New in 2012: Due Diligence Checklist Filing Requirement
On December 20, 2011, the IRS released regulations requiring paid tax preparers to file due diligence checklists with every return claiming the Earned Income Tax Credit (EITC). The Paid Preparer’s Earned Income Credit Checklist, Form 8867, was previously required of tax preparers to complete and retain in their own personal records; it was intended to help them acquire the necessary eligibility information from their clients.
The IRS press release explains, “The regulations also reflect recent congressional action to increase the penalty for noncompliance with the due diligence requirement from $100 to $500.”
For more information on these final regulations, refer to the Treasury Decision 9570 published in the Federal Register.
Extended Deadline for Various Tax-Exempt Organizations
On December 16th, 2011, the IRS announced that it had extended the January and February filing deadlines for tax-exempt organizations until March 30, 2012. Due to portions of the IRS’s e-filing system being offline during January and February of this year, the IRS has granted the extension. The rest of the system will be fully operational and all businesses and individuals are expected to file accurate and timely returns.
The extension applies to all those tax-exempt organizations whose normal filing deadline is either January 17th or February 15th of this year; this includes those organizations that had an extension deadline for these same dates. The majority of tax-exempt organizations have a May 15th filing deadline and will be unaffected by this extension.
For more information, refer to Notice 2012-4 posted on IRS.gov.
Payroll Tax Cut Extended into 2012
The reduced payroll tax rate effective in 2011 has been temporarily extended into 2012, benefiting nearly 160 million workers. The cut, which reduced the Social Security tax withholding rate from 6.2 percent to 4.2 percent, will continue to be in effect through February 29th, 2012 and will have no effect on employees’ future Social Security benefits.
Employers are expected to implement the new tax rate as soon as possible in 2012 but no later than January 31, 2012. Any Social Security tax over-withheld in January should be compensated in an offsetting adjustment in employee pay as soon as possible and no later than March 31, 2012. Employers and payroll companies must manage the withholding changes; employers are not required to take any action.
The press release explains, “The IRS will issue additional guidance as needed to implement the provisions of this new two-month extension, including revised employment tax forms and instructions and information for employees who may be subject to the new “recapture” provision. For most employers, the quarterly employment tax return for the quarter ending March 31, 2012, is due April 30, 2012.”
Earning a Professional Designation is Good for Your Professional Reputation
Whether it’s enhancing your skill-set with a current employer or distinguishing yourself by building credibility with your own clients, the QS designation will stand as proof of your expertise. To earn this QuickBooks designation you must complete the Professional Bookkeeper’s Guide to QuickBooks (PBG) and pass the final exam with a score of 90% or higher. And just like that you receive professional certification!
Additional Benefits
In addition to the skills you acquire in completing the PBG, you will also receive the following:
- Thorough and complete training on the latest and greatest version of QuickBooks Pro
- 6 months’ worth of access to our experienced, qualified QuickBooks professional accountants and CPAs to answer your questions
- Accounting 101 Review
- 30 hours of Continuing Professional Education (CPE) in most states
- A 100% money-back guarantee
- A valuable addition to your reference library
The PBG offers the most competitive QuickBooks training on the market. Master QuickBooks and become the premier QuickBooks consultant in your area. Call Universal at 1-877-833-7909 and enroll in the Professional Bookkeeper’s Guide to QuickBooks today!
The tax season is officially upon us, which means only one thing: you’re about to be sucked into the black hole of tax preparation!
Okay, so it’s not that bad, but it will consume the majority of your time for the next few months. So why not ensure that you’re making the most of that time?
A 2005 Microsoft survey found that professionals only average about three productive workdays every week. When you’re paid by the hour, that reduces your income by 40%. That’s a painful statistic for the self-employed.
But it doesn’t have be that way. When you apply effective time management techniques, you use the workday to your advantage, maximizing your income by using less time to accomplish more work-related tasks. Here are 6 tips we strongly recommend:
Delegate and outsource when possible. In a Small Business Review article, author John Egan lists this as his number one time management tip. In his article he references Dave Durand, a time management expert who says small business owners should never engage in “minimum-wage work.” He suggests handing those tasks off to someone else so the small-business owner can keep their “eye on the horizon.” Sometimes it just doesn’t make sense to do everything yourself. It’s wise to delegate and outsource some of those tasks that are too time-consuming for you, whether you partner with another professional to do them, or whether you assign the responsibility to someone within your organization.
