Accounting and Bookkeeping Articles

Brian Tracy, professional trainer and Chairman and CEO of Brian Tracy International, offers business advice in his article entitled “Strategic Thinking.”  In it, he suggests approaching strategic thinking with a “two-prong” technique.  In doing so business owners can generate a higher return on their personal and professional energy, which in turn will create greater profitability.

Brain Power

While you may be a master accountant, when it comes to improving your business the most valuable tool you have is your mind.  Your ability to think strategically and plan for a more profitable future is your greatest asset.  Unfortunately, many feel too busy and overwhelmed to take the time to think about their businesses; they spend all their time managing it instead.

The best thing you can do for yourself and your business is to schedule time to think and plan for the future.  Tracy recommends a “two-pronged” approach in which you focus on increasing the return on the energy you invest in both your professional and your personal life.

Energy Investment

Everything you do requires energy; some activities require more and some less.  When you can optimize your return on this valuable investment you not only increase your longevity, but you increase your business’s effectiveness and your personal satisfaction.  Strategic thinking requires you to consider ways in which you can increase your return on this energy investment.  Tracy explains, “…your earning ability is nothing more than the total of the mental, emotional and physical energies that you can apply toward getting valuable results for yourself and your company.”

Action Plan

In order to see the results of your strategic thinking you need to develop an action plan through which you implement your well-measured thoughts.  First you must consider those services that bring the highest financial return to your business.  Tracy recommends that you do more of these things.  Second, consider those actions that bring the highest return on your personal energy.  Again Tracy recommends that you do more of them.

Using QuickBooks to Increase Your Business’s Effectiveness

In strengthening your professional appeal, you want to find those opportunities with a low initial investment and a high return.  One such opportunity is found in UAC’s Professional Bookkeeper’s Guide (PBG) to QuickBooks.  With a modest enrollment fee and a reasonable investment of your time and energy, this product can help you attract more clients while increasing your service offerings and billable hours.  Or if you’re currently employed, it will enable you to enhance your promotion-ability.

QuickBooks has cornered the small-business market with over 80% of owners using this accounting software to manage their financials.  And upon course completion you could earn the QuickBooks Specialist designation, enhancing your professional standing while bolstering your resume!

This training will enable you to master QuickBooks.  We teach you how to do the basic transactions, how to reconcile accounts, where the data goes, and a basic understanding of fundamental accounting principles. We have also included about 18 hours of bookkeeping instruction and a complete, detailed presentation of QuickBooks fundamentals.

This QuickBooks training program stands above others on the market by offering the following:

• Training targeted for all user types
• 16 CDs with 15 hours of training
• 4 books with over 800 pages of instruction
• Full color

In addition, when you purchase the Professional Bookkeeper’s Guide to QuickBooks, you will receive six months’ worth of free e-mail support with the program. This gives you an additional lifeline if you can’t solve a client or employer’s problem.

In less than one month you can increase your effectiveness by mastering a skill that will help you advance your career.  Don’t wait to improve your future.  Enroll in the PBG program now!

Resources

Tracy, Brian.  “Strategic Thinking.” 6 January 2009.  Brian Tracy International

7 Tips to Turn Prospective Clients into Current Clients

Being able to close a sale is an essential skill for contract accountants.  Your practice will flounder if you’re not continually acquiring new clients, and you will be unable to acquire new clients if you’re unable to close a sale.  Last week we talked about 4 key tips in turning prospective clients into current clients:

1.    Avoid self-sabotage

2.    Recognize your value

3.    Be upfront

4.    Read signs

This week we’ll discuss the final three:

5. Ask the right questions

Sometimes all it takes to close a sale is for you to ask the right questions, one of the most important being, “Are you interested in retaining my accounting services?”   In his article on Entrepreneu.com entitled “Do You Wanna Buy?  Closing a Sale Can Be as Simple as Learning a Few Closing Questions,” Don Morgan suggests inviting your prospective client to buy several times during the sales process.  He describes most contacts as hesitant to commit without your initiative.

Crucial to these closing questions are those that give the customer options, something that’s very important to individuals who want to feel an element of control in the sales process.  These questions could include, “What types of accounting services could your business most benefit from?” or “How involved do you want to be in the accounting process?”

