ed mendlowitz
management and review still will be needed. by ed mendlowitz 202 questions and answers: managing an accounting practice question: a cpa sole practitioner with a few part-time staff told me…
a lesson in applying judgment.
by ed mendlowitz
202 questions and answers: managing an accounting practice
question: i helped a client get a bank loan, negotiated the rate and fees with the bank and had a tight covenant loosened. i prepared a personal financial statement, prepared a compilation statement for the business, projected financial figures and accounts receivable projections and reviewed and discussed them with the bank, and had numerous conversations with bank and client.
how to prepare for a value pricing opportunity.
by ed mendlowitz
202 questions and answers: managing an accounting practice
question: i just heard from a client we hadn’t heard from in seven or eight years and he says he has an “emergency.”
here’s the story: he had started a business eight years ago and he used us for a couple of years until some big money was raised and they switched to a big four firm. he also stopped using us for his personal return, switching to the big four firm. then, just last week, he called us to ask for assistance in evaluating a multimillion-dollar termination package. he needed to meet with me right away because he did not want the offer to slip away. he then asked what the rates would be and could he have a discount because he was once a good client (he was – seven and eight years ago!). the asking for a discount left a bad taste in my mouth.
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what would you say?
by ed mendlowitz
202 questions and answers: managing an accounting practice
question: i know you have a lot of advice on how to review tax returns. what’s your single best tip?
response: i had never thought about this until this question was asked.
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wishful thinking won’t move you forward.
by ed mendlowitz
the 30:30 training method
question: thanks for the training memo. although i requested your memo because i know i need help with improving efficiency and the like with my practice, many of your thoughts and ideas i have already thought of but simply did not implement them.
response: i think you hit part of the nail on the head in what you wrote – you’ve had many of the ideas and “simply did not implement them.”
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you can do more work, but under certain conditions.
by ed mendlowitz
202 questions and answers: managing an accounting practice
question: client didn’t pay his bills to me, doesn’t return my phone calls and his secretary keeps sending me the tax notices he gets with notes of “when are you going to take care of them?” i tell her that i need the client to call me before i can do any more work and she ignores this and keeps sending me the notices and other tax correspondence he gets.
i don’t want to tell him i am dropping him because then i don’t think i’ll ever be paid. every year he goes on extension and he usually pays me half of what he owes when he sends me his tax info, but the past due amount has really accumulated to about three years’ fees. what should i do about getting paid?
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