Tax Strategies & Preparation Articles

10 Tips on Working More Efficiently (Part One of a Two-Part Series)

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 as we are in the middle of what some would call a recession, getting more out of your work day could help you and your business fair better during difficult economic times.

In this two-week series we will discuss 10 tips on working more efficiently so that you can eliminate the unnecessary and find more time for billable hours. Here are the first five of 10 tips designed to help you work smart:

1. Clean and organize your workspace

You can waste hours looking for important documents if your office is not clean and organized. While this tip may seem like one designed to lengthen your workday rather than shorten it, you’ll find that setting aside just a few hours to tidy up your office will save you a lot of time in the long run.

And this tip is not for looks alone. You want to ensure that all your files are quick and easy to locate. So don’t just hide them in a box in the closet. Take the time to truly organize your workspace. And once you do, dedicate a few minutes at the end of each day to clean up your office so it doesn’t become unruly once again.

2. Schedule workday around your most productive times

One perk in being self-employed is that you’re not required to comply with a traditional work schedule. This can be incredibly helpful for those who may work better early in the morning or late at night. Determine the times of day you are most productive and schedule your workday around those times.

There’s no use working 9 to 5 if you find you’re most sluggish in the last afternoon. Maybe you could work from 6 to 11am and then again from 8 to 10pm. Ensure your schedule is realistic and works for you and your family. And if your schedule is highly unconventional, make sure you devise a method for contacting clients and colleagues, as their schedules are likely to be more traditional.

3. Establish a routine

Once you determine a work schedule you should develop a routine. Routines can help you work more efficiently. Determine when you will read and respond to email; abide by that routine. Determine when you will call and meet with clients; abide by that routine. While there will definitely be times you must break from this schedule, generally it can help you stay on task and reserve the bulk of your time for billable hours.

4. Hire help

Sometimes it does take money to make money. Some of your more tedious tasks could be accomplished by a part-time employee. While you may need to pay this individual minimum wage or more, think of all the time it affords you to make more money and possibly take on additional clients.

You may find your best employee lives in your home, just a hop, skip and a jump away from your office. When you hire a teenage child to work for your business, you not only equip them with valuable experience and key employability skills, but you also enjoy important tax breaks. As long as the child is under 18 he/she is not only tax deductible, but in a proprietorship they’re exempt from FICA, Unemployment, Workmen’s Compensation, and tax withholding.

5. Consider replacing some paper files with electronic files

Sometimes all that paperwork can bog you down. You may want to consider which files would be easier to manage electronically, eliminating the paper trail as well as making information much more accessible.

By following just a few tips, you could make your business function more efficiently, which will make you and your business more productive, and in turn, more profitable.

Join us next week when we will discuss the following 5 tips for working smart.

6. Perform similar tasks at same time

7. Dedicate more attention to higher-yielding clients

8. Avoid unnecessary meetings

9. Reduce the number of emails you send and receive

10. Be productive and not just busy

UAC Can Help You Work Smarter

Let Universal Accounting Center help you maximize work efficiency. In learning new skills you can enhance your service offerings and become more profitable. Our DVD 4-pack is designed to let people like you discover those skills that can enhance your practice. It includes the following DVD’s:

Introduction to the Professional Bookkeeper Program–Learn how becoming a Professional Bookkeeper will improve your accounting skills and help you in your accounting career.

Yes Sample Marketing CD-Learn how to introduce your services to a potential client. Use this either for role playing, watching it while meeting with your client or passing them out.

Start Today and Have Your Own Bookkeeping Service–Learn how to make over $80,000 per year working from home while getting more clients than you can handle. Know how to charge your client so you can afford to take that next vacation while they get such a great deal they will be telling all their friends about you.

The Art and Science of Getting Clients–Learn proven marketing strategies designed to help accountants market their skills in order to get more clients.

Each of these DVD’s can help you work smarter. Order now and save nearly $25.00 on this valuable set. For less than $20 you can be on your way to a more efficient tax preparation business-or better yet, a more efficient full-service financial practice!

One of my favorite business bloggers, Ivan Misner, talks about attending a presentation by Steve D’Annunzio where he said, “taking the hard path often makes life easier and taking the easy path often makes life harder.”