Other questions Morgan suggests include the following:

• Do you feel this service would be beneficial to other small businesses?
• Do you think that this service would be beneficial to your business?
• Would you like to fill out the paperwork so you can begin enjoying these services?

6. Offer a free trial

Everyone appreciates a good deal.  And when you offer a free trial, let’s say a month of your accounting services, you communicate confidence in your offerings and give the prospect an opportunity to enjoy, first-hand, the value of your services.  As you demonstrate just how your services can contribute to a healthier, more lucrative business, your prospects will be more than willing to continually retain you as their accountant.

7. Define specific terms

If a prospect is hesitant to enlist your services, defining specific terms can create an agreement to which he/she is much more willing to commit.  For example, after determining which services the prospective client is interesting in, you can say something to the effect of, “Would you be interested in an arrangement where I perform payroll and invoicing services, in addition to the traditional accounting services you need, for $250 per month, with the first month free?”

By implementing these 7 tips you could be well on your way to increasing your clientele.

Other Ways to Increase Your Profitability

There’s more than one way to grow a more profitable business.  Consider how you might bring your business, and those of your clients, more lucrative by reading Allen Bostrom’s book, In the Black: 9 Principles to Make Your Business Profitable.  Designed specifically for the small business, this book contains 9 practical principles that will enable you to improve your business’s profitability.  And you don’t have to wait to complete the book before you can start applying these principles.

If you would like to run a more synchronized practice where all three business functions (accounting, marketing, and production) work together, this is the book for you.  See why In the Black has enabled countless small business owners to gain control of their businesses while helping their clients do the same.  Earn more money in the future by ordering your copy today!

Resources

Morgan, Don.  “Do You Wanna Buy?” 4 September 2007.  Entrpreneur.com

“Tips for Closing a Sale.” AllBusiness.com

7 Tips to Turn Prospective Clients into Current Clients

You’ve distributed your business card, given your elevator speech, and perhaps even treated a prospect to lunch.  But how do you close a sale?

Closing a sale is that pivotal moment when a prospective client becomes a current client, bolstering your client roster and contributing to your bottom line.  Unfortunately, for many accountants this can be the most daunting moment and one we sometimes bumble through or perhaps never tackle at all.

Closing a sale doesn’t have to be that difficult.  In fact, when you implement the following 7 tips, you may find that acquiring clients is the easiest thing you do as a contract accountant:

1. Avoid self-sabotage

Brian Tracy, motivational speaker and world-renowned business trainer, claims that three obstacles in closing a sale are fear-based: fear of failure, fear of criticism and fear of rejection.  Each of these obstacles has nothing to do with a potential client; however, they have everything to do with your perception of the situation.  When you can eliminate these obstacles of self-sabotage, replacing fear with confidence, you’re ready to approach just about everyone you meet with ease.

2. Recognize your value

Implementing the above tip becomes much easier when you recognize just how valuable your accounting services are.  When you yourself come to believe that your services can help make any business more profitable, it won’t be difficult for you to share that belief with others.  In fact, you’ll be excited to help others improve their business practices and become more lucrative.

3. Be upfront

No one likes a sneaky salesman.  When approaching a prospective client, be upfront about the services you’re offering.  Don’t be ashamed to disclose your fees; just be certain that you also share the value that accompanies those services.  What business wouldn’t be interested in enlisting the services of an accountant that can help them use accounting data to make more informed business decisions and increase their profits?

4. Read signs

It’s important that you closely observe a prospective client’s reaction to your conversation.  In AllBusiness.com’s article entitled, “Tips for Closing a Deal,” they recommend listening for statements that indicate a prospective client is ready to retain your services.  Questions like, “How much will it cost me?” or “What will it require of me?” are good indications that your prospective client is interested in retaining your services.  If they’ve stopped responding altogether, chances are it’s time to unearth and resolve any concerns they may have.

Being able to close a deal is a valuable skill to attain if you’re running your own accounting practice.  Without clients your business will fail.  To secure those clients you need to practice a few key strategies.  Return next week when we’ll cover the final 3 tips in closing a deal.

5.    Ask the right questions

6.    Offer a free trial

7.    Define specific terms

Increase Your Appeal by Offering Tax Preparation Services

Your practice will become even more appealing when you add tax preparation services to your menu.  Not only that but many tax preparers make more money in the months leading up to the April 15 tax deadline than others make all year long! Since all individuals and businesses, small or large, are required to file taxes, tax preparation is a respected skill that will always be in demand. And many of your current and prospective clients would probably be happy to have you file their taxes as well as perform the standard accounting services you currently provide.

