Accountants relieve their worst headaches. CPA Trendlines sources are reporting on how much time and money small businesses spend each year on accounting and tax preparation and each month on payroll administration. The data should support practitioners’ value proposition to small business owners: Some 40% say bookkeeping and taxes are the worst part of being in business. Owners were also surveyed on their opinions of the most burdensome small business management tasks. Next time you talk to your clients — or prospective clients — these pain points might be worth including in the conversation…
New data from CPA Trendlines sources reveals key competitive comparisons.
Use these busy days to get to know your clients better. With a few quick questions, every client meeting can turn into a new relationship-building opportunity. Ask how the firm is doing as a whole to assess satisfaction. Ask some open-ended questions about the client’s current situation, challenges and goals for the year. Delve a little deeper into potential specific services, such as multi-state tax requirements or pension plan audits. Request referrals. Keep it short and be sure to have a mechanism in place to follow up on the information that you learn from these interactions.
How many of these do you need to fix in your firm? By Ed Mendlowitz How to Review Tax Returns Clients have many choices, including the choice of a tax preparer. Every new client an accountant gets is because that client left – fired! – their previous accountant. Here is a listing of 21 major reasons why clients switch accountants. Ask yourself how many of these mistakes you could correct immediately and think about what that might be worth.
Set an agenda; call a meeting. By Ed Mendlowitz The CPA Trendlines Practice Doctor QUESTION: I have many small business tax clients and seem to lose them as they grow. I provide good service, never have extensions and call the clients in July to see if I can update their books and in December if they want any year-end tax planning. What else can I do? RESPONSE: Based on our conversation, you are their tax preparer and they do not think of you as their “accountant” or business advisor. And based on what you told me, you aren’t, although you obviously have the skills.
The profession gets a reality-check…
New strategic ally, or competitive threat…?
What it means for independent tax and accounting firms. By Hitendra Patil Pransform Inc. The accounting profession in the U.S. has been shaken up by announcements from Liberty Tax Services and H&R Block that they are entering into core bookkeeping and accounting services business. More on The Entrepreneur Accountant: Six Steps for a Better Tax Season • 8 Seconds into the Future: Meet Generation Z • 5 Reasons Gen Y Will Make or Break Your Firm • 3 Ways Amazon’s New Fire Phone Hints at the Future of Accounting • The 8 Traits Creating the Firm of the Future Today • Get More Done, Make More Money: Stop Doing These 17 Things • What Shopping Habits Reveal about Accounting Clients • […]
QUESTION: This is not a question that an accountant asked me, but a fellow traveler on my vacation. He was using a tax preparation service and wasn’t happy and felt he could do just as well by doing his own tax return. I told him there were many benefits to using a tax professional like a CPA or EA that were well worth the extra cost. So my question to myself is “What are they?” RESPONSE: People with rental property, unincorporated businesses, investments that generate K-1s, grantor trusts, substantial investments in marketable securities or large retirement accounts and 401(k) balances need to engage a professional firm, and this checklist is directed toward those clients.