As a parent of three young children this idea resonates with me. Taking the time to parent my children well now may be harder, but it will make parenting much easier when they’re teenagers. As I thought about this I realized the idea applies to just about everything in life, including business.

What hard things could you do right now to make your future professional life easier? By putting in more time, energy and even investing a little money you could significantly lighten your future load. Not to mention, increase your future earnings in the process.

The Hard Path for an Easier Future

If you currently offer tax preparation services, your business would benefit greatly by offering additional, complementary services. The truth is doing so would probably require an investment of time, money, and energy. But in the end would it make your life easier? YES!

Expand your practice by adding small business accounting services to your menu. Chances are some of your current clients are small business owners, so you are already familiar with their unique needs. And because you already prepare their tax returns, you have an advantage over other contract accountants who may be interested in securing their business.

Your Advantage

When you are trained in small business accounting you can promise prospective clients attentive service that meets their unique accounting needs. And when you enroll in UAC’s Professional Bookkeeper Program you can become confident, skilled, and certified in small business accounting.

Here are just a handful of things you will learn:

Accounting Made Easy - - Course Module 1

Master the tools, procedures, and underlying principles that make up the bookkeeping processes of all businesses. Understand the core building blocks of Accounting and Bookkeeping. — 4 DVDs & Manual. See Sample

Practical Small Business Applications — Course Module 2

Apply your understanding of the core accounting principles to specific industries. You will learn to set up books from scratch, do payroll like a seasoned pro, and much more. — 4 DVDs & Manual. See Sample

Advancing your “Account-Ability” — Course Module 3

Sure ways to set up complete bookkeeping systems and manage the books for a variety of more sophisticated industries. — 4 DVDs & Manual.See Sample

Building a Successful Accounting Service — Course Module 4

Learn the steps to finding paying clients. Start and Grow an accounting practice following a proven program tested and perfected since 1979. — 4 DVDs & Manuals.See Sample

While this may seem the hard path, the truth is, this course can take less than 60 hours to complete. And the cost of enrollment is a fraction of what you’ll earn after completing the program. So choose the hard path for now, for 60 hours, and enjoy an easier, more comfortable lifestyle later. Enroll today!

References

Misner, Ivan. “The Hard Path is Easier.” Networking Now: Growing Your Business Through the Power of Relationships. Entrepreneur.com

3 Questions That Will Help You Get On-Track

In order for your services to appeal to clients, they must focus on fulfilling their needs. This requires you to be dedicated to running a client-centered practice.

You’re familiar with the importance of good customer service because you yourself patron other businesses. You know what you like, and often the offer of a one-size-fits-all solution for your unique needs isn’t appealing. The same applies to your own clients. They want to feel as if your services are customized to suit their specific needs.

How do you do that? You must regularly step away from your practice and look at it from a client’s perspective. When you do so ask yourself the following three questions:

1. How will these services enhance my business?

Your clients aren’t interested in what you do as much as they’re interested in how it will benefit their business. While you may submit a mean tax return, they would find your ability to save them money in taxes much more appealing. So as you consider your demographic, ask yourself what they really want from you. Once you are able to answer that question, you’ll be better prepared to cater your services to meet their specific needs.

2. How much will it cost me?

While we’d like to think that clients are first interested in your services and second interested in your fees, that’s not always the case. Especially when you’re working with small business owners, they want to save as much money as possible, even when it comes to their taxes. When faced with this issue it’s often most effective to present them a per-project estimate rather than an hourly fee. They imagine those hourly fees adding up much more quickly than they actually do. When they can see how much the entire project might cost them (for example, tax planning by the month or tax preparation by the form), they’re generally more subdued and can see just how valuable your services are.

3. Do you offer any complementary services?

When you’re low on time or too tired to drive around, you can probably appreciate the convenience of a super store that has everything from groceries to pharmaceuticals to clothes to hardware. Your clients are just as interested in convenience as you are, and if you asked them they would probably admit they would prefer to have all their financials managed by the same individual.

Accounting services are the perfect complement to tax services. Not only would your current clients find your new services appealing, but you would be more likely to attract more prospective clients with the convenience of a one-stop financial shop.

