The Power of Outsourcing

Small-business owners must track the daily tasks that eat up their workday, because while there are core-functions to any business, entrepreneurs often become distracted, and sometimes consumed by, necessary tasks that could be done just as easily, and probably more economically, through outsourcing.  The question is, how does one determine which functions should remain in-house and which should be outsourced?

In a recent Small Business Trends article entitled “How I Outsourced My Non-Core Sales Tasks,” author Chris Hamilton details the process in determining whether or not a core task should be handed off to someone who can perform the task for you, freeing up your time for revenue-generating projects.  Here are the five steps Hamilton describes:

1. Keep Track of What You Do During the Day.  List the tasks that you spend time on.

2. Determine if it Helps You Generate Revenue or Not.  Of each task, ask yourself, “If someone else did this, would it allow me to focus on those activities that will make me money?”  If the answer is “yes,” you should outsource the task.

3. Map Out the Process.  After you determine which tasks need to be outsourced, document the steps necessary in properly completing the task—that way, if you hire someone else to do it for you, they can duplicate your process.  Before handing that task off to someone else, however, Hamilton suggests having a friend run through your steps to see if they understand your instructors.

4. Find Someone to Take on This Chore.  Depending on the task, you may need to ask colleagues for references, put an ad in the classifieds or search the yellow pages for contract workers who specialize in the task. 

5. Monitor the Work Being Done.  Outsourcing does you no good if the task isn’t being completed properly.  You should monitor the person you’ve outsourced the task to until you feel comfortable enough with their performance to allow them to work more independently.

Hamilton was driven to reevaluate his core-tasks when he realized that,”…in a typical day, I was spending about 50% to 60% of my time on sales tasks that didn’t generate revenue.  Once I figured this out, I realized that I could be way more efficient and generate more sales.”

To ensure that your work day is comprised of revenue-generating tasks, it’s important that you test Hamilton’s process.  You may find that outsourcing more than pays for itself.

Become the Professional to which Small Businesses Outsource Their Accounting

Certain functions are necessary in order for a business to be successful, and accounting is one of them.  Unfortunately over 50% of small businesses fail, and much of that failure can be attributed to poor financial management.  If you were to become a small-business accountant, you would be the person to which these small businesses outsource their accounting tasks.

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!

Resource

Hamilton, Chris.  “How I Outsourced My Non-Core Sales Tasks.”  16 May 2013 SmallBizTrends.com

Protect Your Business, Avoid Disaster

Expect the best.  Prepare for the worst.  Capitalize on what comes. — Zig Ziglar

Regardless of how big, small, successful or modest your business may be, it’s important that you take the necessary precautions to protect it.  SCORE, also known as Counselors to America’s Small Business, is a nonprofit organization providing education to entrepreneurs on the formation and successful growth of small business.  On their website, they offer countless tips on effectively managing one’s company, and in this article we refer to their recommendations in averting disaster:

1. Prepare for disaster.  While disaster rarely strikes, it’s important that your business be prepared in the event that it does.  Often this requires you to assess risks to your business so that you can better manage them if they strike.  In a document on the SCORE website, provided by Hewlett Packard, business owners are recommended to identify their assets, vulnerabilities and threats; conduct risk assessments; and manage them through the mitigation, acceptance, avoidance, and/or transference of those risks. 

2. Safely store documents. Not only is it important that you keep all crucial business documents, like insurance forms, legal agreements and monthly financials, in a fire-safe box, but you should also consider establishing a system for safe-guarding your electronic documents.  This is especially important when you manage data for clients; their financial history is in your hands, or on your hard drive, to be exact. 

3. Reevaluate your insurance needs. Without adequate life, liability, and property insurance, your business could be ruined in the event of tragedy or disaster. 

4. Establish a line of credit. While you may never need to use this credit line, it’s important to have access to cash in the event of disaster.  It could be just the short-term safety net you need to recover.

5. Create a Business Continuity Plan (BCP), also known as a Disaster Recovery Plan. You may never need to use it, but having a BCP can help your business successfully endure most disasters.  Things to include on your BCP are personnel who perform daily, necessary functions, employees who could telecommute, critical business documents, and a contingency location should your business become inaccessible. 

Avoid Financial Disaster with a Business Assessment

It’s important that you safeguard your business from financial disaster as well as natural disaster.  And UAC is in the business of helping you achieve financial profitability.  One of the ways to accomplish that is by providing you with all the valuable information of a customized business assessment.  How does it work? From several of your company’s key business metrics, we will run a full analysis on the financial health of your organization. This includes a follow-up counseling session with one of our profitability coaches to help get your business on the fast track to increased profitability.

You owe it to your business to get a complete financial picture of how it compares to others in the industry. Add to the detailed analysis provided in your business assessment an hour of business consulting, and you have an amazingly great value. It’s time your business’s health was examined; it will ensure your business enjoys a longer, more vibrant life.  Call UAC at 1-(800) 343-4827 and order your business assessment today!

