You must be easy to locate.  Otherwise your ability to secure and retain clients is threatened.  Ensure that you can be easily reached in a variety of ways: via phone, email, or in person.  Most small businesses can enhance their accessibility by having a professional website.  Such a website can act as a personal secretary dispensing information about your business 24/7.  If you have a website, ensure that the information it relays is accurate, up-to-date, and useful.  Include the URL on business cards and in promotional materials so that current and prospective clients can easily locate it.

4. Involved

Your presence and visibility in the community will promote your business more than you might imagine.  By joining the local Chamber of Commerce and other small business organizations, you can become known as the local accounting expert and will acquire many referrals as a result.  You can also volunteer in your community by providing free financial seminars and consultations.  While that may take some time, it’s a great marketing effort that will promote your business more positively than other strategies for which you may be budgeting.  Also, being viewed as an active member in the community will do wonders for your reputation as a trustworthy professional.

5. Progressive

Professionals enhance their expertise by participating in continuing education through conferences, workshops, and training opportunities.  To be seen as a competitive, competent and capable accountant, you have to continually hone your expertise, being current in your discipline and skill set.

UAC’s Training Programs Will Help You Gain That Competitive Edge

Universal Accounting Center offers the best accounting and bookkeeping training available.  As you start your business you want to edge out your competition by offering valuable services to potential clients.  Most of your competitors don’t offer specialized small-business accounting services.  But after completing the Professional Bookkeeper (PB) program, you can!  Consider a training program that is catered to your needs and busy schedule-one that will enable you to earn a professional designation after just 60 hours of your valuable time.

Further enhance your expertise by mastering Quickbooks, the software program used by more than 80% of small businesses owners.  Upon completing the Professional Bookkeeper’s Guide (PBG) to QuickBooks, you will be able to work more efficiently as you use all the features, functions, and shortcuts QuickBooks offers.  Not only will the PBG enable you to manage your own books more efficiently, but it can increase your bottom line as you add QuickBooks consultation, help and setup services to your menu.

Learn more about how Universal’s training programs can help you develop those characteristics shared by most entrepreneurs.  Visit UAC today!

Return next week when we share the final five characteristics of successful entrepreneurs.

6.    Respectable

7.    Time-wise

8.    Customer-oriented

9.    Shameless self-promoter

10.  An expert

When you have a problem, meditate on it and the answer will come, during the meditation or afterwards. – Remez Sasson

Meditate silently.  You will be able to create a totally new life for yourself.  – Sri Chinmoy

No great work has ever been produced except after a long interval of still and musing meditation. – Walter Bagehot

To many, meditation is a mystical, new-age activity for which they have no time.  But what if we told you that meditation could help you achieve greater focus, tranquility, and direction in your personal and professional life?  Would it become a more appealing practice?

Those who practice meditation claim to be more adept at concentrating, critical thinking and problem solving-all of which are important skills for the business owner.  However, before one begins meditating it’s important to understand how the mind works and what, exactly, you’re trying to achieve through this practice.

There are four states of mind:

Beta. This is the state at which your mind generally operates throughout the day, considered typical waking consciousness.  However, your brain can experience beta-overload.  When the brain produces higher levels of beta waves you tend to feel anxious and agitated.

Alpha. This is the state of mind most experience right before falling asleep, and it is associated with a more relaxed state of mind.  The mind can generally process information better in this state.  This is the state of mind achieved through meditation.

Theta. You achieve theta when you are dreaming.  In this state you are more creative and can achieve greater memory function.  With practice, many can achieve this state of mind when awake while meditating.

Delta. Delta waves are prominent in dreamless sleep.  This is the slowest brain wave and represents the mind’s most relaxed state.

Entrepreneurs experience lots of stress in the process of managing their businesses.  The more stress and anxiety you are feeling, the higher the frequency of your mind’s beta waves.  To achieve greater tranquility, and as a result, greater clarity regarding your business, you must increase your brain’s alpha and theta waves.  This can be accomplished through meditation.

The Wikipedia defines meditation as a “mental discipline by which one attempts to get beyond the reflexive, ‘thinking’ mind into a deeper state of relaxation and awareness.”  While it may sound easy, meditating can take a lot of concentration and practice, especially for those of us who are used to a mind cluttered with endless thoughts.  Those new to meditation should remove themselves from all distraction and find a quiet location in which they can recline and relax.  Once you’ve mastered meditating techniques, you can achieve greater relaxation regardless of your environment.

But for starters you should find a quiet corner where you can begin this practice.  Sit, stand or lie in a comfortable position-one that enables you to focus (not sleep).  Start by breathing deeply, in through your nostrils and out through your mouth.  This alone can often help you feel more at peace.  Then you can focus on a single thought or idea.  You’ll be surprised how difficult this may be at first, but with practice you’ll find yourself zooming onto one solitary element and letting all else fall away.

With time you’ll be able to direct your meditation sessions where you want them to go, perhaps focusing on relaxing your body, opening your mind to inspiration and direction regarding your business or focusing on a personal character trait you want to develop.  Whatever your intent, you’ll find that as meditation becomes a common practice in your life, your life will become more focused and serene as a result.

Do You Need More Time?

When you master QuickBooks you may save yourself enough time to practice meditation more frequently.  UAC’s Professional Bookkeeper’s Guide (PBG) to QuickBooks will help you take advantage of all the software’s functionality, enabling you to work more efficiently.  This can not only help you make more money, but it can save you time for other tasks.

This newly updated program, written by QuickBooks Pro Advisor Brent Peterson, includes step-by-step instructions that will lead you through the accounting process.  Also included are the following:

• 16 interactive CDs
• 4 full-color instructional manuals
• Training designed for all user-types
• Over 300 thoroughly-covered topics
• Hands-on training that will enable you to practice all necessary QuickBooks functions
• The ability to earn the QuickBooks Specialist designation

This training program beats others on the market, hands down.  Manage your time better by mastering QuickBooks.  Learn more today!