achieving aggressive growth in tough economic times

the case for investing in enterprise-class crm.

by wilbur swan
contact networks
via boomer consulting

the downturn in the economy has businesses of all sizes rethinking their growth strategies, whether they are in manufacturing or professional services. some organizations are not even sure if they can keep their doors open, let alone grow in these tough times.

yet studies confirm that successful leaders are not afraid to invest during recessions. according to the june 2002 issue of mckinsey quarterly, “some companies emerge from a recession stronger and more highly valued than they were before the economy soured.”

relationships, while intangible, are one of the most valuable assets of any firm. as the accounting industry continues to mature and better technology becomes available for managing relationships, the sophistication of using relationships as a strategic asset leads to greater business successes.

the success of erm systems has been impressive. in just the last two years, over 70 of the largest professional services firms — in consulting, banking, advertising and investment management — have adopted the systems for social networking and relationship management.

full story:achieving aggressive growth in tough economic times.

what to do with the client from hell

cpas share their war stories and their winning strategies.

by rick telberg/at large

almost every accountant has a story of a client who is more than just a little difficult, which we reported a couple weeks ago in “have you fired a client lately?” as if to prove the point, the reader response has
been overwhelming.

in the article i reported on a 卡塔尔世界杯常规比赛时间 survey that showed 93 percent of public accountants have at least “a few” clients they would like to fire. furthermore, nine in 10 accountants have terminated a client and many have done so at least once in the last year.

but the tough part is actually finding the strength and the right technique to sever such dysfunctional relationships. some readers wanted more practical solutions. fortunately, other readers wrote in with some great ideas. if you have an idea, suggestion or just want to share a war story, please drop me a line here.

i heard from a solo practicing cpa in california, who asked to remain unnamed. he can’t say enough about how good it feels to get rid of that problem client. “do it – it’s not worth all the worry and abuse to your health.” read more →

new year’s resolutions: aomar’s top 5 for 2009

prepare to succeed in a changing market.

the economy may mean that cpa firms are rethinking 2009 goals and initia­tives, but aomar believes there are opportunities for those who will pursue them. here’s their top five…

1. be prepared. firms that have bench­marks and a solid plan are ahead of the game in coping with the unknown.
2. focus on staffing and leadership development. communicating with staff is always im­portant. in a time of change, it is absolutely necessary for education, for continuity and productivity, and simply to reassure.
3. control costs.
saving money is definitely back in style, both for your practice and – especially – for your clients. as far as as your clients are concerned, these are the times they’ve been paying you for all these years.
4. don’t forget the basics. while you may adjust budgets and tactics in various areas, it is important to keep up your efforts on orientation and onboard­ing for new hires, your alumni programs, efforts to involve all staff in marketing, and updating and training on your technology systems and software.
5. take care of yourself and your people. stress takes a toll on all, so do what you can to encourage good health habits in your firm, in controlling the hours that people work, and carving out time for communications and for fun. these are the ways to stay strong so you and the firm can do what must be done in the months ahead.

to subscribe to the accounting office management and administration report, click here. (monthly pdf, $469.)

economic crisis: the big new question for tax season 2009

five great tips for tax season from charles mccabe, founder and ceo of peoples income tax.

“the main differences i see for the 2009 tax season will be driven by the economic crisis. the presidential elections will likely have more impact for the 2010 tax season, although awareness of tax issues will certainly be heightened when the new president is elected and changes in the tax laws can be anticipated,” says mccabe. peoples income tax operates multiple tax offices in central virginia and licenses income tax school systems and tax practice management manuals to independent tax firms nationwide.

“taxpayers will be seeking ways to cut expenses, and some who are capable will prepare their own tax returns, especially if they’re unemployed. economic conditions, however, could also drive more taxpayers to tax professionals to seek to reduce tax liabilities. the increase in unemployment will be a positive factor for tax firms seeking to hire additional tax preparers and/or upgrade the caliber of their staffs. the same trends of the past few years will continue and intensify,” he adds, “such as greater competition, and increased irs pressure on tax preparers to conduct due diligence and movement toward national regulation of tax preparers. tax firms may also be able to get better deals on media advertising due to cut backs on marketing by businesses. i expect 2009 to be a good tax season with moderate growth.”

mccabe’s best tips:

  1. developing a tax office policy and procedure manual is important for tax firms that employ more than a couple of people and essential to operating more than one office effectively. employees need standard answers to scores of questions such as how the telephones should be answered, client problems resolved, returns priced, prepared, checked, processed, and e-filed, irs due diligence requirements met, payments and bank deposits handled, daily results reported, and preparers paid.
  2. the schedule of charges and/or hourly rates should be reviewed and changes made prior to training tax preparers. a national tax preparer price survey might be obtained by becoming a member of a professional association such as the national association of tax professionals (natptax.com).
  3. take inventory of all existing equipment and supplies to determine shortages and avoid ordering excess items. for printed supplies, it might be cost-effective to order a supply for two years.
  4. a tax season marketing budget should be determined and a plan should be completely formulated four to six weeks prior to the season. the marketing plan should consider the following: advertising, including electronic and print media, direct mail, directory, and internet pay-per-click; public relations, including news releases, writing articles, speaking engagements, radio and tv appearances and community service; sales, which includes networking, seminars, cold calling and telemarketing; promotions such as grand openings, group tax programs and client referral programs; and local internet marketing including search engine optimization, link building, article marketing, and others.
  5. organizers should be mailed or e-mailed by mid-december to clients with more complex returns. a january client newsletter should be produced with tax tips and articles, as well as information about services offered, features and benefits, guarantee, locations, hours, your web site, and other details. call prior clients before the dates they were in last year to schedule appointments. letters or postcards should be sent to prior clients of any offices that are being relocated, and procedures should be developed to obtain client e-mail addresses. the firm’s web site should include resources such as tax calculators and links to irs sites.

