The IRS is interested in helping Americans save for the future and has taken time to create some guidance that will enable taxpayers to better choose a retirement plan that suits their unique needs.
In a March 21, 2012 press release, the IRS detailed four ways they are helping Americans put their savings to better use:
- Automatic enrollment. The Treasury and IRS have issued more information on their retirement and savings initiatives which enable 401(k) plan sponsors to include automatic contribution increases. To help with this, the IRS provides sample automatic enrollment plan language and guidance to interested employers and other plan sponsors. For more information, visit the IRS.gov.
- Receive tax refunds as US Savings Bonds. While you and your clients may have received your tax refund weeks ago, it’s good to remember that IRS has enables taxpayers to buy up to $5000 in US Series I Savings Bonds with their income tax refunds.
- Save payments that would be received for unused vacation or similar leave. There are some employees that can choose to receive cash payments for unused vacation, etc. when they quit or even in the duration of their employment. These cash payments can be used as contributions to retirement plans for which the Treasury and IRS have issued guidance. Learn more here and here at IRS.gov.
- Roll over retirement distributions into IRAs or other plans. The press release explains, “A key risk to lifetime savings is when an employee spends his or her lump sum payment, instead of electing to roll over the payment to an IRA or other retirement plan.” The IRS refers to Notice 2009-68 in explaining how the rollover option works.
It’s important that you understand all the retirement options available, not only so that you can prepare for your own comfortable retirement, but so that you can help your clients do the same.
Universal Accounting Helps Tax Preparers Succeed
At Universal, we believe it’s important to prepare for the future, and we’re interested in seeing your future success as a tax preparer. Our online tax training, the Professional Tax Preparer Program, is designed to help professionals like you master tax preparation, become efficient in the completion of individual and business returns, and establish thriving home-based tax businesses. If you would like to learn more, visit Universal for a free video today!
As previously reported, startups are on the rise. This may surprise many who mistakenly believe new businesses shouldn’t be launched in the middle of a recession. The truth is a recession may be the best time to rethink your career and work towards self-employment. Universal’s training programs have enabled countless professionals like you to do just that!
When the recession hit in 2006, Lisa Bybee was the foreman of a Boston-based carpentry company. Instead of wallowing in the economic turmoil, Lisa decided to ensure her financial future by pursuing additional training. And because she had always been interested in accounting, it was only natural that she gravitate to Universal Accounting Center (UAC). She first enrolled in the Professional Bookkeeper’s Guide to QuickBooks and liked it so much she completed the Professional Bookkeeper Program shortly thereafter. Less than one year later, Lisa started her own practice, Parkers Accounting, which she named after her late grandmother (Edra Mae Parker) and father (James Parker Bybee) who had both spent decades working in the accounting industry.
While Shilly Riser may not yet have her own practice, she used Universal’s training programs to secure a $20,000 raise! Just last year, she was working as an administrative assistant who dreamed of one day owning her own practice. After attending one of Universal’s free seminars, she realized that she could definitely start her own accounting practice as long as she received the necessary training and secured a bit more confidence. She first enrolled in Universal’s Professional Bookkeeper (PB) Program, then the Professional Bookkeeper’s Guide to QuickBooks and finally the Universal Practice Builder Program. When asked the key benefit to completing these programs, Shilly replied, “It gave me the confidence to start my own business.” This year she hopes to see that happen, and she believes the marketing techniques she learned from Universal will enable her to do just that.
Angelica Vincent quit her job working as manager of finance for a major non-profit health organization to launch her own financial practice. Looking for all the help she could get, she enrolled in just about every program Universal offers: the Professional Bookkeeper Program, the Professional Bookkeeper’s Guide to QuickBooks, the Professional Tax Preparer Program and the Universal Practice Builder Program. Now, just months after quitting her job and before completing all of UAC’s training programs, Angelica has 22 regular accounting clients and 23 tax clients while continuing to get swamped with referrals. She attests, “If it wasn’t for UAC, I would not be where I am today.”
Small businesses are more agile than big corporations and can quickly change direction or implement new strategies that will enable them to better navigate through a recession. And with little to no equipment, inventory, and software costs, and the ability to work from home, an accounting practice is a business you can easily start. Not to mention, you can moonlight as a freelance accountant until you gather enough clients to take your practice full-time. Training is all that’s left! And with some help from Universal’s stellar programs, you too can change the trajectory of your career!