Avoid time traps. No profession is immune to time leaks—interruptions, distractions, tangents that lead you off-task and make it difficult to be productive. And it is impossible to plug those time leaks unless you know what they are. Take a week or so to log interruptions, noting all those things that distract you from your core work tasks, specifically billable hours. Once you have the information, you can evaluate it. Which interruptions could have been avoided? Which were of no value? Perhaps someone regularly calls you for information that you could teach them to find themselves? While the teaching moment may cost you an hour now, it may save you hours in the end.
Avoid multitasking. Most time management experts agree that splitting your attention amongst a slew of tasks can lessen productivity while generating more errors. Focusing your attention on one task is the best way to accomplish more in less time and with greater accuracy.
Use “50% of your time engaged in the thoughts, activities and conversations that produce most of your results.” This tip comes recommended by authors Joe Mathews, Don Debolt and Deb Percival in an Entrepreneur.com article entitled “10 Time Management Tips That Work.” It makes sense to focus your energy on those tasks that bring in the bacon. However, often what we focus on isn’t necessarily what produces results. Shifting your perspective on how you prioritize your time may be all it takes to put this principle into effect.
Plan each day. Mathews, Debolt and Percival recommend you take 30 minutes each morning to schedule your workday. Determine which tasks are most important and timely. That way you ensure that you’re not only productive but responsible, completing those jobs that need your attention first. Then, referring to that list of tasks, make a to-do list (and don’t forget, 50% of your day should be dedicated to those activities that produce the most results).
Plan for the big picture. While it’s important to plan your daily schedule, you should also look ahead and make plans for how you’d like to accomplish your vision. This includes the big picture on where you see your business going, taking steps that will ensure you get there.
UAC’s QuickBooks Training Program
The Professional Bookkeeper’s Guide (PBG) to QuickBooks is designed to help you master all the software’s features and shortcuts, enabling you to work much more efficiently. With 16 instructional CDs that contain 15 hours of training and an 800-page full-color instruction manual, you will have access to all you need in order to address your every client’s needs.
Upon completing the program you will be able to do the following:
- Pay bills quickly so that you and your clients never incur late penalties
- Be reminded when bills are due
- Write checks with one single click
- Create invoices quickly and effortlessly
- Become more organize by streamlining the process of tracking customers and vendors
- Keep on top of incoming and outgoing payments
- Access easy-to-read financial reports NOW
- Earn valuable certification as a QuickBooks Specialist
UAC’s Professional Bookkeeper’s Guide to QuickBooks (PBG) will enable you to master this accounting software, saving yourself time and energy as you work with your own and/or your clients’ accounts. To become more efficient by learning all the time-saving features QuickBooks offers, call Universal at 1-877-833-7909 to enroll in the PBG Program today!
Resources
–. “Survey Finds Workers Average Only Three Productive Days per Week.” 15 March 2005. Microsoft.com
Egan, John. “Time Management Tips.” SmallBusinessReview.com
Mathews, Joe, Don Debolt and Deb Percival. “10 Time Management Tips That Work.” Entrepreneur.com
In a recent Entrepreneur.com article, J.D. Roth, a self-proclaimed accidental personal-finance expert, suggests five tips in securing personal financial security regardless of the flailing economy.
And Roth should know. In 2005 he found himself overwhelmed by debt. He made a personal decision to change that and read everything he could on money and financial management. In 2006 he started the website Get Rich Slowly which quickly became a popular personal-finance blog. He now gives advice to a community one-half million readers strong.
This information could be invaluable to your own clients. Sure, you help them manage their business financials, but where they really might be struggling is in their personal financial management. One way you could assist them is in distributing a tip sheet on effective personal money management; in fact, you could send it as part of your holiday well wishes for them and their families. Consider including Roth’s proven strategies:
1. Stash savings. Many individuals have lost their jobs with no savings buffer to fall back on. While many different sources recommend how much money you should save in a fallback account, Roth says the exact amount doesn’t matter. It’s just important that you have enough to prevent unemployment panic.
2. Limit debt. Roth explains, “A mortgage isn’t a bad thing, and neither are student loans. A car loan is borderline, though, and borrowing to buy a television is foolish.”
3. Practice thrift. Some of the richest people in America are thrifty, so it shouldn’t be considered a poor-man’s practice. In fact, frugality is a good habit even in economically “fat” years when most individuals experience “lifestyle inflation.” To embark on a frugal life, Roth recommends starting by reducing regular monthly expenses.