via webcpa.

get more done by doing less

what are your biggest time-wasters? your best time management tips?

by rick telberg

there’s no denying that technology enhances workflow and improves efficiencies. but for some professionals, too much of a good thing is becoming a burdensome distraction.

most of us are just trying to do too much and not getting enough done.

for instance, a 卡塔尔世界杯常规比赛时间 survey showed recently that nearly two out of four cpas (44%) check their e-mail at least hourly and more than one out of three (39%) say they check e-mail “in real-time, as it arrives.”

read more →

outgoing bush administration seeks to loosen investment adviser regs

another reason why cpas make the best personal financial advisers.

the bush administration is rushing to pass a regulation that would relax the rules on when investment advisers can recommend products sold by their own companies, despite protests from consumer groups who say the changes could put retirement savings at risk.

continued here: midnight reg watch: more conflicts for investment advisers – propublica.

the wow factor – the best cpa advisors already know the secret

bowen
bowen

never underestimate the role that client service plays in your business, says john bowen jr.

strong client loyalty also creates more assets for financial advisors.

consider the fact that over a 12-month period, clients identified as faithful to their financial advisors gave them $376,000 in additional assets to invest, on average, according to a recent study by industry researcher russ alan prince. by contrast, clients who were moderately satisfied with advisors provided only $17,000 in extra assets. this dynamic exists with referrals, too, prince noted: loyal clients gave their advisors 11.8 referrals, on average, versus just 0.1 from the moderately satisfied ones.

when you delight clients, they become your marketing apostles.

tax, pension changes before year-end?

hang on: this tax season could get bumpy.

business tax incentives and a host of pension provisions are in limbo.

left unfinished are proposals to extend bonus depreciation and increased code sec. 179 expensing along with relief for pension plans and retirees. leaders of the house and senate have indicated that lawmakers may return to work during the week of december 8; however, it is unclear if the package of business and pension relief in the worker, retiree, and employer recovery act, will win enough support to move in the house and senate before the end of 2008.

also in december, the lame-duck congress may revisit a bailout plan for the nation’s big three automakers, which could include limits on executive compensation. house speaker nancy pelosi (d-calif.) said on november 21 that an auto bailout bill should include “accountability to taxpayers.” pelosi specifically mentioned “no bonuses for people making over $200,000.”

continued at business owner’s toolkit: lawmakers may deliver small business tax, pension relief before year-end.

new wave of foreclosures threatens smallest businesses

microbusiness vulnerable in credit crisis.

the national association for the self-employed estimates that 3.8 million microbusiness owners hold an estimated 93% of so-called “toxic mortgages” that put them in immediate danger of foreclosure and homeless in the near future.

in fact, mortgage brokers evidently deliberately targeted micro-business borrowers who (by their nature) lacked access to traditional small business financing. 

“small business is the job creation engine of our economy,” according to cpa sam bornstein, who conducted the study for the national association of the self-employed. “proactive efforts must be taken to provide small business owners with immediate and specific financial guidance, combined with other measures, to avoid default on mortgages and other debts in this critical and challenging financial crisis.

read more →

seven personal finance strategies that can’t wait

with an economy skittering out of control and investors facing once-in-a-generation losses, cpas are talking increasingly about their special duty and capacity to help investors find calm in the storm.

by rick telberg/at large

i’ve been talking to dozens of cpas and financial experts lately. but it doesn’t take long to gather at least seven essential take-aways:

1. cpas are the voice of reason.

“we’re independent, objective and contrarian thinkers,” says susan bruno, cpa, pfs at beacon wealth consulting llc in rowayton, conn. “and isn’t that what’s needed today? i think that investors need that cpa perspective more than ever before.”

2. do the math. read more →

citrin cooperman’s 5 big secrets for “a great place to work”

crain’s ny ranks best cpa firms to work for.

joel cooperman
joel cooperman

citrin cooperman & co. was also ranked first among accounting firms in the mid-sized category, which included companies with between 150 and 499 employees.

winners were chosen based on the results of an employee-driven survey conducted by crain’s new york business in partnership with quantum research. according to crain’s new york business, it is the first study ever conducted to determine the most desirable companies to work for in new york city.

the other winners among cpa firms are:

citrin cooperman’s five top strategies: read more →

gallup: accountants ‘top-rated’ for honesty, ethics

among americans, 38% rate accountant ethics as above average or high to very high.

nurses have no peer in the gallup rankings today. but they are followed by pharmacists, high-school teachers, and medical doctors, all with close to two-thirds of americans rating them highly. just over half of americans consider the honesty and ethics of clergy members and the police high or very high.

fewer than half of americans rate accountants as highly ethical. but they are much more likely to be viewed positively than negatively.

read more →

have you fired a client lately?

why you can’t afford that difficult client — and what to do about it.

by rick telberg
at large

invoices that are paid late or not at all, phone calls on christmas day to calculate year-end numbers, unrealistic demands and even fraud… most every accountant has their own story of clients who are more than just difficult.

related: ten ways to fire the client from hell | four steps to firing a client

let’s face it. we love our clients. that’s why most accountants are in the business. but some clients are just, honestly, nightmares. accountants have a name for them. they are the clients from hell.

read more →