If you’re interested in advancing your career with additional training, either to secure a better job, earn a promotion or launch your own practice, visit Universal Accounting Center to learn more about our programs and read what other graduates have said about their experiences! Or better yet, call 1 -877-833-7909 to talk to a team specialists who will help you determine which Universal program will help you achieve your career goals.
Now that tax season is over, you might interested in a little light reading. It’s time for you to take a deep breath, kick back in your recliner and recharge your batteries and your business by reading some highly recommended books. In Inc.com’s recent article “Essential Reading List for New Entrepreneurs,” author Matthew Swyers recommends six books for the entrepreneurial minded. Here we share four of those books and one of our own:
Rich Dad Poor Dad by Robert Kiyosaki (Running Press, April 2009). This book will teach you the difference between an asset and a liability, the difference between the middle-class’s perspective on money and the wealthy’s perception of money, how to read financial statements, and how to invest for cash flow instead of capital gains. Swyers explains, “To me, this book sets the tone for anyone who is preparing to run their own business. It provides an insightful look into the author’s views of why you go into business for yourself and who you should be looking out for once there. That is why it tops my list as required reading for all new entrepreneurs.”
The E-Myth Revisited: Why Most Small-Businesses Don’t Work and What to Do About It by Michael Gerber (HarperCollins, March 1995). While over 15 years old, this is a book we’ve recommended before and its continued status as a best-seller is an indication of its value to small business owners everywhere. The author himself explains, “If you own a small business, or if you want to own a small business, this book was written for you.” Gerber dispels startup myths and misconceptions. He also walks readers through the different stages of business developments and makes the distinction between working on your business and working in your business. Some claim the principles discussed in this book have already qualified it as a classic and must-read for all entrepreneurs.
Secret Service: Hidden Systems That Deliver Unforgettable Customer Service by John DiJulius (AMACOM, January 2003). Secret Service examines how excellent companies provide excellent customer service. The foreword by Capodagli and Lynn Jackson explains, “These organizations reap the benefits of greater customer loyalty, exponentially expanded referral networks, lower employee turnover, and stronger bottom-line results.” This must be why Swyers describes Secret Service as a book containing “amazing insights as to how every business can benefit from providing world-class customer service.”
Trump: The Art of the Deal by Donald Trump (Ballantine Books, December 2004). While Trump may not be the most popular business icon, he is definitely a successful one. Swyer says the value of this book can be found in the “great lessons in tenacity and attitude that are requisite for every entrepreneur.”
In the Black: Nine Principles to Make Your Business Profitable, by Allen Bostrom (Universal Accounting Center, 2005). Designed specifically for the small business, this book contains 9 practical principles that will enable you to improve your business’s profitability. And you don’t have to wait to complete the book before you can start applying them. Working from personal experience and the experience of his father, President and CEO of Universal Accounting Center, Allen Bostrom, shares tips proven in countless businesses just like your own. If you would like to run a more synchronized practice where all three business functions (accounting, marketing, and production) work together, this is the book for you. See why In the Black has become a bestseller on Japan’s amazon.com. Order your copy today!
Resource
Swyers, Matthew. “Essential Reading List for New Entrepreneurs.” 29 March 2012 Inc.com
Accountants offer valuable services—services every business needs. In fact, businesses are required by law to keep books. So, by adding accounting and bookkeeping services to your offerings, you increase the value of your business. And by using your accounting skills as a Profit and Growth Expert, you become invaluable to your clientele!
What is a Profit and Growth Expert?
A Profit and Growth Expert uses information from the accounting system to analyze a business’s fiscal standing, sharing that analysis with those who can use it to make more profitable financial decisions.
A Profit and Growth Expert is a proactive accountant who realizes that the information he/she generates provides crucial data that can make or break a business. It’s the accountant’s job to share this data with business owners, explaining it in such a way that they both understand what the information indicates and use it to inform important business decisions.
