The hectic holiday season is tame compared to the financial Year End most accountants have to deal with. The year-end financial statements are the most important reports accountants issue. They are used for tax preparation, future reference, and decision making more so than any other monthly reports accountants prepare. For that reason you need to spend more time making sure you are correctly reflecting accurate information. But there are some things that can make it easier.

Accounting Software

Steven Cohen, managing director of Softline Pastel, says, “Yet, however intimidating this task may seem, automated accounting software applications have made the ordeal simpler, if a systematic method is followed. In addition, accounting software vendors are keenly aware of the stresses of Year End processing and accommodate clients by allowing them to proceed with the new financial year, while backdating audited financial adjustments on the previous year.”

With QuickBooks, the leading accounting software for small business, setting a closing-date will help with Year End accounting. QuickBooks also includes a Year-End Checklist to walk you through keys tasks. You can access this feature by clicking “help” and then choosing “Year-End Guide.”

Year-End Accounting Checklist

Sometimes it helps to have a checklist to follow in order to complete crucial Year-End Tasks. Here are a few things to ask yourself when doing your Year End financial statements.

• Does my general ledger bank balance reconcile to the bank statement?
• Are there any accounts receivables that are worthless and should be written off?
• Is my balance in Allowance for Bad Debts a reasonable estimate of potential write-offs?
• Is the company’s inventory balance correctly stated?
• Are there inventory items that cost more than they’re worth and should be written down to their market value?
• Does the company still have all the fixed assets?
• Is my depreciation correctly recorded for those fixed assets still in the company’s possession?
• Did I amortize goodwill and franchise fees?
• Are there any prepaid items that need to be adjusted such as prepaid insurance?
• Have all assets been reviewed for accuracy?
• Have we recorded all of our payables?
• Do the payroll tax liabilities coincide with our quarterly reports?
• Do the balances in the notes payable accounts (loans) agree with what the banks say we owe?
• Are there other debts that have not been included on the books?
• Are there debts on the books that no longer exist because of forgiveness or oversight?

Finally, the last step of the year-end process is to check your Sales, Cost, and Expense accounts. Compare them to prior years to see if any increase or decrease is reasonable. If you run across some significant changes, you may want to look at the general ledger for that account to ensure the entries are legitimate.

As you follow this year-end process you will be amazed at how much you learn. You’ll see trends and practices that will help you in consulting with the client and help him/her run their business more effectively.

Meeting with Client

Once you have completed this list, and before putting the books away for the year, make sure you run the financial statements by the owner/manager to identify anything you might not be aware of.

The best way to do this is to arrange a meeting where you can show them the completed financial statements and review the balances of each account, including the subsidiary ledger balances.

Throughout the review ask the question, “Do these balances seem reasonable?” At the end of the meeting ask, “Are there any other assets or liabilities that I haven’t included?” Occasionally, they might surprise you with an event that you didn’t have any knowledge of before, but that will affect your books.

In fact, often times the accountant will know more about the business finances than the owner. That’s why so many Universally trained accountants diversify into new businesses because they see opportunities going untapped.

Backup Year-End Data

Be sure to backup all current data before performing beginning your Year End financial reports. It’s also a good idea to print all financial reports prior to your Year End calculations. Once you complete Year End financial reports, backup that information as well. Label your files clearly to avoid confusion of the different files.

Universal Training Can Help with Year End and Other Accounting Functions

Universal’s Professional Bookkeeper Program can help you perform valuable accounting tasks for the small business. Whether you’re looking to improve your current accounting and bookkeeping business or whether you’re looking to start your own accounting firm, the PB Program is guaranteed to help! Don’t wait another day to advance your career. Visit Universal Accounting Center today!

Year-End Is Where the Fun Begins!

It’s That Time Again

It’s that time of year again when most businesses are closing their books. The business owners are either celebrating or licking their wounds. In any event, we as accountants usually have some clean-up and decision making to do.

January thru April is when we do our best work (and make the most money). We’re well fed from the holiday festivities, and anxious to tackle a new challenge.

Year-End Financial Statements

The year-end financial statements are the most important reports we issue. They will be used for tax preparation, future reference, and decision making more so than any other monthly reports we prepare.

For that reason we need to spend more time making sure we are correctly reflecting accurate information.

As a timely refresher we are providing a simple checklist of items that you should consider for each business you are working with when ensuring the accuracy of your year-end books:

Once you have completed this list, and before putting the books away for the year, make sure you run the financial statements by the owner/manager to identify anything you might not be aware of.

