Accounting and Bookkeeping Articles

Most of us assume that we can increase our energy levels by getting the proper amount of rest, eating healthy foods, and exercising regularly.  Brian Tracy, motivational speaker and author, would argue that’s only partially correct.  While that may help increase our physical energy, we also need to attend to our mental and emotional energy levels, which can be easily depleted.

Mental Energy

Tracy claims that mental energy is what powers your ability to be creative, solve problems and make decisions.  You draw from this energy as your manage your clients’ accounts, accruing those all-important billable hours.  The more efficient your use of this energy, the more productive, and ultimately, the more profitable you will be.

Emotional Energy

This is where you will find your enthusiasm and passion for what your do.  Not only does this energy power your business, but it’s also what makes your personal life enjoyable as well.  You can power-up your emotional energy by ensuring that you spend quality time with those you care about, doing the things your love.

The Connection

Physical energy, mental energy and emotional energy all power your business.  And a reduction in any of these energy levels affects the others.  It’s important that you recognize this connection and conserve energy when possible.  We can quickly burn through emotional energy by expressing negative emotions.   Of those who do this, Tracy explains, “Negative emotions are like a fire that burns up their energy so quickly they have very little left with which to think positively and constructively.  In fact, one five-minute uncontrolled outburst of anger can burn up as much energy as an average person would use in eight hours of work.”

He offers three tips in ensuring that you have a healthy supply of these interconnected energy types:

1. It’s an old standby because it’s true: the better you attend to your physical needs, the more energy you’ll enjoy.  While it may sound redundant, getting the proper amount of rest, eating healthy foods, and exercising regularly will power your throughout the day and enable you to feel equal to the challenge of your daily To-Do lists.
2. Recognize how you’re depleting your energy levels and which type of energy-physical, mental, emotional-you rely on most.  Consider ways you can better balance your energy levels and recharge and conserve when possible.
3. Plug up those energy leaks by better managing your stress.  You will also build your energy levels when you practice positive thinking and focus on living a more relaxed and optimistic life.

When you make a conscious effort to increase your energy, you’ll find that your business responds in kind.  Take measures today to ensure that you recharge your battery and your business.

Universal Accounting Center (UAC) Makes It Easy

Confidence is a key energizer.  It can increase your energy levels more than just about any other emotion.  And if it’s confidence you’re looking for, UAC can help.  Our graduates leave our programs with the confidence necessary to start and/or grow their own businesses.  Read what they’re saying about our Professional Bookkeeper Program:

This course has literally changed my life. When I started I hardly knew the difference between a debit and a credit. Now I have the confidence to tackle almost any type of business and do their books.-A. Moody

Great practical course providing you with the skills and self-confidence to go out and build your own bookkeeping/accounting service.-B. Pace

The subject matter covered in your course has been invaluable. I have worked in the accounting field for the past six years; your course gave me the training and confidence I needed to advance in this area.-G. Morton

This course is definitely NOT just an introductory course, although it is wonderful even for beginners. It is a comprehensive accounting and bookkeeping course that truly taught me everything I would need to know to start my own accounting business, and gain clients with confidence.-J. Young

What makes this program so special?  Taught by seasoned professionals who understand the unique demand for small-business accountants, this self-paced program will train you using a hands-on instructional approach designed to give you the experience necessary to start a business’s books from scratch.  Whether you’ve been working in the accounting profession for years or have little experience at all, this course will help you gain the knowledge and confidence necessary to start and/or grow your own accounting practice.

The Professional Bookkeeper Program

This course is comprised of four modules contained on DVD so you can view them again and again.

• Module 1-Accounting Made Easy
• Module 2-Practical Small Business Applications
• Module 3-Advancing your “Account-Ability”
• Module 4-Building a Successful Accounting Service

Each one comes with its own manual where you are expected to practice the concepts and skills you learn.  Upon completion, you will take an exam through which you can earn professional certification, demonstrating your expertise to prospective clients.

In addition to all that you will also receive two additional months of follow-up support, your own customize business website, and two additional practice sets.

Get the training necessary to boost your emotional energy by developing greater confidence-your accounting practice depends upon it.  Order today!

Resource

Tracy, Brian.  “Increase Your Three Types of Energy.” 30 June 2008.  Brian Tracy International

Focus more on your desire than on your doubt, and the dream will take care of itself. You may be surprised at how easily this happens. Your doubts are not as powerful as your desires, unless you make them so. — Marcia Wieder

The term “overachiever” generally has a negative connotation.  Some talk of overachievers as workaholics with no personal lives to speak of, while others imagine annoying professionals that are somewhat arrogant and a little too full of their own accomplishments.  However, Webster defines “overachiever” as “one who achieves success over and above the standard or expected level especially at an early age.”  If that’s the case, I’m guessing most of us wouldn’t mind becoming overachievers, again and again and again.  But what does it take?

1. Recognize your passion

Truly successful athletes can practice their sport for hours because they become lost in the game.  Some describe it as finding their groove, getting in the zone, or achieving “flow.”  This is a somewhat magical experience where skills are heightened and physical limitations cease to exist, as does time.  This same thing can be experienced by professionals who truly find their passion; they can achieve “flow” by working optimally while losing track of time because they simply enjoy what they’re doing.  If this is a common occurrence at your practice, then you’re on your way to becoming a true overachiever.

2. Recognize the tedium

It’s common to experience boredom every now and then, regardless of how passionate you may be about your work.  There’s always paperwork to be filed, reports to be run, and tasks on your To-Do list that don’t inspire.  However, that tedium should not consume your day.  If that boredom causes you to dread going to work each day, it may be time to reevaluate your career choice and point yourself in another professional direction.

3. Stay a little longer

In his Entrepreneur.com post entitled “5 Tips to Become a High-Achiever,” Scott Halford  shares this tip in outlasting, outsmarting and overachieving the competition.  He explains that in 1984, when Peter Vidmar led the US men’s Olympic gymnastics team to gold, the one thing Vidmar did differently from everyone else was stay and practice a little longer.  In order to become the premier accountant in your area you must do the equivalent.  Read that extra article, participate in that specialized training, call that one last client.

4. Focus your energy

As a child you may have focused the sun’s energy through a magnifying glass in order to start a small flame.  When you focus your own energy in the same way, you can accomplish great things in your professional life.  Try not to get bogged down by the tedious and unnecessary.  That’s distracting and will limit your potential.  Continually focus your energy on the big picture and where you want your business to go.  You’ll be amazed at how this alone will magnify your practice’s success.

5. Take action

You’ll never accomplish anything if you spend all your time just thinking about it.  Overachievers act again and again.  In fact, after a time it becomes a habit-creating business strategies and then acting on them.

6. Continually improve

The truly successful recognize the need to continually improve their skills which enables them to maintain that competitive advantage.  Seek opportunities to become the expert in your field.  It’s impossible to have too much expertise.

UAC’s Training Can Help

The Professional Bookkeeper (PB) Program is just the course you need to hone your skills and become specialized in small-business accounting, the most lucrative market for contract accountants.  In less than 60 hours you can learn everything you need to know to start your own accounting practice or improve the one you’re currently running.  The time is right to overachieve.  Take action today and enroll in UAC’s Professional Bookkeeper Program.

Resources

Halford, Scott.  “5 Tips to Become a High-Achiever.” 29 June 2009  Entrepreneur.com

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

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