Profit and Growth Accounting
When you enroll in the Professional Bookkeeper Program you not only learn small business accounting, but you are trained to watch key indicators that will help you diagnose a business’s health and recommend a course of action that will improve its profitability. This will enhance your service offerings and enable you to market this competitive advantage. Here’s what one student had to say about her new skills:
I am about half way through the program and, in the next month or so, plan to start visiting my local businesses. I have been focusing on the marketing side of things and it seems like every meeting I have with a potential client I am able to close. So far since purchasing the program I have about 6 more monthly clients. I am sure that 50% of those transactions were closed because [of] improvements in my sales techniques. I love the fact that I am not an Accountant or Enrolled agent, I am now a “Profit, Growth, and Tax Expert.” It does work…. –Lynette R., CA
Using the skills mastered in the Professional Bookkeeper Program, Lynette has been able enhance her tax practice before she even completes the entire course. You can do the same, and within weeks can market yourself as the “Profit, Growth, and Accounting Expert.” Imagine how appealing that will be for prospective clients who are interested in increasing their profitability and ensuring the growth of their small businesses.
The Profit and Growth Expert Tutorial
If you would like to learn more about becoming a Profit and Growth Expert, watch our FREE “Start Today” video. When you do, you will learn how to do the following:
- Make over $80,000 per year working from home!
- Secure more clients than you can handle
- Charge your clients so you can afford to take that next vacation, and they get such a great deal they will be telling all their friends about you!
- Get started for next to nothing and make BIG BUCKS within weeks!
Change the course of your practice. Take action now to become a Profit and Growth Expert. Watch the video online today for free!
On April 6th the IRS announced that it is accepting nominations for the Electronic Tax Administration Advisory Committee (ETAAC). The deadline for submitting applications is May 24.
The ETAAC was established as part of the Internal Revenue Service Restructuring and Reform Act of 1998 and serves as a public forum used to discuss issues and recommendations for improved electronic tax administration.
The application package includes a nomination (by letter from a professional associate), the completed ETAAC application, a resume and a short statement of interest. The application should detail the nominated member’s qualifications, experience and past and current dealings in electronic tax administration. A recent IRS notice published in the Federal Register on April 4, 2012 includes more information.
The Treasury Secretary will select and approve new ETAAC members who serve three-year terms, the next of which begins this fall.
Members are required to pass the IRS tax compliance check and Federal Bureau of Investigation (FBI) background investigation. They also cannot be federally registered lobbyists.
This is a great opportunity for tax preparers who want to effect change while building upon their current professional experience.
Questions about the nomination process can be sent to etaac@irs.gov.
Enhance Your Expertise and Expand Your Service Offerings
Universal Accounting offers a number of training programs that will enhance your practice while increasing your revenue. Consider how the following three courses could benefit your business:
Professional Tax Preparer Program
Many financial professionals make the majority of their income preparing taxes. Practically every adult U.S. citizen must submit a tax return each year, and because many of them are intimated by the complexity of tax law, they continually seek professional help.
The Professional Tax Preparer program will not only train you in the preparation of individual and business returns, a lucrative market, but it will also enable you to hone your skills and comply with the new IRS tax preparer regulations. 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.
Professional Bookkeeper Program
Many tax professionals can make a living on their tax services alone, but in order to become a full-service financial provider and ensure business year-round, you need to offer accounting services as well.
The Professional Bookkeeper program will instruct you in small-business accounting, an industry that comprises the majority of accounting opportunities. From accounts payable to year end and invoicing to job costing, you’ll learn everything you need to know to setup and maintain a business’s accounts. Not to mention, this course comes complete with a module that will instruct you in building a successful accounting practice, including marketing strategies that will help you secure qualified prospective clients.
QuickBooks Mastery
But why stop there? In mastering QuickBooks software you will continue to grow your practice by offering QuickBooks setup, help and consultation services. Countless small business owners manage their accounting using this software; occasionally they need a QuickBooks Specialist to help them establish their accounts and/or resolve problems they encounter.
The Professional Bookkeeper’s Guide (PBG) to QuickBooks will enable you to pay bills quickly, write checks with one single click, create invoices effortlessly, access reader-friendly reports and much, much more. By learning all the features and shortcuts this software program offers, you will increase your efficiency, making more money in less time.
These three programs will help you build and maintain a thriving financial practice. The time is now right to prepare to launch your startup. Call Universal at 1-877-833-7909 to order now!