4. Invest wisely. Roth says, “Don’t let the news lead you to make emotional decisions. …be sure your investment portfolio matches your risk tolerance.” Do the research and stick with those financial investments that best suit your financial philosophy.
5. Ignore financial news. Roth uses the example of the housing bubble during which time many individuals followed the media hype and invested in real estate only to encounter its collapse, a reality that has left many in foreclosure. As mentioned in tip number four, it’s important that you ponder your financial decisions and how they relate to your personal situation without giving in to the media hype, positive or negative.
If you’re interested in sharing other tips that will help your clients better manage their financials, consider the following two books which enable businesses to establish a healthy financial foundation:
In the Black—Written by Universal president and CEO, Allen Bostrom, this book will guide you in effectively increasing your clients’ profitability using improved accounting and business metrics – a must for organizations of all sizes. Are you In the Black?
Red to Black in 30 Days—The recession is hitting small businesses hard, and many are failing right and left. Red to Black in 30 Days, also written by Allen Bostrom, will teach you the Universal Project Management Model, enabling you to help save failing businesses. Using this valuable book as your guide, you can add turnaround services to your offerings. Buy your copy today.
Share your financial tips for clients here in our comments section!
Resources
GetRichSlowly.com
Roth, J.D. “How to Regain Control over Your Personal Finances.” 1 November 2011 Entrepreneur.com
The Internal Revenue Service is enabling employers to voluntarily reclassify workers for a minimal payment in order to achieve compliance and cover past payroll obligations. This enables employers to avoid an IRS audit and potentially costly penalties. It is just one element of a “Fresh Start” initiative designed to help taxpayers fulfill all their tax obligations.
Doug Shulman, IRS tax commissioner, explains, “This settlement program provides certainty and relief to employers in an important area. This is part of a wider effort to help taxpayers and businesses get a fresh start with their tax obligations.”
Called the Voluntary Classification Settlement Program (VCSP), this plan enables qualified employers to secure considerable relief from unpaid federal taxes as long as they change the designation of workers and independent contractors to employees when the classification so applies.
To be eligible, the IRS requires the following from applicants:
- Consistently have treated the workers in the past as nonemployees,
- Have filed all required Forms 1099 for the workers for the previous three years
- Not currently be under audit by the IRS, the Department of Labor or a state agency concerning the classification of these workers
Those wishing to take advantage of the program can file Form 8952. It must be submitted 60 days before they begin treating workers as employees. Those accepted into the program need only pay a little over one percent of wages they paid in the past year to reclassified workers. They will not be required to pay interest or penalties. The IRS press release explains, “Participating employers will, for the first three years under the program, be subject to a special six-year statute of limitations, rather than the usual three years that generally applies to payroll taxes.”
For more information, visit the IRS.gov.
Order Your Copy of Red to Black, Today!
Businesses that struggle with this classification issue, are often experiencing deeper issues with the profitability of their businesses. If your clients are in the red, you can help them change that!
Discover how to use accounting information to help turn a business around. Red to Black in 30 Days will give you all the tools to apply the Universal Project Management Model required to save failing businesses. This book is a guideline for accountants, tax preparers and consultants who work with these disheartened small business owners. Each chapter focuses on a crucial aspect of the turnaround process. Simple steps are outlined from initial contact through stabilization and profitable growth. This can be the guide through your first turnaround experience or enhance the accounting and management skills of even the seasoned financial professional.
For the cost of this one book you can enhance your value to current and prospective employers. Order your copy now.
Recognizing Four Different Thinking Styles Can Help You Be a Better Manager
The question is not what you think, but how you think it. In a recent BNET.com article, Kimberly Weisul, author of the column Leadership Lab, suggests that knowing the thinking styles used by yourself and those you work with can help you run a better business.
According to Thunderbird professor Denis Leclerc, the fact that individuals use different thinking styles can be problematic, especially when it results in poor communication and sometimes even hostility. Recognizing these thinking styles and being able to anticipate the questions from different thinkers can, according to Leclerc, save your sanity. So what are they?
Deductive Thinkers
Apparently Sherlock Holmes is classified as a deductive thinker, always questioning why before plowing forward. In fact, deductive thinkers are the least likely to follow a boss’ orders without question. They need to understand the logic underlying the tasks they’ve been asked to complete. Questions they are likely to ask: Why are we doing this? Why is this project more important than others? Why should I care?