The best way to do this is to arrange a meeting where you can show them the completed financial statements and review the balances of each account, including the subsidiary ledger balances.

Throughout the review ask the question, “Do these balances seem reasonable?” At the end of the meeting ask, “Are there any other assets or liabilities that I haven’t included?” Occasionally, they might surprise you with an event that you didn’t have any knowledge of before, but that will effect your books.

Finally, the last step of the year-end process is to check your Sales, Cost, and Expense accounts. Compare them to prior years to see if any increase or decrease is reasonable. If you run across some significant changes, you may want to look at the general ledger for that account to ensure the entries are legitimate.

As you follow this year-end process you will be amazed at how much you learn. You’ll see trends and practices that will help you in consulting with the client and help him/her run their business more effectively.

In fact, often times the accountant will know more about the business finances than the owner. That’s why so many Universally trained accountants diversify into new businesses because they see opportunities going untapped.

So, this year, take the time and make the effort to be precise so that you can go into 2009 with reliable balances and peace of mind.

Year-End Accounting Checklist

• Does my general ledger bank balance reconcile to the bank statement?
• Are there any accounts receivables that are worthless and should be written off?
• Is my balance in Allowance for Bad Debts a reasonable estimate of potential writeoffs?
• Is the company’s inventory balance correctly stated?
• Are there inventory items that cost more than their worth and should be written down to their market value?
• Does the company still have all the fixed assets?
• Is my depreciation correctly recorded for those fixed assets still in the company’s possession?
• Did I amortize goodwill and franchise fees?
• Are there any prepaid items that need to be adjusted such as prepaid insurance?
• Have all assets been reviewed for accuracy?
• Have we recorded all of our payables?
• Do the payroll tax liabilities coincide with our quarterly reports?
• Do the balances in the notes payable accounts (loans) agree with what the banks say we owe?
• Are there other debts that have not been included on the books?
• Are there debts on the books that no longer exist because of forgiveness or oversight?

More Day-to-Day Accounting Tips

This Web site include many other Accounting and Bookkeeping tips to make servicing your clients less stressful and more profitable.

Click HERE to Learn More Tips

8 Tips in Achieving Balance in Your Personal and Professional Life

Last week you took our quiz to determine whether or not you are a workaholic. If you’re reading this now we’re guessing that you realize that you are indeed overworking yourself and it is negatively impacting your personal life. If achieving a healthy balance between your work and personal lives is important then you’ll find the following 8 tips to be extremely helpful:

1. Join a recovery group
Whether you’re an extreme or budding workaholic you may find a recovery group to be helpful. Workaholics Anonymous has meetings around the globe and you might find local groups that can help you better balance your life. There you will find like-minded professionals who can provide you with practical tips and techniques in recovering from workaholism.

2. Determine your true priorities
Before you can balance your life you must first determine what your priorities are. Workaholics are generally value -driven individuals who have confused their priorities a bit, coming to view excessive work as a representation of a strong work ethic, the desire to provide for their families, and the will to be a successful and valued professional. You must reflect on what really matters to you and then list your priorities so you can begin scheduling for them. With workaholics, often what matters most gets the least amount of time and attention.

3. Schedule what you value
Now that you’ve determined what your true priorities are, you can schedule accordingly. If family is important to you then you must ensure that you can spend quality time with them. This will mean setting limits for yourself. At what time will you stop working and start concentrating on personal priorities? This may require an initial concerted effort, but after time you will come to appreciate this new-found balance.

4. Step away from your planner
Workaholics tend to overschedule their work week, planning for too many meetings and appointments than are reasonable. As a recovering workaholic you need to learn how to underschedule, giving yourself time between appointments to prepare, reflect and make necessary action items that will enable you to work more effectively.

5. Take your multitasking habits to task
If part of your workaholism includes an unhealthy amount of multitasking you need to practice moving from one task to the next without become distracted by other projects or tasks. This will require a fair amount of concentration and focus.

6. Schedule breaks
If you’re reading this, chances are you’re the type of professional who sees a gap in your schedule as the chance to get more done, to leap ahead, to log one more billable hour. But remember, if you don’t take a break now and then (at least 30 minutes total throughout the course of your workday) you’ll find yourself paying for it later, either in sick time or with feelings of burnout.