If you’re a self-employed tax preparer, you’ll encounter many situations where you must negotiate a favorable outcome for your small business. These may be large or small deals and could occur with clients, colleagues and other businesses. In order to be a successful negotiator you must know how to achieve a win-win situation. Selling yourself short or taking too much from the negotiating party can be damaging long-term. Here are a few things to remember the next time you find yourself planning a negotiation:
1. Know what you want. First you must know what you want. Many negotiations fail because one or both parties did not determine beforehand what their objectives where. It’s difficult to hit the mark when you’re not even sure what your own target is. Don’t be too vague (“a favorable outcome”) and don’t be too rigid (“X amount or nothing”). Negotiation is all about modifying terms so that both parties can feel satisfied with the deal.
2. Come to the negotiation with different options. Negotiation requires flexibility. Come to the negotiation with different options in order to illustrate your willingness to achieve a favorable outcome for both of you. Perhaps you’ll be asked to lower your fee in order to get a larger company as a client. Don’t lock yourself into a situation where you’re not getting paid what you’re worth, but recognize that you can agree to a lower fee in the beginning which can be increased at a predetermined time.
3. Leave room to bargain. Be sure that you’ve determined a bottom line, or what you must see happen in order to accomplish your purposes, and then aim high. Seasoned negotiators recognize that they must aim high in order to get what they want. Determine your bottom line and pad it. If your initial offer is your bottom line you’ve left no bargaining room. Ask for more than what you expect to get and realize that the party you’re negotiating with is doing the same thing. But there’s a fine line between insulting the party by asking too much and low-balling yourself by asking too little.
4. Get to know the party you’re negotiating with. It’s important to not only know what you want but why you want it. You’ll probably be asked to express your objectives and why they are important to you. It’s equally important that you get the same information from the negotiating party. You should know them and understand their motives and objectives. When you know these things, you’ll be able to work a deal that’s favorable for them while being profitable for you.
5. Be patient. Good negotiations can require a series of meetings, phone calls, and email exchanges, so don’t feel pressured to reach an agreement after just one appointment. And sometimes it’s necessary to take a break and evaluate what has already been presented. Don’t feel pressured to end a negotiation too soon; often that means you’re getting the short end of the stick. Holding firm and allowing the negotiation to carry out a bit will demonstrate just how serious you are.
Negotiations are sometimes a frightening but necessary part of business. Don’t let the fear paralyze you. As long as you take these steps and follow your instincts, you’ll find yourself securing more and more favorable negotiations. Practice makes perfect and you have to start somewhere. Happy Negotiating!
Universal’s IRS-Approved Tax Training Will Help Meet IRS Regulations
Universal Accounting recently announced its approval as an IRS Continuing Education Provider, enabling individuals desiring to become Registered Tax Return Preparers to fulfill their CE requirements through Universal’s self-study and online tax courses.
The IRS oversees the approval of all CE providers. Because Universal’s tax training was already recognized as a sponsor of Quality Assurance Service (QAS) self-study courses, after meeting the National Association of State Boards of Accountancy’s (NASBA) rigorous standards, the Professional Tax Preparer program was easily adopted by the IRS. Universal is happy to join the ranks of IRS-approved Continuing Education Providers and is confident that their tax training will enable countless graduates to advance their careers in the finance industry.
If you would like to learn how the Professional Tax Program can enhance your career, call Universal Accounting at 1-877-833-7909.
Recently the IRS released its annual list of “Dirty Dozen” tax scams in attempts to warn taxpayers of fraudulent activity that could cost them considerably if they are caught unaware.
IRS Commissioner Doug Shulman says, “Taxpayers should be careful and avoid falling into a trap with the Dirty Dozen. Scam artists will tempt people in-person, on-line and by e-mail with misleading promises about lost refunds and free money. Don’t be fooled by these scams.”
You should alert your clients to the 2012 list of Dirty Dozen tax scams which include the following:
- Identity theft. These scams involve thieves looking to use a legitimate taxpayer’s personal information to file a fraudulent return and receive a refund. The IRS has an intense screening process that attempts to filter out fraudulent returns, and in 2011 they were able to prevent $1.4 billion in taxpayer refunds from going to identity thieves. For more information visit www.IRS.gov/identitytheft.
- Phishing. In this scam, individuals receive unsolicited emails or are lured to fake websites in attempts to get them to disclose personal and financial information. The IRS warned, “If you receive an unsolicited email that appears to be from either the IRS or an organization closely linked to the IRS, such as the Electronic Federal Tax Payment System (EFTPS), report it by sending it to phishing@irs.gov.”