Inductive Thinkers
These thinkers are most likely to ask “how” rather than “why.” They like to work with lots of specific information in order to create general knowledge. For example, Charles Darwin, a famous inductive thinker, gathered an incredible amount of information regarding the finches of Galapagos in order to create his more general theory of natural selection. Questions they are likely to ask: How did we make this decision? How will we change? How did we do this last time?
Linear Thinkers
While you may think your lectures about vision inspire everyone in the office, you’re missing the mark with these thinkers who simply want to know how they’re going to get from A to B to C which means they want detailed instructions on how to accomplish assigned tasks. Questions they are likely to ask: When is it due? What needs to happen first? Who does what?
Systemic Thinkers
These thinkers don’t ask many questions simply because they’ve got their eye on the prize with little concern on what it’s going to take to get there. Steve Jobs is a good example of a systemic thinker. Apparently when he instructed his team on creating the first iPod, his vision of the end product was all he provided. He told them he wanted something that 1) didn’t use any screws, 2) could be controlled with the thumb and 3) changed the way people listened to music forever.
Recognizing the thinking style used by colleagues, clients and employees can help you engage in more meaningful discussion about goals, tasks and even prospective problems. What kind of thinker are you?
Unassuming topics like this can help you better manage your business and advance your career. Consider how Universal can help you sift out what will and won’t help you become a better professional. Join our free accounting and tax forums, follow us on Twitter and like us on FaceBook. You’ll be surprised at how community encourages creativity and career enhancement.
We welcome your feedback in our comments!
Resource
Leclerc, Denis. “Embrace Four Thinking Styles to Save Your Sanity.” 25 July 2011 Thunderbird Knowledge Network
Weisul, Kimberly. “Four Styles of Thinking, and Why You Need to Know Them.” 11 August 2011 BNET.com
Whether you’re older or younger than prospective clients, you have a prospective problem, but it doesn’t have to stay that way. Recognizing the potential gap is half the battle; closing it is the other half.
In a recent Entrepreneur.com article entitled “How Young Entrepreneurs Can Bridge the Generation Gap,” author Matthew Toren suggests three remedies to this problem, especially for those who may appear young and inexperienced to a more ‘mature’ clientele:
1. Know what you’re talking about.
The truth is, if you’re a true industry professional, your knowledge about tax preparation is all you need to demonstrate your expertise. When you try to wing it, you’re perceived at a flippant upstart, and that won’t get you anywhere. If you need training, get it. If you lack knowledge, acquire it. Once you do, it becomes much easier to talk the talk and walk the walk.
2. Admit that you don’t know everything.
Only God is omniscient. No one else can be expected to know everything. Once you admit that to yourself, it becomes easier to admit it to your clients. Toren explains, “Most young entrepreneurs try to overcompensate for inexperience by talking as though they’ve got it all figured out. The only thing worse than not knowing all you should know is not knowing, and then acting like you do.” He suggests finding a mentor to help walk you through those trouble spots you encounter; that way, instead of telling clients you don’t know something, you can instead say, with confidence, “I can find the answer to that for you.”
3. Clean up.
Regardless of what you think is trendy, the truth is that current and prospective clients will judge you, and possibly your professionalism, by the way you present yourself. While this may not be fair, it’s expected. So if you want to be taken seriously, you’re going to have to dress the part.
You may think the age gap won’t impact your ability to perform well for clients, and you would be right. But their perception that it will is where your problem resides. Following these three simple tips will help you eliminate those concerns.
Universal Accounting Will Help You Walk the Talk
If you find your skills and knowledge lacking, Universal’s tax training will help you acquire the expertise you need. UA’s Professional Tax Preparer (PTP) program will also enable you to hone your skills and comply with the new IRS tax preparer regulations while establishing your home-based tax business. Not only could you earn a professional designation, but you could also learn everything you need to know to pass the IRS Competency Exam and receive up to 60 CPE credits, depending on the number of modules you complete. The four models include the following:
1. Establishing the Tax Foundation. Learn the entire process for determining income and adjustments to income, which will factor into the Adjusted Gross Income. In fact, you’ll cover all the information necessary to prepare Page One of Form 1040.
2. Becoming the 1040 Expert. This module deals with background information and forms that go into the 1040, Page 2. We also discuss all the adjustments that can be made to gross income, including credits that are allowed and different types of deductions and exemptions that can be taken against that adjust gross income number.