7. Safeguard your health
The healthier you are the more energy you’ll have to run your business. If you haven’t already, schedule in daily time for exercise and/or meditation. Also, ensure that you’re eating foods that will fuel your work activities, enabling your mind to be sharp and alert.

8. Substitute activities
Workaholics Anonymous recommends that you stop adding new activities to your schedule. Instead substitute, remembering that each new item you add to your schedule should replace one with equal time and energy requirements. This forces you to recognize that your time is a limited resource that should be measured accordingly.

Small business owners, more than most, are extremely susceptible to becoming workaholics as they strive to not only keep their businesses afloat, but see that they are profitable enough to sustain their families and often a support staff as well. While it may be difficult to take these steps to better balance your life, the rewards will be innumerable. And as you attend to your personal needs and better prioritize your time, you’ll find yourself rejuvenated and refreshed so you can tackle your business with a renewed sense of vigor and dedication.

Resource
Workaholics Anonymous

Take Our 10 Question Quiz to Find Out

There’s nothing wrong with being passionate about your business. In fact, there’s nothing wrong with being a driven entrepreneur. But when you become consumed with work, your practice can eclipse your personal life and make it difficult to function healthily. Take our quiz to find out if you’re a workaholic.

1. Do you feel overwhelmed?
Stress is not necessarily a bad thing; it enables you to stay on-task and complete priority projects. But if you find yourself constantly overwhelmed by your work, then it may be time to take a step back and reassess your approach.

2. Are you irritable?
Workaholics often find that their patience wears thin and they are easily irritated. If you’re running on a short fuse and it’s working its way into your personal life we’re guessing your relationships are suffering.

3. Do you think about work when “off the clock”?
While it’s okay to enjoy your business, a balanced life includes things outside of your office. Workaholics often haven’t achieved that balance and think about work 24/7.

4. Have you made small mistakes because you have too much on your plate?
When your business begins to suffer because you have overbooked yourself or said “yes” to too many clients and too many projects, you need to reprioritize. What good is all that work if you’re unable to perform effectively?

5. Do you find yourself multitasking more than you single-task?
Has your laptop become an accessory? Do you check your email while eating lunch? The quality of your work may be suffering as a result (see number 4).

6. Do you feel guilty when not working?
If you find it difficult to enjoy your personal time because you’re consumed with guilt, you owe it to yourself to find a better way to manage your professional life.

7. Do you impose lots of unrealistic deadlines for yourself?
Workaholics tend to task themselves unrealistically and then become severely disappointed when they don’t meet their own expectations.

8. Do you find it difficult to relax?
What good is a thriving business if you can’t enjoy it? Your personal time provides you with the opportunity to relax and regroup. If you find that to be difficult you should strive for more balance.

9. Are your personal relationships suffering from your obsession with work?
Again, what good is a thriving business when your personal life suffers as a result? There are lots of business owners who manage to run successful businesses while enjoying healthy personal relationships; you can be one of them.

10. Do you find yourself forgetting important events like birthdays and anniversaries?
If you answered “yes,” then this is proof that something in your life is distracting you from significant events. If that something is your business then you need to reevaluate your approach.

Passion is an important characteristic of any successful entrepreneur. But if taken too far that passion can become obsession and infringe on your personal life, negatively impacting those you love and care about. If you’re interested in managing your business rather than having it manage you, come back next week to learn how to better balance your work and personal life.

Achieving a Healthy Balance

When you first went into business you probably thought working from home would be ideal. Most contract accountants don’t anticipate the difficulties they will encounter when trying to balance their personal and business lives. Often it’s easy to become distracted when working where you live. It can also be difficult to leave your work behind even after the metaphorical whistle blows. So in order for you to achieve true balance with work and home life, you must have a strategy. Here are six things to consider:

1. Leave work in the office
If your office doesn’t have a door you need to get one. When you’re on duty you should close the door behind you; when you’re off duty you should also close the door behind you. Your work should stay in the office. Avoid carrying files around with you. You should train your mind to be prepared to work as soon as you step in that office; and you should work hard until you’re ready to leave. You should not train your mind to work from your living room as you spend time with your family or from your bed while your spouse tries to sleep. This closed door policy will make that transition from work to home life much easier. Also establish some rules with your family so they understand if and when you can be disturbed.

2. Determine work-free days/hours
When you work from home it’s equally important for you to set aside work-free times you can spend relaxing or with your family. When the line between work and family life is blurred, resentment for your accounting practice can build and cause tension at home. So when you take time off be sure to enjoy it.

