Why Exceptional Service Matters

server holding carafe of water points at menu item; two women seated at restaurant table

And why it has to come from EVERYONE.

By Ed Mendlowitz
202 Questions and Answers: Managing an Accounting Practice

This time, I have a question for you. But I’ll start with a story.

Last Sunday evening my wife and I went into a reasonably upscale restaurant and we had terrible service from everyone we interacted with.

MORE: Courting a Client? Don’t Give Too Much Away for Free | How to Start Providing Family Office Services | Every Accounting Firm Needs Quality Control | No One Listens to You? Change How You Talk | 47 Types of Business Valuation to Provide | Thirteen Things to Consider Before You Sell Your Practice | Uncooperative Partner Might Not be the Problem
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When we were seated, the table wobbled and we asked if they could do something or move us to another table. Ten minutes later someone showed up with a wad of napkins that made it worse. Five minutes later they asked if we were okay, and put us at another table. Ten minutes after that they took our order, but we asked for some drinks right away, which we only got after we complained to the manager.
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Ten Tax Prep Questions That People Forget to Ask

Drawing of unhappy face and arrow pointing from it to happy face

Your clients will appreciate the attention to detail.

By Ed Mendlowitz
Tax Season Opportunity Guide

Many professionals fail to systematically ask clients some basic and important questions. Here’s my top 10 list of key questions to ask this year. What would you add?

MORE ON TAX SEASON: Try This Clean Slate Exercise | Offer Your Tax Clients Other Services | Can Your Tax Reviewers Answer These 10 Questions? | The Top 12 Mistakes in Tax Return Preparation | Six Types of Person: Which Are You? | Answer These Two Questions First | Help Your Tax Clients, Help Yourself | What’s Your Value to Your Tax Clients? | Are You Excited About Tax Season?
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1. Foreign bank accounts: Make certain you ask every client if they have a foreign account and if they do, report the income and file the proper forms. The penalties are too great if it is wrong.

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Brandon Hall: Firms Try to Make Too Much on Tax Prep

Try for a 10-15% margin.

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The Disruptors
With Liz Farr

Brandon Hall says that the reason accountants have such long and grueling busy seasons is that “firms try to make way too much money at tax prep.” Firms don’t have enough capacity to deliver on services, so everyone – including the partners – ends up working a ton of hours.

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Because partner pay isn’t included in payroll, the margin on tax prep is likely much worse than the 30-35% that shows up on the income statement. Hall’s target for the 2024 filing season is just 10-15% margin on tax prep.

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How to Start Providing Family Office Services

Couple meeting with investment advisor.

Including a sample engagement letter.

By Ed Mendlowitz
202 Questions and Answers: Managing an Accounting Practice

Question: Some of my clients are getting older and are becoming unable to handle their own financial affairs and I have been asked if I could assist them. What is involved and how do I charge for it?

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Response: Many large firms provide “family office” services. This is a complete one-stop financial service that helps clients manage their money, pay their bills, collect their dividends and interest, and make sure insurance isn’t cancelled, mortgage, car lease or condo fee payments aren’t skipped, and tax payments paid on time.

Following is a sample engagement letter that I use with clients needing such services. Also, this letter provides a detailed description of what the service involves.
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Offer Your Tax Clients Other Services

Woman and man shaking hands across a desk

Here are 40 they should know about, plus a checklist for considering additional client services.

By Ed Mendlowitz
Tax Season Opportunity Guide

The following listing can give you ideas of additional services clients might need.

MORE ON TAX SEASON: Can Your Tax Reviewers Answer These 10 Questions? | The Top 12 Mistakes in Tax Return Preparation | Six Types of Person: Which Are You? | Answer These Two Questions First | Help Your Tax Clients, Help Yourself | What’s Your Value to Your Tax Clients? | Are You Excited About Tax Season?
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This list is not complete, but it is a good start for you to start thinking about what types of additional services you can offer to your clients!

  1. Estate planning
  2. Inheritance advice and guidance
  3. Succession planning
  4. Personal financial planning

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Help Your Tax Clients, Help Yourself

Beware the opportunity graveyard.

By Ed Mendlowitz
Tax Season Opportunity Guide

Many opportunities only come along once. The way to be successful is to not let them pass by without acting on them or taking advantage of them.

MORE ON TAX SEASON: What’s Your Value to Your Tax Clients? | Are You Excited About Tax Season?
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Spotting opportunities is quite easy if you are looking for them – and extremely difficult if you don’t have a clue of client needs or wants.
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