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
Here are just 19 factors. By Ed Mendlowitz The CPA Trendlines Practice Doctor QUESTION: I am in process of buying a practice and would like to know how much to pay. MORE PRACTICE DOCTOR Q&A: When Fees Don’t Keep Up With Cost Increases | When Large (or Any) Clients Need Backup Assurances | 18 Ways to Blow a Partnership Opportunity | 10 Do’s and Don’ts for Making Small Business Clients Happy | 10 Ways to Get New 1040 Clients | Before You Even Think about Selling Your Practice… ANSWER: An alternative question is how much to sell it for. This is a complicated issue with many important variables, some of which are:
Apply it to service, processes and standards. By Ed Mendlowitz Tax Season Opportunity Guide One way to guarantee extra work is to have everything always done differently each time it is done. MORE ON TAX SEASON: 11 Clear Client Instructions to Make Your Tax Season Easier | 3 Ways to Build a Tax Season Team | Have Fun This Tax Season | How to Get Paid Faster This Tax Season Not establishing uniform procedures is bad business and unnecessarily consumes part of your life. Consistency in performance reduces work and review time and creates a greater reliance on the staff people.
Make sure they both agree and you should be OK. QUESTION: I have a long-term tax client who is going through a divorce and have been asked to meet with both spouses (soon to be ex-spouses) to perform tax and financial planning services. Is representing both of them a conflict? ANSWER: It has the potential to be a conflict if not handled properly. Here is an engagement letter that Martin H. Abo, CPA/ABV/CVA/CFF uses in such circumstances. It is included here with his permission.
Help them help you. By Ed Mendlowitz Tax Season Opportunity Guide Providing instructions of what a client needs to do must be clear enough so that the client doesn’t call you to find out what to do. Sometimes taking an extra minute to lay out what the client should do can eliminate that call or indecisive moment a client might feel.
Professionals worldwide rely on CPA Trendlines to deliver exclusive, actionable intelligence to identify and act on emerging issues and opportunities.
Plus more than 3,000 need-to-know tips, tools and strategies – business-know-how articles – for your firm, your business and your career.
It’s a long season. Make it a happy one. By Ed Mendlowitz Tax Season Opportunity Guide If you have staff, have happy cheerful helpful people. Don’t surround yourself with downers and naysayers. Also have team players. Part of this is your firm’s culture. It takes work to get people to work together and to focus on doing what it takes to service the client fully, properly and timely. Everyone working together gets it done.
It’s not too late in the year to make changes. By Ed Mendlowitz The CPA Trendlines Practice Doctor QUESTION: My expenses have crept up greater than my fees. What should I do? MORE PRACTICE DOCTOR Q&A: Lowballing and Why It (Usually) Doesn’t Work | When Is It Time to Merge? | What Goes in a Client’s Permanent File? | Why the Average Fee Doesn’t Matter | No More Printouts at CPE Programs? | How to Apply Value Pricing to Bundled Services | 6 Ways to Take a Client Beyond Tax Prep | 18 Ways to Blow a Partnership Opportunity | When Experience Doesn’t Add Up | 8 Times When Hourly Billing Trumps Value Pricing | 6 Ways to Know What You […]
No kidding! Here are 12 ways. By Ed Mendlowitz Tax Season Opportunity Guide Tax season presents exciting opportunities for accounting firms and their staffs. Every moment should be enjoyed and appreciated. Following are 12 reasons: 1. Tax season is profitable and accounting is a business where we try to maximize our earnings. Sure, there is a great concentration of work in a short period with occasional pressure, but if handled properly, the work can be managed sensibly with tensions at reasonable levels. I also believe much of the pressure is self-induced by poor scheduling, inadequate quality control and the lack of uniform systems that are followed by everyone in the firm, particularly the partners.
Write your Congressman! By Ed Mendlowitz The CPA Trendlines Practice Doctor IRS regulations are requiring every business with materials, supplies, equipment and real estate to change their accounting method and file an eight-page Form 3115 with their tax return and to mail a copy of the form to an IRS group in Ogden, Utah. This is a sin and a travesty.
What do you value most? In “Lowballing and Why It (Usually) Doesn’t Work,” Ed Mendlowitz ignited a conversation about getting paid what you’re worth. It started when two CPAs with successful firms told Ed about clients balking at paying their bills. Frank Stitely took issue with one of the questioners, who had set a $30,000 price, done what he called $44,000 of work and then tried to send an additional bill for half the difference. “Lowballing a proposal and then asking for a higher amount after the work is done screams out to a client that you aren’t a very good business person. If you missed an estimate by a significant amount, it’s on you, not the client,” he said. […]
Here are 8 concrete suggestions. By Ed Mendlowitz The CPA Trendlines Practice Doctor QUESTION: My largest client does over $100 million in annual sales and accounts for 40 percent of my total revenue. Its bank has expressed their concern to me and the client about the existence of a contingency plan for accounting and tax backup in the event of my untimely death or long-term medical issues. This is a very important issue for me and I would appreciate any advice you can provide.