3. Prioritize
Obviously you must do what it takes to see that your business succeeds. Often this requires long hours. In order to compensate for this drain on your personal life you must use your “free” time wisely; you must prioritize your values and the way in which you spend your time. If eating dinner with your family is important then you must ensure that your schedule and work load accommodate that priority. If you want to be present for your children when they get home from school, then leave that time free and make up for it either earlier or later in the day. It’s important that you not sacrifice your family for your business. Balance is key.

4. Use your imagination
When working from home where the refrigerator and television may only be steps away, you must devise a plan that will enable you to focus your efforts and “stay” at work. Some find that using a little imagination can help with this task. Arrange your office so that somehow you are able to imagine yourself miles away from home and in an environment completely void of distraction.

5. Set strong boundaries
This goes for both your clients and your family. You need to have work hours both honor. Obviously emergencies happen and your family and your clients should know how to reach you in such circumstances. Otherwise you need to do all you can to ensure your boundaries are respected. This means you shouldn’t answer your phone after hours; nor should you answer your home phone while you’re working.

6. Remember your motivation
Most people start their own businesses in order to enjoy the freedom to dictate their own schedules and spend more time with their families. While this isn’t as easy as it sounds, you must continually remind yourself why you started your practice in the first place. A daily or weekly reminder can help you maintain your focus and your priorities.

Balancing work and home life isn’t impossible, but it does require a strategy and the establishment of certain rules to help guide your efforts. And when you attend to these 6 items, you’re on the right path for finding the peace and freedom your business affords.

“Marketing” is not a dirty word

No business will be successful, with any product or service, without some form of marketing. Regardless of what those get-rich-quick schemers say, you will have to do more than just hang out your shingle, and start counting the money. You need to get the word out.

Any good marketing program requires that the company have an edge over the competition.

A story of three furniture stores, sitting side-by-side in a shopping center helps to emphasize this point:

Being in a recession, furniture sales had dropped way off. Each furniture store owner was considering ways to improve sales. The owner of the store on one end had a thought and raced to the sign shop to pick up a banner, which he proudly displayed across the front of his store, “Inventory Clearance Sale.”

It worked! Customers were coming to his store instead of the other two.

In an effort to regain customers, and boost sales, the owner of the furniture store on the opposite end acquired his own sign announcing, “Year-end Clearance Sale”. It worked, too. His old customers returned, and he even had some new ones coming in.

That caused the owner in the middle store, in a state of desperation, to get his own banner, which he proudly displayed above his door, stating, “Main Entrance”.

Each owner, providing the same merchandise, worked to get an edge over the competition. You too must seek an edge or a competitive advantage because, as you are surely aware, there are other accountants doing the same thing as you will be doing.

There are all types of advertising mediums we can use today; everything from expensive freeway billboards to high-cost television advertising. Each medium might do a good job with a particular type of industry while working poorly with others.

Word-of-mouth is the most effective and consistent marketing method for a bookkeeping and accounting business. It�s inexpensive, it�s the most direct approach, and it produces results.

I have three articles to help you get the most out of Word-of-Mouth marketing.

See: The best way to market an accounting and bookkeeping service

How to get a new client every week

Save time and money by finding clients near your home

For continual information on marketing tips and strategies click here and sign up now for our newsletter.

Exchanging business cards is a critical component in networking but the primary reason many people don’t convert business cards into business is the fact that they never follow up. You must have an effective networking system to be a successful networker.

These suggestions may help you:

Jot Down a Quick Note

Assuming you have aimed to have quality conversations at a function, rather than quantity, you may have returned to your office with a handful of business cards. Before you forget, write on the back of the card notes on the date you met the person, where you met and something personal that you remember about the person and is unique to that person. When you follow up, you can make mention of that unique point.

If you are sending cards as a follow up, take time to actually write a message on the card, rather than just a quick signature or your first name. Often the card is separated from the envelope and your effort will go unacknowledged if your handwriting is not familiar to the person.

Give Realistic Expectations

Don’t over promise and under deliver. When you are really busy, don’t promise to send something ‘tomorrow’. If you do have something of interest to the person you have just met, you might acknowledge that you are both very busy at this time and suggest you will forward it to them in the next week. You lose credibility when you indicate that you will do something within a particular time frame and, for a variety of reasons, are unable to achieve this.

Use an Action Plan

Develop your post event system, prior to going to the event. Two low cost ideas include - sending an article that would be relevant to the person’s business or alternatively you can access e-postcards on the web.

