Accounting and Bookkeeping Articles

Whether you need a book to read on your family vacation or you’re looking to fill some leisure hours after work, you need a good list of recommendations from which you can refer, over and over again.  Here are 5 recommendations designed with the small business owner in mind:

Reality Check: The Irreverent Guide to Outsmarting, Outmanaging, and Outmarketing Your Competition by Guy Kawasaki (Portfolio, 2008)

Guy Kawasaki is well known as an entrepreneur, venture capitalist, popular public speaker, and best-selling author.  His newest book provides useful, humorous, and in-your-face advice about thriving in today’s market.  This book will share (among many other things) the art of schmoozing, the top ten lies of entrepreneurs, and pointers for creating a community.  If you’re interested in knowing how business really functions and how you can take advantage of that knowledge, Kawasaki’s book belongs on your nightstand.

The Illusions of Entrepreneurship:  The Costly Myths that Entrepreneurs, Investors, and Policy Makers Live By by Scott Shane (Yale University Press, 2008)

Mark Hendricks, in his review of this book in “Entrepreneur Magazine,” explains, “Business scholar Scott Shane debunks popular theories with research-based answers to questions such as why people start businesses, which industries are most popular for startups and what are the most common characteristics of the typical entrepreneur.”  This book, which garnered many such rave reviews, demonstrates just what it takes to become a successful entrepreneur.

The 7 Triggers to Yes: The New Science Behind Influencing People’s Decisions by Russell Granger (McGraw-Hill, 2007)

For those looking to hone their sales skills and use techniques designed to better secure clients, you might be interested in Granger’s book, which argues that logical strategies are not as persuasive as emotional ones.  Using research in neuroscience, this book outlines a sales approach designed to help you take advantage of the brain’s 7 natural triggers for making decisions.  Listed as number two on Small Biz Trends Best Small Business Book List, this book is certain to provide practical advice on applying a new and effective approach to sales and marketing.

Smart Networking: Attract a Following in Person and Online by Liz Lynch (McGraw-Hill, 2008)

If you need a timely book that will help you take advantage of the online social networking craze while fine-tuning your face-to-face skills, this just might be the book for you.  Author Liz Lynch shares business strategies that will enable you to take advantage of opportunities in a wired world, launching your practice to new heights by making valuable connections, both online and in person.

Red to Black in 30 Days by Allen Bostrom (Universal Accounting Center, 2008)

The recession is hitting small businesses hard, and many are failing right and left; we hope yours is not one of them.  Red to Black in 30 Days enables readers to learn the Universal Project Management Model that will enable them to save failing businesses.   This book is a guideline for financial professionals who work with disheartened small business owners in need of a good turnaround plan.

Each chapter focuses on a crucial aspect of the turnaround process. Simple steps are outlined from initial contact through stabilization and profitable growth. This can be the guide through your first turnaround experience or it can enhance the management skills of even the seasoned contract accountant.  You may find that in offering turnaround services your business (and those of your clients) will be the few that thrive in these difficult financial times. For the cost of this one book you can enhance your value to current and prospective clients.  Order your copy now.

Resources

Danielson, Diane K. “Top Shelf Reading Picks: Book and Blog Reviews for Savvy Entrepreneurs.” Entrepreneur.com Blog Network

Taylor, Ivana.  “Best Small Business Books.” 6 Jan. 2009  smallbiztrends.com

10 Tips in Establishing and Maintaining a Healthy Client Connection

In this two-part series we’re examining the significance of effectively managing client relationships.  Not only will this help you retain current clients (which is much more economical than marketing for new ones), but it will improve word-of-mouth marketing, which is often the most effective (and inexpensive) type there is.  In last week’s article we discussed five of 10 techniques that will help you establish and maintain a healthy client connection:

1.    Determine client expectations upfront

2.    Have a contract with clear specifications

3.    Follow your own rules

4.    Communicate often

5.    Keep your promises

This week we’ll cover the final five:

6. Maintain professionalism

Your clients are paying for professional service and you must act the part.  While it’s natural to become a client’s friend, you should still dress and act appropriately.  Beware of becoming too casual in your interactions; you want your clients to know that you are, above all, a dedicated and responsible accountant.

7. Resolve conflict quickly

In all long-term professional relationships, there’s bound to be misunderstandings and disagreements.  The important thing is not that they exist but that you resolve them as quickly as possible.  The longer you let discontent remain, the more difficult it becomes to work through it.  Acknowledge the conflict promptly and secure a reasonable solution for both parties in a timely manner.  While this may require compromise, it’s important that you demonstrate that maintaining a healthy relationship with the client in a priority for you and your practice.

