Surprise: Hard work and knowledge aren’t Number 1. Neither are skills or knowledge.
by Rick Telberg
Above all else, the essential ingredient for career success as a CPA is not what you might think.
It’s not knowledge or ability; although you can’t be a CPA without either. It’s not hard work or integrity. But you won’t go far without them. In one word: It’s about “clients.”
No single word comes up more often when you ask for career advice from today’s working professionals than the word “clients.”
CPA Mike Ramos sees government policies moving the economy in a new direction.
This will affect your clients’ business — and their business needs. Your opportunity is to provide a service to address those changing needs.
Four promising areas to consider:
1. Tax planning and compliance: The American Recovery and Reinvestment Act (ARRA) — dubbed the stimulus package — brought major changes to the tax code. So does the Obama administration’s budget. The tax code overhaul offers significant opportunities in tax planning and compliance.
2. Services for state and local governments: Firms skilled in audits of state and local governments and the requirements of OMB Circular A-133 are well positioned to expand their practice. The ARRA’s reporting requirements go far beyond existing rules for those receiving federal funds. ARRA fund recipients have many questions.
3. Services for nonprofit organizations: Many nonprofits are receiving ARRA funding. They face the same issues facing state and local government receiving ARRA funds. Moreover, many nonprofits will face another challenge: preparing for their first A-133 audit.
4. Renewable energy: Keep your eye on wind, solar and other renewable energy sources. The Obama administration has signaled it will make significant investments in the rapidly growing renewable energy sector.
In these historic times, Ramos says, CPA firms that decline to change their pre-2007 business model risk being overtaken by competitors.
CPAs brace for pain and uncertainty with cautious optimism, buoyed by signs the economy may have stabilized.
by Rick Telberg
As busy season lurches into high gear, accountants are expressing more confidence in the outlook for their own firms and organizations, buoyed by signs the economy may have stabilized.
Indeed, on a scale of one to five, with five being the best outlook for their organizations, accountants are reporting an average grade of 3.26, up a marked 20 percent from the year-ago 2.62 index level, according to CPA Trendlines research for the AICPA.
But certified ProAdvisors outrun the uncertified. And CPAs outperform most.
Since 2007 rates for Certified ProAdvisors rose by seven percent; during the same period, rates for uncertified ProAdvisors actually declined, according to Intuit.
While Intuit asked about various hourly services, they are using hourly bookkeeping rates to provide a thumbnail sketch of the changes between 2009 and 2007. The 2007 rates are shown in parentheses, followed with the percentage change.
As shown in the “bookkeepers” category, the most pressure for rates to increase comes from the lower end of the spectrum, according to Intuit. After that, the subset of ProAdvisors who are also CPAs saw the highest increases overall.
“If I Were an Auditor,” a song parody of “If I Were a Carpenter,” is the first ever music video about accounting performed and filmed in the virtual world of Second Life. Conceived by Edith Orenstein, author of the Financial Executives International blog, and performed by Orenstein and Steven Zelin, aka “The Singing CPA,” the video features a cast of accounting and financial bloggers.
Without a solid system for networking, what good are good connections?
How can you gain the trust of your contacts so they’ll start connecting you to all the people in their network? The greatest networkers have a simple, practical system for making a lasting impression and building a strong foundation for future professional success.
Start off strong: Give new contacts a firm handshake and look them in the eye. An upbeat attitude and a sincere eagerness to meet them will be reciprocated.
Listen more than talk: You can’t really start to build a relationship until you’re locked into the other person’s hot buttons and listening to what makes him tick.
Ask questions to build rapport and understanding: Once you hear his answer, do you have him go into greater detail? Great professionals know how to move the conversation forward with the right open-ended questions.
Find common ground: Doing so allows you to connect with contacts on a deeper level, whether it’s sports, hobbies or family interests. When customers start talking about their kids and how they are interested in the same activities as yours, the conversation flows.
Do your homework: When the customer sees you’ve invested time into understanding his business, there is a certain level of trust established right away. Even better is when the homework you did brings new ideas and additional value to the customer.
Sell what they sell: You know who your customer is, but do you know who your customer’s customers are and how you can help sell more to them? Help your customers build their businesses, and they’ll end up building yours.
Offer outside help: Can you offer a resource–say, a personal trainer or a good book–that assists them in an area outside of what you sell? Going out of your way to help can get you in the door and keep you connected.
Keep your network strong: Surround yourself with people your contacts would want to meet. I am always thinking about the company my contacts keep. It tells me a great deal about their intelligence and integrity.
Be true to who you are: People cannot connect with you when you’re trying to be someone else. Being honest about what you do, who you are and what you believe in says a lot about your character.
Follow up and follow through: In the world of networking, connections and building relationships, this is the glue that holds it all together.
Nothing really new here–it’s common sense. And guess what? Common sense isn’t so common anymore, but it’s what the best professionals have.
Barry Farber is rated as one of the top speakers of the year by Successful Meetings Magazine and is the bestselling author of 11 books on sales, management and personal achievement. He is also a black-belt weapons expert and a regular on QVC as the marketer and co-inventor of innovative products. Contact him at barry@barryfarber.com.
