Welcome PRO member! 12 Reasons to Love Tax Season Ed Mendlowitz’ Tax Season Opportunity Checklist Kit (16 pages, PDF) Click here. Free for CPA Trendlines PRO members Including: The Reviewer’s Checklist for Individual Tax Returns – 34 Items The Reviewer’s Checklist for Business Tax Returns – 42 Items The Top 12 Tax Return Preparation Errors Reviewer Qualification Test: 10 Questions Every Reviewer Should Know… ” …And the Answers (No Peeking!) Additional Services Checklist: 15 Potential Client Needs Sample Listing of Additional Services to Clients: 40 Services Every Firm Could Cross-Sell What Makes a Good Client: 16 Tips The One-Page Tax Season Client Follow-Up Action Plan CLICK HERE TO DOWNLOAD NOW
Fact-checking adds little value. So why are you spending so much time on it? By Ed Mendlowitz How to Review Tax Returns Too many otherwise very smart tax preparation operations confuse the two primary types of tax-return quality-control reviews: reviews for content and reviews for issues. Each type of review requires a different discipline. One of them costs you money and the other can make you money, lots of it.
And nine strategies to fix the “problem.” By Ed Mendlowitz 101 Questions and Answers QUESTION: My partner seems to always be out of sync with me, but my biggest pet peeve is that he never does what he says he will do. Do you have any suggestions? RESPONSE: Some people are not cut out to be partners. They could be control freaks, someone who skipped kindergarten and
Eight data points to check your tax season quality control systems. By Ed Mendlowitz How to Review Tax Returns Accounting firms that have high review times usually have high error rates necessitating the higher review time. Doesn’t that sound crazy? Why not set up procedures to reduce the error rate? I have been told that error rates range between 5% and 95%. 95%!? That is crazy! There must come a time when you decide to fix this. You can rationalize all the expediency reasons in the world, but this is just bad, stupid and poor business! Start by considering eight key metrics.
By Ed Mendlowitz 101 Questions and Answers QUESTION: How can I get buy-in in the implementation of new things we decide to do? RESPONSE: I find buy-in the key to a successful program. It is also extremely hard to get. It is easy in the board room or at the meeting when the new process or procedure is agreed to, but then there has to be a champion to be responsible for the follow-through and success.
Nine reasons you need them and the one big reason they don’t get used. By Ed Mendlowitz How to Review Tax Returns This is an area I feel very strongly about, and it is a major reason for the success of the better firms and the lack of growth of smaller firms.
By Ed Mendlowitz 101 Questions and Answers for Managing an Accounting Practice QUESTION: A former client wrote me a letter threatening to sue me for bad services. I did nothing wrong and actually did a great job and they still owe me money. What should I do? RESPONSE: Walk away! Ignore the threat. Don’t respond. Stop billing them. And go about your business. Life is too short to get tied up in dissipating actions. It is rare to run a business without getting stuck from someone.
How to build a plan. By Ed Mendlowitz 101 Questions and Answers for Managing an Accounting Practice QUESTION: I want to start growing my practice but am having trouble defining my target client. I tend to accept every client I can and seem to have clients all over the place. Is there anything I can do to better target my “ideal” clients? ANSWER: To have a target client means you have a target. The target is the result of a plan. So, what is your plan?
Then you’re probably not spending enough on building a practice. By Ed Mendlowitz How to Review Tax Returns I refer to the tax return review process just as that – the review process. However, in reality it is part of the Quality Control (“QC”) system. If you think of the review as QC, would you look at tax return reviews differently?