Leave a Lasting Positive Impression

These ideas represent a very quick way to acknowledge meeting the person and being remembered positively.

More Marketing Ideas

Because marketing doesn’t always come naturally to accountants and bookkeepers, we have devoted a full 4-DVD module of the Professional Bookkeeper course to finding clients and making your accounting service profitable. If you don’t have the ability to convert your skills into income, even the most experienced accountant will fail financially. With the right training, you will make $30 to $60 per hour servicing your clients and make a great income for yourself.

Learn How Module 4 of the PB Program Teaches You To Run a Profitable Accounting Service

More than staff meetings, retreats can build camaraderie, morale, and rejuvenate your staff. Intended to reorient employees while giving them a break from the office routine, a retreat can be an incredible business investment or a horrible flop, depending on how well it is planned.

As summer winds down, you might consider planning a retreat in order to recommit your business and your staff. While it doesn’t have to cost a lot of money, it should be thoughtfully planned in order to ensure optimal success. As you organize your company retreat, consider the following 7 steps:

1. Select an approach

Some companies plan playful retreats where employees interact in unusual and unexpected ways while others choose a very business-like approach. Whether you decide to be playful, for example, asking employees to participate in a zip line tour, or professional, using Power Point Presentations in hotel conference rooms, you must select an approach long before you invite your employees.

Consider the temperament of your staff and select an approach that will boost morale and encourage improved performance. You may decide to go with the most unexpected approach in order to upend their expectations and encourage a dramatic change in perspective.

2. Determine a location

This may incur the greatest cost, depending on the location you choose. However, if you’re creative you may be able to trade services with a client or prospective client who has a cabin, hotel, or other getaway location you could use.

It’s important that you select a location after you determine your approach because they should complement one another. You wouldn’t expect to hold a business-oriented retreat at an amusement park just as you wouldn’t expect to hold a relaxing retreat in your company’s conference room.

3. Create goals

Creating specific goals will greatly contribute to your retreat’s success. What would you most like to accomplish? What areas do you need to focus on? Once you determine your goals you’ll find it easier to plan specific events for your retreat.

4. Consider hiring a facilitator and/or motivational speaker

Your employees have heard you speak before and while we’re guessing you’re an amazing motivational speaker you might consider contracting a guest lecturer. Search for someone who specializes in the theme you are most interested in. You may find guest lecturers at a local college or university, in a life coach, or a local celebrity. Again, you might be able to trade your accounting services in order to cut costs.

5. Plan your meals

A retreat’s appeal includes the pampering of employees, including the meals provided through the course of a retreat. You can choose to have the event catered, food ordered in, or friends and family prepare the meals for you. Whatever you decide, it’s important that you select your menu early on and make all the necessary arrangements so your staff doesn’t feel short-changed.

6. Produce a schedule

If you don’t create a schedule, you’ll find yourself overwhelmed by awkward moments and gaps of wasted time. Fill each day with discussions, activities, group projects and perhaps video segments. And don’t forget to include those important breaks. With each event you plan ask yourself if it aligns with your retreat goals and approach.

7. Talk up the retreat

Once you’ve scheduled the retreat it’s important to give it high billing with your employees. Talk about it in staff meetings, make note of it on the office calendar and hand out invitations.

A retreat can bring new life to an organization, inspiring employees to work harder and contribute more to a company’s success. The better organized your retreat, the more successful it will be. If you would like to incorporate onsite training into your retreat, contact Universal Accounting Center. We can demonstrate how employees can become profit experts in your organization, regardless of their current position. Whether you would like to train your management team, your entire staff or specific employees, Universal can help. Learn more today by visiting Universal Accounting Center.

What’s Your Target?

Knowing What Your Clients Really Want

The Bay Street Group is a firm that provides accounting and tax professionals with expertise in marketing, management, and strategy. In 2007 they performed a survey intent on finding out what clients really want from financial specialists. They received feedback from 1,799 accountants, financial advisors and CPAs from all sectors of the profession. 45% surveyed work in an office with 1-10 individuals.

The survey uncovered a gap between what financial professionals think their clients want and what their clients actually say they want. For example, 77% of accountants surveyed said they think that the majority (if not all) of their clients would recommend their services, while only 55% of their clients would actually do that.

What Clients Really Want

82% of clients surveyed said they might change accountants or firms if they got a good referral. You don’t want to be that accountant that looses a client because you weren’t aware of their real needs. The survey found that when clients choose an accountant or firm they are most interested in good service and attentiveness, the quality and reputation of the firm, and the accuracy of their work.