Also consider who your clients will trust to file their taxes.  Countless individuals are scammed each year by people who claim to know what they’re doing.  More and more are becoming weary of tax preparers without any credentials.  The Tax Preparer Designation will put many of those individuals at ease, assuring them that you have been properly trained in tax preparation.

Take time this summer to acquire the expertise necessary to become a Professional Tax Preparer before next tax season.  UAC’s Professional Tax Preparer (PTP) program will not only give you hands-on training in completing full individual (1040) and business returns (1065, 1120, 1120S), but it will also provide you with the following:

• 20 hours of valuable video instruction
• 2 instructional manuals
• Step-by-step instruction in becoming a sole practitioner
• One year of follow-up support from expert tax preparers
• The opportunity to earn valuable professional certification
• Our iron-clad, risk-free guarantee

Increasing your service offerings could make you the premier financial provider in your area.  Enroll in the Professional Tax Preparer Program today, and improve your competitive advantage while securing your business standing in the local community.

Resources

“Tips for Closing a Sale.” AllBusiness.com

Ed Muzio, CEO of Group Harmonics, offers regular business advice in a segment entitled “At the Whiteboard” on Bnet.com.  In one segment he shares tips on how managers can help employees change their behavior with 6 easy rules.  Following his advice can help you approach employee improvement in a genuine, non-threatening way.

Before he begins, Muzio shares an acronym to help you easily remember the 6 rules: Crazy Corporate People Just Love Acronyms.  Here are the steps represented by each letter in his acronym, CPJLA:

1. Current state

First you tell your employee about the current, ineffective behavior.  The description of the behavior should be short and fact-based.   This avoids a judgmental and threatening tone that can frustrate and even frighten your employee.  For example, you can accommodate this rule with the statement, “I notice that you’re consistently arriving to work at 9:30 in the morning instead of 9.”  The statement is purely factual and only acknowledges your awareness of that specific behavior.

2. Change

Next you state the change you would like to see.  Again, be short and sweet.  Do not lessen the impact of your request by injecting any unnecessary emotion into the discussion.  Consider something simple like, “Would you come to work by nine from now on?”

3. Pure

It’s tempting to reduce possible tension is this conversation by averting your employee’s attention to something more positive.  While that tactic is understandable, it diminishes your attempt to change undesirable behavior.  Avoid softening your request with phrases like, “I think you’re a good employee,” or “You have a good work ethic.”  While those statements may be true, they’re more powerful when they accompany a genuine compliment of positive behavior.  Otherwise they ring false.

4. Just before

You should approach your employee before the anticipated behavior is to reoccur.  For example, if you notice that an employee makes inappropriate comments during staff meeting, the best time to address this is before the next staff meeting rather than after.

5. Limited

Whatever behavior you’d like to see changed, it should be limited in scope.  When you inundate your employees with long to-do lists of behavioral changes, they feel overwhelmed and will have difficulty focusing on modifying their performance.

6. Ask for feedback

You should call your employee in after some time to provide him/her with feedback (for example, “I’ve noticed that you’ve been very punctual these past three weeks”).  Ask how the employee feels about his/her performance and see if there’s anything you can do to assist in continued improvement.

As a manager, your job is to help your employees achieve their full potential.  This won’t happen if you don’t ask them to improve their behavior when necessary.  While this may require additional time and energy, it will pay off in the end with a strong and vibrant staff.

Build a Business with a Strong Support Staff

If you would like to grow you business so that it can support a larger support staff, consider adding tax preparation services to your menu.  Doing so will increase your value to current and potential clients while enabling you to earn $100 plus per hour filing taxes during tax season.  Universal Accounting Center’s Professional Tax Preparer (PTP) Program will help you to become certified in filing individual and business returns, all while becoming a full-service financial provider.  It can also give you the confidence that you have the skill and expertise necessary to prepare personal and business returns with ease.  Now’s the perfect time to learn tax preparation.  Spend some time this summer preparing to make more money next tax season.  Learn more today!

Resources

Muzio, Ed.  “At the Whiteboard.” Bnet.com