8. Request feedback

Your clients are a valuable source of information.  They can let you know what you’re doing well, what you need to improve and what you could add to enhance your service offerings.  Depending on what’s most comfortable, you could casually ask for their feedback over lunch, send a quick email request or have them complete an anonymous survey.  Whichever you choose, the information you’ll receive will prove invaluable in building a more successful practice.

9. Remember your client is your best marketing agent

As mentioned previously, word-of-mouth marketing is not only the most effective type, but it’s also the most economical.  You pay for this marketing technique by providing superior customer service.  Return calls quickly, respond to your clients’ needs, and continually aim to provide the most valuable services.

10. Part ways, when absolutely necessary

Sometimes, when you’ve put forth your greatest effort to work through differences, a client relationship will still rocky and, unfortunately, unsalvageable.  If you find that interactions are continually strained, it’s probably best if you part ways with a client.  While this may be difficult, in the end it will save you time and energy.

Visit Universal’s Free Resources

Universal Accounting Center (UAC) would love to see your practice succeed.  That’s why we offer your business the most valuable resources available.  Feel free to take our virtual UAC Tour to learn more about our training programs that will enhance your practice and your bottom line.  Or visit our free accounting and tax resources.  Either way you’ll want to bookmark the UAC site and return continually to improve your business.

10 Tips in Establishing and Maintaining a Healthy Client Connection

Last week we discussed securing clients with effective follow-up calls.  Your job isn’t over once that prospect joins your clientele; you must continually manage client relationships in order to ensure customer satisfaction and a good working rapport.  This doesn’t need to take a lot of time, but you must continually be aware of your current standing with clients and take measures as necessary.  In this series we will discuss 10 things to remember when managing client relationships.  This week we will cover 5 of those tips:

1. Determine client expectations upfront

Many of your clients may not have worked with an accountant or bookkeeper before and are unsure what to expect.  The rest have and may be running on old expectations.  It’s important to have a preliminary meeting where you define the relationship and your expectations, taking special note of what your clients expect from you.  You may need to negotiate some of these expectations so that both you and your client are satisfied.

2. Have a contract with clear specifications

You shouldn’t perform any services for a client until he or she has signed a contract detailing the specifications of your working relationship.  And don’t allow a client to sign a contract blindly.  Verbally discuss some of those specifications that will influence your future interactions.  For example, if your contract covers specific services, and you plan on charging for any additional services not specified in your initial agreement, tell the client that upfront.  This is one key step in establishing a healthy relationship with your client, and it’s much easier to establish a healthy relationship than it is to fix an unhealthy one.

3. Establish and honor boundaries

You must establish and honor your boundaries with a client.  This includes work hours and communication.  Once you establish these “rules” with a client it’s important that you consistently follow them yourself.  For example, consider your work hours. Obviously emergencies happen, and your clients should know how to reach you in such circumstances.  But otherwise you need to do all you can to ensure your boundaries are respected.  This means you shouldn’t answer your phone after hours.

4. Communicate often

You should establish a method of regularly reporting to your clients in order to distribute key accounting data and inform them of any red flags or key indicators they should be aware of.  Discuss a method that appeals to both of you.  Some may prefer email while others would like a verbal report over the phone.  Whatever the case, you should not be afraid to communicate frequently if the information requires it.

5. Keep your promises

If you tell a client that you will submit a monthly report before the first week of the following month, don’t be late.  Your ability to follow through on your promises is not only a reflection of your professionalism but an expression of respect for your client.

Your ability to effectively manage client relationships can determine just how successful your business will be.  Without a clientele your business will fail; ensuring client satisfaction can come in applying these 10 tips for establishing and maintaining a healthy client connection.

Return next week when we cover the final 5 tips in effectively managing client relationships:

6.    Maintain professionalism

7.    Resolve conflict quickly

8.    Request feedback

9.    Remember your client is your best marketing agent

10. Part ways, when absolutely necessary

Grow Your Practice with Expertise and Marketing Know-How

There are a handful of ways you can improve your business, and only some of them will work.  We suggest growing your business by enhancing your expertise and your marketing skills.

Small-Business Expertise

You can better service your clients by specializing in small-business accounting.  Over 85% of the opportunities in the accounting field are within small businesses.  Universities prepare their students for corporate accounting which doesn’t address small business needs.  More than 50% of small businesses fail, and much of that failure can be attributed to lack of accounting expertise.  That’s where you step in.  With expertise in small business accounting, you can help small businesses succeed.

At Universal Accounting, we understand the needs of the small business like nobody else. We’ve helped people like you advance their career in small business accounting for over 25 years. The Professional Bookkeeper Program is designed specifically to address the needs of small businesses, and Universal Accounting Center’s small business accounting course is the most complete of anything else offered today.  And depending on your schedule and situation, it will only take you 60 hours to complete.  Imagine earning a professional designation in less than one month!