3. Profitable Business Returns. Here we introduce you to the world of business organizations and their tax concerns. This module is a practical companion to Module 2, as it give you experience in completing each of the schedules and forms common to business organizations.
4. Building Your Successful Tax Practice. Get a head start in creating and running your own tax preparation service. You will find yourself light years ahead of the competition as you put these strategies into play.
UAC’s income tax training will not only give you hands-on training in completing full individual (1040) and business returns (1065, 1120, 1120S), but it will also provide you with step-by-step instruction in becoming a sole practitioner, one year of follow-up support from expert tax preparers and our iron-clad, risk-free guarantee.
Hone your skills, earn a designation, and comply with IRS regulations. Three birds, one stone. Call Universal Accounting at 1-877-833-7909 to enroll today.
We want to know what you think! Please post feedback.
Resource
Toren, Matthew. “How Young Entrepreneurs Can Bridge the Generation Gap.” 5 August 2011 Entrepreneur.com
Letters Notify Tax Preparers of Incorrect Returns
The IRS is sending out letters (approximately 10,000) to tax preparers as a reminder of the importance in submitting accurate returns for their clients. The letters are being sent to preparers who completed returns with common errors; also included is an enclosure reminding tax preparers of their responsibilities as well as the penalties for filling incorrect forms.
The IRS also plans on sending representatives to visit approximately 2,500 recipients of this letter to “further discuss their responsibilities as a return preparer and to verify their compliance with existing requirements.” These measures follow recommendations made by IRS Commissioner Doug Shulman in January after a comprehensive six-month study of the tax return preparer industry.
The IRS notes that while they recognize the majority of preparers are honest professionals, some make careless errors while others engage in illegal and fraudulent activities. This letter and the scheduled visits are intended to monitor such activity. This IRS and the Department of Justice continue to pursue civil or criminal action as appropriate.
Taxpayers should exercise discretion when choosing a preparer. Expect reputable preparers to request their receipts and ask numerous questions in order to determine which expenses qualify as deductions or warrant favorable tax treatment. Such preparers are helping their clients avoid penalties, interest or additional taxes that could result in further IRS scrutiny.
For more information, visit http://www.irs.gov/newsroom/article/0,,id=231944,00.html.
Interest Rates for 2011 First Quarter Decrease
On December 15th the IRS announced that interest rates for the calendar quarter beginning the first day of 2011 will decrease by one percentage point. According to a recent press release, the rates will be as follows:
- three (3) percent for overpayments [two (2) percent in the case of a corporation];
- three (3) percent for underpayments;
- five (5) percent for large corporate underpayments; and
- zero and one-half (0.5) percent for the portion of a corporate overpayment exceeding $10,000.
For more information on the calculation of these rates, visit http://www.irs.gov/newsroom/article/0,,id=232163,00.html.
Reminder of New Registration Requirement for All Return Preparers
According to new IRS regulations, all paid tax preparers are required to obtain a Preparer Identification Number (PTIN) by the end of December, 2010. If you do not currently have a PTIN, or if you obtained one prior to September 28, 2010, you can use their new online application system to obtain one. All paid tax preparers who prepare all or substantially all of a tax return are required to use the new registration system. It costs $64.25 to secure or renew a PTIN which you can receive immediately after completing your online application. Or you can submit Form W-12 in order to mail the request, which will take 4 to 6 weeks.
For more information on the new requirements for paid tax preparers, visit Universal at http://www.hometaxbusiness.com/new-irs-tax-regulations.html.
Universal Accounting’s Tax Training
If you would like to become eligible to prepare taxes under the new regulations established by the IRS, consider training with Universal Accounting. Not only could you earn the Professional Tax Preparer Designation, but you could also learn everything you need to know to pass the IRS Competency Exam and receive up to 60 CPE credits, depending on the number of modules you complete.
Be prepared for the changes that will impact all future tax preparers. Enroll in the Professional Tax Preparer Program today, and improve your competitive advantage while securing your professional standing in the tax industry.