- Return preparer fraud. While the majority of tax preparers are honest and submit accurate and legitimate returns, some will overcharge with promises of helping clients secure extreme refunds.
- Hiding income offshore. Some US residents try to evade taxes by hiding income in offshore accounts. In the last few years, the IRS has taken extreme measures to root-out and pursue these individuals who, if discovered, will be required to pay exorbitant fines and face possible criminal persecution.
- “Free Money” from the IRS & Tax Scams Involving Social Security. Many scammers prey on low-income taxpayers with promises of free money in submitting returns that include little or no documentation. They also lure the elderly with promises of nonexistent Social Security refunds or rebates.
- False/Inflated Income and Expenses. Some taxpayers falsely claim more income in efforts to secure the Earned Income Tax Credit or a greater refund. The IRS warns, “This could result in repaying the erroneous refunds, including interests and penalties, and in some cases, even prosecution.”
- False Form 1099 refund claims. In this scam, taxpayers are encouraged to file Form 1099 Original Issue Discount (OID) to make a false refund claim.
- Frivolous arguments. These scams encourage taxpayers to make “unreasonable and outlandish claims” in order to avoid paying their taxes.
- Falsely claiming zero wages. In this scam Form 4852 (Substitute Form W-2) or a “corrected” Form 1099 is used to fraudulently reduce taxable income to zero. In this same scam taxpayers sometimes submit a false statement rebutting wages and taxes.
- Abuse of charitable organizations and deductions. This scam involves the intentional abuse of 501(c)(3) organizations where income and/or assets are improperly shielded from taxation.
- Disguised Corporate Ownership. The IRS explains, “Third parties are improperly used to request employer identification numbers and form corporations that obscure the true ownership of the business.”
- Misuse of Trusts. In this scam, taxpayers are urged to transfer their assets into trusts in order to avoid paying taxes. Taxpayers are urged to consult with a tax professional before transferring money into trusts at the encouragement of someone else.
It’s important that taxpayers be aware of these predominant scams in effort to protect themselves from being taken advantage of. If you’re a tax professional, you should take the time to alert your clients to these Dirty Dozen tax scams.
Increase Your Profitability for less than $5!
Allen Bostrom, President and CEO of Universal Accounting, has written two books that help make businesses more profitable. Designed specifically for small business, In the Black presents 9 practical principles that enable readers to improve their business’s profitability, or the profitability of their clients’ businesses, immediately. Red to Black in 30 Days is a guideline for financial professionals who work with disheartened small business owners in need of a good turnaround plan.
Recently, these two books were made available in Kindle format. Take advantage of this amazing deal! These books, purchased at regular price, would cost you $50. But when you download the Kindle versions—which give you immediate access to this valuable information—they only cost you $5; that’s 10 times less than retail.
If you would like to learn more about these two books, visit their corresponding websites at In the Black and Red to Black. Or order your Kindle copies today!
Also called “working smart,” efficient work strategies can makes any small business more profitable as owners determine how to get more done in less time. And because we are in the middle of tax season, getting more out of your work day could help you and your business become the premier tax practice in your area with a larger clientele and greater revenue.
So what strategies work best for the tax preparer? In a recent article in CPAPracticeAdvisor.com, author Mark Albrecht offers “Five Timesaving Tips for a Smoother Tax Season.” Here are three of five things he suggests we focus on.
1. Communication. Albrecht recommends that every practice have a clear communication process for all those they work with. He says key elements of that communication process should:
- Clearly state when, how and where to submit tax information.
- Give the deadline for tax data, making it clear that failure to meet that deadline results in an automatic extension.
- Provide disclosure and consent forms.
- Use this as an opportunity to manage expectations, emphasizing constraints on your time.
2. Digital Work Environment. Ensuring that you have all the technology you need to run an efficient practice is an important element in developing helpful workflow strategies. Creating a digital work environment can save you a lot of time in the long run. This includes adopting tax software that can make your life easier. Thankfully, tax software has grown up over the last few years. Products have advanced with improved functionality to meet your business needs. Take the time to select the software package that will enable you to best serve your clients.
