how clients value the intangibles.
by hitendra patil
pransform inc.
“what leader has the most positive influence in your daily life?”
the answers to that gallup poll question may be astoundingly important for cpas who strive to make a positive difference in the lives of their clients. read more →
the lesson: even the best can make mistakes; talk it with peers.
by 卡塔尔世界杯常规比赛时间
in his column client’s difficult daughter balks at bill, ed mendlowitz fielded a question about a client’s daughter who asked for help with her divorce proceedings, and did not want her father to know what was going on. the work was rushed and difficult, and when the cranky client called the bill highway robbery, the accountant wondered if he should call her father.
mendlowitz noted that an engagement letter and retainer should have been the starting point, then added, “i would tell your client that if she did not pay you in full, or work out a method of payment including automatically charging her credit card on a monthly basis, you will ask her father for payment and will lay out everything you did for her and the specific benefits she got because of your hard work.”
readers were swift to disagree. read more →
becoming a ‘trusted advisor.’
by sandi smith leyva
the accountant’s accelerator
here’s a question: what portion of your revenues are derived from compliance work – e.g., tax preparation and irs representation; bookkeeping; quickbooks setup, cleanup and training; payroll; and audit work – versus value-added work, e.g., revenue improvement, business consulting, profit margin analysis and workflow improvement projects?
if you answered 100 percent compliance work and no value-added services, you’re not alone. there’s a lot of lip service about moving from compliance services to becoming a “trusted advisor.” there’s an equal amount of confusion in how to get started.
here are a few tips to help those of you who want to move in that direction. read more →
finding the sweet-spot for your target client.
by sandi smith leyva
the accountant’s accelerator
many accountants serve clients with extremely small businesses that gross six figures a year or even less. these clients are prone to being price-sensitive and often struggle with budgets and cash flow. if you’re serving these clients, you’re definitely meeting an important need in the marketplace, but you may also start to question your own prices, or worse, under-price your services. read more →
question: i have had a client for 12 years and until recently he has been a pleasure. for the last year he seems to be overly complaining about the fees and has fallen behind in payments. he is not hurting for cash so it is not a money issue. what can i do to get the relationship back on track?
response: i spoke at great length with the cpa and it seems that the client has been taken for granted and the accountant has dropped the ball. calls and emails were no longer returned quickly, an extension was filed this tax season for the first time in years, a long-term staff person left so was replaced, and since client started to complain the partner hasn’t been so anxious to interact with him. also the cpa told me that the work has settled into a routine and nothing much has changed in years “so why should the client be upset now?” read more →
by sandi smith leyva
the accountant’s accelerator
how you welcome your new client can set the tone for a relationship that could last for years or in the worst of cases, just days. start out on the right foot by looking super-organized (because that’s part of why we get hired anyway) and making it super-easy for a client to get on board with you. the best vehicle for this is a welcome kit. here are eight things that should be in your kit at a minimum: read more →
how good communication habits can head off problems.
by ed mendlowitz
implementing fee increases
professional fees are typically billed based on time. yet, clients want outcomes and place a value on results, which doesn’t necessarily relate to time spent.
ingrained habits are hard to break away from. for ages, many professionals quoted jobs by providing hourly rates and possibly a range of expected hours. some projects are open-ended in the sense that no one knows where it will take them and what will be uncovered once work commences. this might include a forensic investigation, litigation where the discovery process becomes acrimonious, unraveling transactions in a complicated bankruptcy, a first-time audit of a multinational corporation or a tax audit for a reasonably sized business.
however, for most work, there is an understanding of what will need to be done and the approximate value to the client. this could include an annual audit, tax return, setting up a cost accounting or internal control system or a transfer price study. read more →
by ed mendlowitz
question: i have a client i really don’t like and want to drop, but i hesitate because of the long relationship i’ve had with her, and also i don’t want to lose the income. what should i do?
response: i’ve addressed this before, but i am taking a different approach this time.
dropping clients is never easy and i don’t think should be done lightly. however, there are some instances when it needs to be done. this particular client i was called about is extremely obnoxious. not the normal grade of obnoxious, but far more so.
in fact it was one of the rare clients that i dropped. the call was from the accountant who had the client since then. i had the client six years. she’s had the client eight years – so she is much more patient than i am.
when she told the client she was dropping her, the client started to cry and beg her not to, so she changed her mind. now she wants me to tell her what to do. for beginners, i have dropped very few clients. this client was one of the nastiest people i’ve ever dealt with. she was also very nasty to her husband, treating him like s – – t, and he has since passed on.
new trends emerge in net profit margins and accounts receivable.
after years of intensifying and debilitating pressure on bottom lines, profits at tax, accounting and bookkeeping firms appear to be hitting 10-year highs, according to information obtained by 卡塔尔世界杯常规比赛时间 from sageworks, the specialist in tracking private-company financials. read more →
plus five more clauses you might want to consider.
by ed mendlowitz
101 questions and answers
question: you state on the bottom of your invoice that you charge 1.5% for balances over 60 days. do you actually implement that or is it just warning? do you do it on all clients or just some? do clients pay that or complain? if they send in payment without that, do you write off the finance charge or leave it open? read more →
study shows cfos’ key interests and topics for conversation.
by 卡塔尔世界杯常规比赛时间
new research into chief financial officers’ habits on twitter shows their favorite topics of conversation, how they describe themselves and their top sources of information.
any one of those could be an opportunity to make a connection, maybe even make a new client, according to business development experts.
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. read more →
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? read more →