5 Big Mistakes to Avoid
The recession is making everyone nervous, especially small business owners. And as a result, many are taking a cautionary approach to business management, which, in the end, will threaten their ability to outlast the recession. If you’re interested in gaining momentum in these difficult times, you’ll be sure to avoid the following 5 big mistakes:
1. Stop Marketing
While you may need to reevaluate your marketing approach, you should definitely continue to market your services. Determine which tactics have worked well in the past and repurpose them for the current economic climate. Too many small businesses are decreasing their efforts to promote their businesses which will only enable their competition to eclipse them in the long run. Now is the perfect time to heighten your efforts to market your business and gain more familiarity with prospective clients.
2. Mind Your Own Business
One of the worst things you could do is ignore your competition and their response to the recession. You’ll gain a competitive advantage by monitoring their efforts in marketing, networking, retention, and service offerings. Only when you’ve research the competition can you be strategic in your attempt to outlast them.
3. Wait to Self-Assess
Now is a good time to assess your efforts, determining both your strengths and your weaknesses in order to improve your business. Prospective clients are tightening their purse strings and will be even more deliberate and thoughtful when selecting a tax professional that best suits their needs. Your willingness to advance your business despite the recession will demonstrate your professional dedication.
4. Minimize Networking
While networking may take time, it doesn’t require a lot of money. You would make a big mistake in minimizing your networking efforts during a recession. You can learn a lot from other professionals weathering the economic storm, and as you continue to network, you’ll be exposed to good advice, helpful tips, and potential referrals.
5. Sit Tight
Now is the time to make all necessary efforts to improve your appeal to prospective clients. When you sit tight, you surrender the advantage to your competition and lose precious ground. Look for ways to enhance your service offerings and marketing advantage. When you do, your business will quickly become the premier financial provider in your area.
UAC’s Training Programs Will Catapult You Ahead of the Competition
It doesn’t take a rocket scientist to realize that by expanding your service offerings you can quickly expand your client base and, consequently, your bottom line. As a tax preparer, adding accounting and QuickBooks services to your menu will not only attract more clients, but it will enable you to easily expand your seasonal business to a year-round venture.
Universal’s Professional Bookkeeper Program and Professional Bookkeeper’s Guide to QuickBooks are perfect recession-proofing training programs. They will bolster your business with valuable services that every small business owner needs.
For more information on these two programs and their ability to strengthen your business and help you outlast the recession, visit Universal Accounting Center today!
“The best effect of any book is that it excites the reader to self activity.” – Thomas Carlyle
“I often feel sorry for people who don’t read good books; they are missing a chance to lead an extra life.” – Scott Corbett
“There is more treasure in books than in all the pirate’s loot on Treasure Island.” – Walt Disney
Whether you have an established tax practice or you’ve been thinking about starting one, you can benefit from the advice of others who have gone before and, in one way or another, achieved success. Once again, we’re helping you find books that will enable you to achieve your business goals. This week we took a cue from Entrepreneur.com to supply you with 5 book recommendations that others have found helpful, in no particular order.
Bill & Dave: How Hewlett and Packard Built the World’s Greatest Company by Michael S. Malone (Portfolio, 2007)
This book follows the rise of corporate giants William Hewlett and David Packard, examining those characteristics that made them both successful. The San Francisco Chronicle calls it “a lesson plan for managers…” while Businessweek calls it “…a biography, management guidebook, and business history, all in one.” What sets this book apart from others is that Malone focuses on the honesty and integrity upon which Hewlett and Packard built their empire.
New Ideas from Dead CEOs: Lasting Lessons from the Corner Office by Todd G. Buchholz (Collins, 2007)
Author Todd Buchholz follows the lives of 10 successful CEOs, including Estee Lauder, Ray Kroc, Walt Disney and Mary Kay Ash. Buchholz himself describes the book’s purpose upfront: “I dare you. Search this book for the solitary secret that will guarantee riches while protecting you from being flung against the wall by competitors. You won’t find it. Not because I have failed to divulge the lives and lessons of great CEOs, but because I tried to reveal the simple truth about making it big: It does not take a village, a Harvard MBA, or even a rich uncle. It takes passion, and obsession with turning a great idea into a sweeping revolution.”
Your Management Sucks: Why You Have to Declare War on Yourself…and Your Business by Mark Stevens (Crown Business, 2006)
This book enables anyone in a management position to reevaluate his/her approach and identify weaknesses that must be overcome in order to run a successful business. In fact, this book presents a week-long “battle plan” that, in Stevens’ own words, “challenges assumptions about success and provides a road map for taking your business to the next level.”