3. Process Improvement. This might be best tackled after tax season is over. Albrecht explains, “In an ideal scenario, you would have time to create a committee, document current processes, identify best practices, optimize for technologies used, map your new workflow, standardize and train across the firm, and automate workflow for a digital environment.” Chances are you will only be able to run through some of these tasks. However, the most important thing is that you take the time to assess your workflow strategies and make plans for improvement.
Universal Accounting Center’s Solution to Higher Efficiency
The wise financial professional looks for ways to add complementary services to their menu in order to get those higher-yielding clients to do even more business with them. In doing so, you increase your earning-potential and your appeal to prospective and current clients.
By adding small-business accounting services to your menu you are able to increase your billable hours, which in turn, increases your bottom line. UAC’s Professional Bookkeeper Program will teach you everything you need to know to manage a small business’s books, including how to market those services to prospective clients.
To learn more, order our video Introduction to the Professional Bookkeeper Program. This video will introduce you to the four module included in this course, demonstrating just how valuable it can be to you and your business. Survive the recession by adding accounting services to your offerings. What do you have to lose? Watch it online now for free.
Resource
Albrecht, Mark. “Five Timesaving Tips for a Smoother Tax Season.” January 2012 CPAPracticeAdvisor.com
In a recent Entrepreneur.com article, author Michelle V. Rafter shares “10 Workplace Trends to Watch in 2012.” Whether you work fulltime for an employer, part-time for yourself or overtime in your own practice, it’s important that you be familiar with evolving workplace practices, because only then can you take advantage of those that will best benefit your career.
In this article we share 5 of Rafter’s 10 trends—those which we feel are most applicable to the finance industry:
1. Mobile Devices. Just about everyone has a smartphone these days. In fact, you’d be hard-pressed to find a selection of traditional cellphones in any provider showroom. And while many employers may worry about confidentiality and employee time wasted on Facebook, mobile devices like iPhones, iPads and other portable electronics are quickly becoming mainstream in just about every profession.
2. Telecommuting. A decade ago, you’d find most employers weary of allowing their workers to telecommute. But what many of them have since discovered is that, when managed properly, allowing employees to telecommute often saves them money in office expenses while, in many cases, increasing productivity.
3. Instant communication. Gone are the days when email was the fastest way to communicate. Regardless of what you do, your clients, colleagues, coworkers and bosses are generally coming to expect to hear back from you more quickly than they have in the past. This may require you to take advantage of social networks and texting as a quicker means of engaging with business associates.
4. Web-based software. Web-based software enables individuals to work collaboratively on day-to-day operations. And if you manage your own practice, taking advantage of online financial management software tools, like those offered via Intuit’s QuickBooks, will enable you to always have access to the current data.
5. Independent contractors. Rafter explains, “It’s the age of the free agent, and not just in sports. Many people are working as independent contractors, not because they can’t find permanent fulltime corporate positions but because they want to.” This means many businesses are more open to outsourcing things like their accounting and tax planning and preparation. If you’ve considered becoming an independent contractor yourself, now is the perfect time.
The professional workplace is evolving, and many of the current trends will prove to be beneficial to your career, as long as you are aware of what they are.
Start Your Own Bookkeeping Service
Are you interested in quitting your day job to become an independent contractor offering bookkeeping services? Designed to train individuals in small-business accounting, the Professional Bookkeeper Program enables students to gain the expertise necessary to launch their own accounting practice. Here are what a couple graduates have to say about the program:
I can honestly say that the hands-on training from Universal Accounting Center was far more helpful than that of my degree program. The training I received in you class was superb, exactly what I needed for the type of accounting business I was trying to start. I have been so pleased with the training I received from you, that my two part-time employees are currently taking your course. – S.A. Ivins
As an average for each client I am making about $30 – $50 an hour, I’ve been able to quit my full-time job. Thanks again to everyone at Universal Accounting Center! It has created for me a brighter outlook financially, as well as more free time in my personal life. And, I didn’t have to go to college for years and pay thousands of dollars for an education. — S. Thomas
In four weeks, your course taught me everything, and I mean everything, I would need to know about starting my home bookkeeping business. I am making more money than I did when I was employed full-time and I arrange my schedule to fit my needs, not arrange my life to fit my job’s. I can honestly say, this was the best investment I have ever made in my life! – S. Myers
For 30 years Universal Accounting Center has been demonstrating just how easy it can be to launch your own bookkeeping serivces as long as you have the knowledge and skills necessary. Let us share them with you. They can make a difference in your life and the life of your family.