The Professional Bookkeeper (PB) Program

When you enroll in the Professional Bookkeeper Program you can master small-business accounting skills in less than 60 hours. With a DVD program designed to help you review key concepts until they become second-nature, this self-paced approach enables you to complete the course on your own time. Not only that, but in addition to learning small business accounting you will also be trained in marketing those skills. After 25 years training professionals in small business accounting we know which marketing strategies are most successful in actually attracting and retaining clients.

Whether you’re a beginner or a seasoned accountant, this course will teach you everything you need to know to service your small business clients. Here is what some of our graduates are saying:

I can’t believe the accounting knowledge covered in four short weeks. I spent years in school and did not get the same education I did this past month… - L.C. Westergard

I knew nothing of accounting before I took this class and now I feel I have a good working knowledge of bookkeeping and starting a business.- S. David

My current clients have recognized the changes and appreciate them greatly. - S. Christensen

You gave a stay-at-home-mom the knowledge and understanding of accounting needed to go out and get work that can be done from home.- I. Snow

In order to best serve your clients you must consider all their financial needs. Once you master small business accounting you can manage their books as well as their taxes. This is incredibly appealing to clients who are looking for a one-stop financial shop. Expand your business before tax season hits again. Enroll in the Professional Bookkeeper Program today.

6 Steps for Turning Prospective Clients into Current Clients

You’ve made a good first impression and now you want to deliver your sales pitch and seal the deal. That may be easier said than done. But when you attend to the client’s needs and follow 6 simple steps, it can happen, and quite possibly, before the bill arrives.

1. Arrive early

It’s important that you properly set up your meeting. Most sales pitches are delivered over a meal; it’s a great way to lure prospective clients from their own businesses in order to discuss your services. In that case, you should ensure the restaurant is aware that your reservation is for a business breakfast, lunch or dinner. Give them your card before the clients arrive in order to avoid that awkward moment when the bill is presented. You can also determine seating at this time, which is important when meeting with more than one prospective client.

2. Build your professional relationship

Set the meeting’s tone by getting to know the client better before jumping into your pitch. Ask questions and listen to their answers. Just about everyone likes to talk about themselves, their families, their businesses, and even the weather. Exhibit genuine interest in your client’s life and you’re sure to build a solid base for your professional relationship.

3. Time your pitch

You want to avoid interruption and ensure adequate time to deliver your pitch. If you’re having breakfast, you don’t have much time and will want to start fairly soon. Lunch appointments are a little longer and you should wait until everyone orders before you start. Dinner appointments are the most leisurely and you should wait until everyone has finished their entre before you start talking business.

4. Ask the right questions

It’s important that you determine your prospective client’s needs. What are their current accounting needs? Do they already have an accountant? Are they satisfied with their current accountant? What services would they find most beneficial? The more you learn about their business and corresponding accounting needs the better equipped you’ll be to cater your pitch to align with their business objectives.

5. Emphasize benefits

Before you even practice your pitch try to take on your prospective client’s perspective. What would they most want from an accountant? While you probably offer everything from standard bookkeeping to payroll services, the client is more interested in how those services will benefit their business. It’s much more appealing to hear that you’ll help them cut costs and increase profits than it is to know that you can manage their accounts payable and accounts receivable.

6. Listen to and answer questions

This step is often overlooked. We can be so focused on delivering our pitch that we forget to listen to our prospective client’s questions and thoughtfully answer them. This will help you best determine what their deeper concerns might be. Often this is where the deal is sealed as the client comes to realize that you’re genuinely interested in what is best for their business.

Enhancing Your Sales Pitch

You’ll be better equipped to seal the deal when you have a professional designation to back your experience and expertise. Not to mention, when you receive training in small business accounting, you will enhance your service offerings and become a full-service financial provider! What client wouldn’t want their tax preparer to become a one-stop shop for their financial needs?

And when you enroll in Universal’s Professional Bookkeeper Program, you learn how to become a client’s Profit Expert, enabling you to contribute to a client’s profitability - a skill that makes your services invaluable. Imagine how that will enhance your sales pitch!

Get started today! UAC has been training professionals like you for over 25 years. Benefit from our experience and expertise. Enroll now and gain the skills and confidence necessary to secure more clients and seal countless deals!