Buddha: 9 to 5 – The Eightfold Path to Enlightening Your Workplace and Improving Your Bottom Line by Nancy Spears (Adams Media, 2007)
This book takes the Buddhist practice called the Eightfold Path and gives it a corporate spin, complete with practical exercises and case studies that enable readers to see the Eightfold Business Path in action. Focusing on the Buddhist concepts of intention, mindfulness, and right action, this book provides a very zen approach to better managing your business, your employees and your work environment.
Red to Black in 30 Days by Allen Bostrom (Universal Accounting Center, 2008)
Small businesses are failing right and left; we hope yours is not one of them. Red to Black in 30 Days enables readers to learn the Universal Project Management Model that will enable them to save failing businesses. This book is a guideline for financial professionals who work with disheartened small business owners in need of a good turnaround plan.
Each chapter focuses on a crucial aspect of the turnaround process. Simple steps are outlined from initial contact through stabilization and profitable growth. This can be the guide through your first turnaround experience or it can enhance the management skills of even the seasoned tax preparer. You may find that in offering turnaround services your business (and those of your clients) will be the few that thrive in these difficult financial times. For the cost of this one book you can enhance your value to current and prospective clients. Order your copy now.
Resources
Edelhauser, Kristin. “10 Biz Books to Read This Summer.” 31 May 2007 Entrepreneur.com
5 Tips in Boosting Your Practice during the Economic Slump
Has your business taken a turn for the worst? Or perhaps you’re just noticing a decrease in your practice’s profits. Regardless of the reason, the economic slump is causing many business owners to revisit their financial standing to see how they’re faring. The following five cautionary steps can make or break your business.
1. Write/Update your marketing and business plans
If you haven’t written one yet, shame on you. We’re just kidding. But it’s never too late to benefit from solid business and marketing plans. And if you have one, an annual revision is in order. Your business and marketing plans will assess your current standing and consider how to improve things this year. A clear vision and a plan to accompany it will enable you to keep on track.
2. Meet with employees
If you have employees, it’s good to present your business and marketing plans to them and ask for input. You may be surprised at the quality feedback you receive. Also, depending on your situation, you may need to reevaluate just how much each employee contributes to your business’s profitability. At some point you may need to let employees go in order to see your practice through a successful turnaround.
3. Meet with clients
Your clients may be privy to rumors that your business is failing. It does you no good to ignore the rumor mill. Meet with clients and be honest with them about your business and any steps you’re taking to rectify problems. In fact, this is a good time to ask clients for suggestions. Taking this one measure may prevent them from leaving your practice to look for a more stable accountant.
4. Streamline your expenses
When business gets bad it’s time to look at your spending. Can you cut back and leave more money in the business?
5. Invest in your business
This may be the best time for a change in course. And investing in your business may be just the answer. Consider earning adding complementary services and getting professional marketing help. Both will inject your business with a profitable infusion that’s sure to help you ride out the recession in comfort.
The Professional Bookkeeper Program
As a tax preparer, we already know that numbers come naturally to you. Now all you need to do is find your inner accountant. If your client roster currently contains small business owners, becoming an accountant would prove more lucrative than you can imagine. These individuals need help analyzing their financial data so they can make more profitable decisions and achieve true success. They’ve already trusted you with their financial information so it wouldn’t take much to convince them that you could also work as their accountant.The four modules in this training program will enable you to target your services for the very valuable small-business market. From creating books from scratch to growing your accounting practice, this program has it all. Not to mention, you’ll receive 6 months of free follow-up support and a customized website for your business. Upon completion you’ll also be able to test for certification as a Professional Bookkeeper (PB), a designation you can include in all your marketing materials as evidence of your expertise.
The Universal Practice Builder Program
Your business will never become profitable if you are unable to successfully market your services. For over 25 years Universal Accounting Center has trained financial professionals like you in small business accounting. In all our years working with accountants, bookkeepers and tax preparers we’ve come to understand that most don’t know how to promote their services to this niche market of small businesses. Fortunately, we do. Not only that, but we know which strategies and approaches will grow your business to the point where you will become so busy you may just have to start turning clients away.When you enroll in the Universal Practice Builder (UPB) Program, you’ll receive a guarantee of $30,000 in new annualized billings in only one year, 12 marketing strategies that you can implement immediately, and a process which can produce 15 to 25 qualified leads per month. And that’s just the beginning.If your business is failing, don’t despair. The best thing you can do to advance your practice is take action! Invest in yourself and your business to increase your profitability now. Enroll today!