Marketing Know-How

One of the greatest challenges for many small business owners comes in the marketing.  You may love working with numbers but groan at the thought of promoting your services and expertise.  Universal Accounting Center understands this struggle and can help you eliminate it.

UAC has developed a turn-key marketing solution which will enable you to grow your business with our proven system.   You could work for years on a marketing plan, hitting and missing, only to find your business growing at a snail’s pace.  Imagine learning which marketing strategies work in just a number of weeks!

The Universal Practice Builder is a training program designed to teach you the art and science of securing clients.  Top your Professional Bookkeeper Designation off with this guaranteed program where you’ll walk away with over 12 marketing strategies that you can implement immediately.

Enroll in these business-changing programs now!

Turn Prospective Clients into Current Clients More Quickly

You know the drill.  You’ve met someone who is interested in your services, and it’s time to make the follow-up call where you remind them of their interest and attempt to secure their business.  This can be a daunting and unpleasant task for many professionals who would rather clients fell more easily into their laps.  But, let’s face it-growing your clientele takes time and energy.  And in this case, 4 powerful follow-up techniques:

1. Provide a déjà vu moment

You must remind these prospects why they were interested in the first place.  This will require you to take notes following your first meeting.  Were they most interested in having someone else worry about payroll?  Did they like the sound of increasing their profitability by using accounting knowledge more effectively?  Or did they need professional help bringing their business back into the black?  Whatever the case, you must create a déjà vu moment where the prospect is reminded of what makes your services particularly appealing to their business.

2. Ask open-ended questions

You can’t engage a prospect in conversation by asking ‘yes’ or ‘no’ questions.  Before picking up the phone write down two to three open-ended questions (asking how, what, when, where, why…) that will help them reflect on their specific accounting needs.

3. Add value

The reason why many follow-up calls don’t work is because they simply remind the client of an initial meeting and ask if the prospect is still interested.  In order to enhance your appeal, you should use the follow-up call to increase your value to the prospect.  You might consider offering incentives that are catered to their unique needs.

In his ezine article entitled “The #1 Secret to Making More Effective Follow-up Calls, Glenn Fallavollita says that he has found more success in using the “Oh, by the way…” follow-up method than any other.  He provides the following script:

“The reason for my call is that I am just following up on the ________ I sent to you a few days ago. Oh by the way, many business owners like you are taking advantage of this _______ because they want to reduce their ________ by _____ %. – and I thought you would like to do the same. “

This is an example of how you can further peak a prospect’s interest by talking specifics regarding how your services can benefit their business.

4.    Don’t let a prospect turn cold

Whatever you do, don’t let too much time pass before placing a follow-up call.  The truth is, the longer you wait to revisit a contact, the more you’ve allowed the individual to forget why they were interested in the first place.

Follow-up calls are an important part of your business; without them it would be difficult to reconnect with prospects and, finally, secure their business.  If you want to grow your clientele, you’ll need to place many follow-up calls; implementing these 4 techniques will help.

Let UAC Help You Promote Your Business

Follow-up calls are just one way to promote your business.  If you want to grow your accounting practice, you’re probably interested in ways to attract new clients.  Unfortunately, many accountants and bookkeepers are unaware of how to market their services effectively.  That’s why, for over 25 years, Universal Accounting Center has been training professionals like you how to promote their businesses.  The Universal Practice Builder program will train you in the following (and much more):

• Increasing your annualized billings by $30,000 within the next 12 months
• 12 proven marketing strategies that will increase your client base
• Techniques that can generate 15 to 25 qualified leads per month
• Creating your own customized marketing plan
• Effective phone marketing techniques

In a matter of hours, you will know exactly what you need to do to grow your business.  Advance your accounting practice to the next level and become the premier firm in your area. 

Build Your Practice’s Prestige

One more way to make those follow-up calls more effective is by enhancing your firm’s prestige by enrolling in our Professional Bookkeeper program!  Designed to teach you the day-to-day accounting functions required by small business, this course will give you the skills and the confidence to act as a Profit Expert while you manage your clients’ books.  Here are just a few things the PB course will provide:

• Practical and extensive training in small business accounting
• The opportunity to earn valuable certification as a Professional Bookkeeper
• DVD training materials you can review again and again
• Hands-on instruction that will provide you with experience setting up and managing small business accounts from scratch
• Flexible training that you can master on your own time and at your own pace
• 6 months of follow-up support provided by knowledgeable accounting professionals
• An iron-clad guarantee

These two complementary programs will enable you to catapult your practice to the next level.  Take advantage of this opportunity and enroll in these two programs today!

Resources

Fallovollita, Glenn.  “The #1 Secret to Making More Effective Follow-up Calls.” Ezinearticles.com