Good service and attentiveness. Clients want to feel valued, and that occurs when you practice good customer service. This can be achieved by treating each customer with respect, keeping all your promises, responding immediately to complaints, practicing good communication, and going above and beyond the call of duty. When you attend to your clients’ needs, they will know that you value their patronage. One accountant explained that they are most effective when they “worr[y] more about satisfying existing clients than obtaining new ones.” Another explained, “We can ask them how we are doing and what we can be doing better. Being proactive is the best approach to keeping strong client relationships.”

Quality and reputation of the accountant and/or firm. Remember that 82% of clients surveyed said they would switch accountants if they got a solid referral. Word-of-mouth marketing is still the most effective, simply because people trust the recommendations of friends and family. And the only way you can benefit from that type of marketing is when you develop a solid reputation. You’ll notice that these three characteristics are closely related; in providing attentiveness, good service and accurate work, you build a firm reputation that will get you countless referrals.

Accuracy of work. Good accountants recognize that their reputation depends on the accuracy of their work. It’s all about numbers, and when the numbers are incorrect, your reputation, and your clients’ business, are at risk. Your job is to help your clients enjoy profitability, and if your work is inaccurate, that can never be accomplished.

Miscellaneous. 40% or more of clients surveyed said they’re also interested in the following: affordability of services (67%), proactive advice and consultation (63%), specific understanding of their industry (56%), specific understanding of business (51%), problem-solving ability (44%), and personal chemistry (42%).

Reevaluate what you think your clients need, because you may be wrong. This survey indicates a significant gap in what clients need and what clients are actually getting. It’s important to do what you can to retain you current client base; remember, it’s 10 times more costly to attract a new client than it is to retain an existing one. So look at what you can do to improve service for your customers, because you’d rather be the one getting more business because of referrals than be the one loosing business because of them.
Request More Information here:

Accounting and Bookkeeping Information

Whether you work for small businesses or high level corporations, it’s important to know exactly what your clients want so you can successfully cater your services to their needs. And regardless of business size, all your clients want top-notch treatment. In fact, ensuring they receive that treatment will nearly guarantee your ability to continually retain them as clients. Michael Platt is a management and marketing consultant who has worked with accounting firms for over 20 years. In an article entitled “What CEOs Want from Their CPA Firm: A Perspective from Accounting,” Platt discusses 10 things CEOs are looking for from their accountants, information he received from a panel discussion with a handful of what he likes to call “A-Level Clients.” Here’s what they had to say:

1. Practice Basic Business Etiquette
From answering the phone to returning emails, clients expect everyone in your firm to practice basic business etiquette. Often this requires you to hold training sessions that inform employees of your expectations and business policies.

2. Customize Your Approach
Not every client expects the same treatment. Some like regular interaction with a representative from your firm. Others just want a monthly update. In order to customize your approach you must first know your clients’ preferences. That requires focused and attentive communication with each and every person for which you work.

3. Be Proactive
Some accountants have the misconception that they work in a vacuum, crunching numbers and regurgitating data for their clients. That should not be the case. Accountants can change the course of a business by providing crucial information on what might be done to improve a business’s profitability. Clients want a Profit Expert. That can only occur when accountants are proactive.

4. Work as a Team
Everyone on your staff should work as a team. That means you should introduce your clients to all your employees so each client appreciates their roles and responsibilities and how they might be able to assist them.

5. Add Value
Clients expect your prices to be competitive and your services valuable. But unless you explain just how valuable they are, they may never know. These high-level CEOs told Platt that they expect their accountants to articulate their value, to understand how their services enhance their clients’ businesses and to take the time to explain it to them. In that you must know and believe that you and your services are valuable. Practice an elevator speech that will communicate just that.

While these CEOs may not be of the same caliber as your clients, they do offer valuable advice on ensuring that your firm adequately fulfills each of your client’s needs. Take care to cater your services so they address their concerns and respond to their unique issues.

Return next week when we’ll discuss the final 5 things CEOs are looking for in their accountants:

6. Recognize How Valuable Your Client’s Time Is
7. Understand Your Client’s Business
8. Streamline Your Communications
9. Share Additional Services
10.Make Their Lives Easier

Reference
Platt, Michael T. “What CEOs Want from Their CPA Firm: A Perspective from Accounting.” RainToday.com