There’s no time like the present to change your future and achieve greater professional satisfaction. Enjoy the freedom of self-employment, including the ability to achieve an increased salary, an improved lifestyle and the chance to do what you’ve always dreamed. Call Universal at 1-877-833-7909 to enroll in the Professional Bookkeeper program now!
Resource
Rafter, Michelle V. “10 Workplace Trends to Watch in 2012.” 4 February 2012 Entrepreneur.com
Hiring Your First Employee
If only you could clone yourself, right? You would have twice as many clients and the capacity to bill for countless hours. But there’s still a way for you to expand your business without enlisting mad-scientist help: you can hire a part-time or full-time employee.
In just about every small business, there comes a time when the owner must decide whether or not to expand and hire employees to help them accomplish more; you can assign simple and tedious tasks to a trainee while leaving the more difficult tasks to yourself. While you’re still paying this employee, it is less than what you charge, enabling you to increase your clientele and your bottom line.
Chances are you’ll need to hire someone who needs a little training; you couldn’t afford to hire another you! So where do you look for a potential apprentice? Here are 5 places you might find the perfect employee.
1. Your Children. Maybe your children don’t even mow the lawn when you ask them to, but money is an amazing motivator. Let’s say you charge $40 an hour, and you hire your teenage at $10 an hour. That’s a great deal for your child who would earn minimum wage at the nearest fast-food restaurant; and you would still be making $30 an hour for ever hour your child works doing basic tax preparation tasks. You’re teaching your children valuable skills, providing them with great experience, and expanding your business all at the same time. And there are some tax benefits for keeping this business in the family as well!
2. Referrals from Family and Friends. This could be a little tricky; the last thing you need is a guilt trip to hire unemployed Cousin Joey. So have a game plan when you approach family and friends for referrals; clearly define the type of individual you’re looking for. You’re willing to train but unwilling to hire someone and all their baggage as a favor.
3. College Campuses.If you live by a technical school, community college or university you have a great pool of students to hire from. You need to remember that you’re providing individuals with a great opportunity to learn new skills and gain the experience they need to advance in a profession. Contact their academic finance departments to see if they could post the position for you; if you talk to the right person you just might find them referring a few of their top students your way.
4. Temporary and Permanent Employment Agencies. A temp agency provides a good opportunity to find someone with specific skills to work on a trial basis. There’s no obligation to hire the individual permanently, so you can test-drive their performance in order to see if the individual is a good match. The only downside is that if you choose to hire someone from a temp agency, you’ll have to pay the agency a finder’s fee.
You’ll also have to pay a fee if you hire someone from a permanent employment agency. The nice thing about this route is the agency can do the screening for you, enabling you to meet only the best applicants whose references have already been checked.
5. Want Ads (the good old fashioned way). Or you could post an ad in the paper or online. Be sure to ask for resumes and references so that you can screen all applicants before you begin interviewing.
At any point in this process it’s important to remember that you want to find the best applicants you can so that you won’t have to go through it again anytime soon. And remember that while you may have to train your employee upfront, if you find the right person he/she will save you lots of time and money in the end.
UAC’s Training Programs Will Help You Gain That Competitive Edge
Universal Accounting Center offers the best accounting, bookkeeping and tax training available. Consider growing your tax preparation business by offering additional services to potential clients, like accounting.
Most of your competitors don’t offer specialized small-business accounting services. But after completing the Professional Bookkeeper (PB) program, you can! Consider a training program that is catered to your needs and busy schedule—one that will enable you to earn a professional designation after just 60 hours of your valuable time.
When you enroll in the Professional Bookkeeper Program you receive to the following:
- Flexible training you complete on your own schedule
- Rich and engaging training DVDs you can view again and again
- Hands-on instruction and practice sets through which you gain much-needed experience
- Training in building and marketing your new practice
- 6 months of valuable follow-up support
- The opportunity to earn professional certification
- Our iron-clad risk-free guarantee
Expand your service offerings by enrolling in UAC’s valuable training programs. Call 1-877-833-7909 to enroll today!
The IRS is interested in helping Americans save for the future and has taken time to create some guidance that will enable taxpayers to better choose a retirement plan that suits their unique needs.