Resource

–.  “Planning for Disaster: Assessing Risks to Your Business Data.”  Provided by Hewlett Packard at SCORE.org

Banning, Christine.  “5 Tips to Avert Disaster.”  SCORE.org

What’s in a Name?

Selecting a Business Moniker that Best Represents Your Stellar Services

I hadn’t been working long when someone asked for my business name.  Was my given name enough, I thought?  Apparently not.

Even though you may be a tax preparer working part-time from the spare room in your basement, you don’t want your business name to conjure that image with prospective clients.  A professional business moniker will make your practice more credible, memorable, and marketable.

But where do you start?  Here are 6 simple suggestions:

1. Select a functional and descriptive name. While some companies opt to use invented (Oreo), experiential (Infoseek) or evocative (Yahoo) names, a financial professional is probably best off selecting a business name that alludes to the services he or she provides.  People appreciate being able to recognize a business type simply by reading the name.  It also contributes to a potential client’s ability to remember the name and corresponding services later.

2.   Don’t be a copy-cat. You don’t want your name to be so close to another’s that potential clients call the wrong number or show up at the wrong business front.  Not only will duplicating another business name make yours less memorable, but it can cause legal problems as well.  The US Small Business Administration suggests visiting the United States Patent and Trademark Office to ensure that your business doesn’t make any trademark infringements. 

3. Avoid wordplay. While wordplay and unconventional spellings may seem witty and catchy upfront, it may prevent a prospective client from locating your business information later.  You want people to easily access your contact information, and if they can’t remember or spell your business name, there’s no chance they’ll be able to look you up online or in the phone book.

4.   Don’t abbreviate. While acronyms may be all the business rage, they won’t do your marketing efforts any favors.  And if you do use an acronym, you may spend more money educating the public on the meaning of your name than you’ll actually spend highlighting your services.

5.   Perform a domain-name search. Just as you want your business name to be memorable, you want your website address to be memorable as well.  After you select your business name, perform a domain search to see if you can use your business name in your URL. 

6.   Research and register. Some states require sole proprietors to register any business name, other than their own given name.  Before selecting a name it’s important that you research your state’s requirements.  Also consider registering for an Employer Identification Number (EIN), also known as a Federal Tax Identification Number, at IRS.gov; it’s easy and free.

Online Forums

When it comes to topics like this one, it can be difficult to find a group of small business owners with whom you can ask questions, share insights, and offer advice.  Luckily there are online discussions groups, listservs and forums to help you connect with these individuals.  Universal Accounting Center has developed a forum for accountants and tax preparers to provide just that community environment for which you may have been searching.  Please join us and make our community stronger by “talking” about issues that matter to you.  Members are free to ask questions, provide resources and take advantage of the resources others may offer.  Join us today! 

Resources

“Employer ID Numbers (EINs).”  IRS.gov

“Name Your Business.”  SBA.gov

“Trademark FAQ.”  United States Patent and Trademark Office

Making Your To-Do List Lucrative

Most professionals find to-do lists helpful.  They enable you to remember important tasks, prioritize your time and ensure productivity.  Could they also increase revenue?

In a recent Entrepreneur.com article, Victor Cheng suggests “How Your To-Do List Can Boost Your Bottom Line.”  While taking an innovative approach to ordering tasks, Cheng helps business owners focus their efforts in order to 1. make more money while 2. working less.  He suggests the following approach:

1. Monetize your to-do list.  One you’ve completed your list, determine the monetary value of each item, writing dollar amounts next to each task.  Cheng offers this example: “…if the task is to prepare a proposal to land a $150,000 contract, write ‘Finish Proposal ($150,000).’  If the task is to return a phone call from your number-one customer, who generates $1 million in annual sales, write: ‘Return Mary’s phone call ($1 million).’”

2. Sort in descending order.  List the items from those tasks earning the most to those earning the least.

3. Draw a line through the middle.  You can now divide your list to determine the most pressing tasks.

4. Spend four days a week on the top 50%.  It only makes sense that you focus the majority of your time on those tasks that will earn your business the most money.

5. Spend one day a week on the bottom 50%.  Even those tasks in the bottom 50% deserve your attention, just not as much as the top 50%.  

6. Reevaluate the bottom 50% weekly.  If you can continually procrastinate tasks with no significant consequences, chances are those tasks may be obsolete.  That’s why it’s important to revisit that bottom half of your to-do list to see which items could be permanently removed.

As Cheng explains, “You want to dedicate the majority of your time and energy at work to your most important, highest impact activities.  When you follow these steps repeatedly for a long enough period of time, your sales and income will increase substantially.”  Only then may you be able to grow your business to include employees who could work on the bottom 50%.  Not to mention, you may finally secure a more flexible work schedule for yourself.

FREE Universal Resources

If you found this article helpful, consider taking advantage of our other free resources; join our free accounting and tax forums, follow us on Twitter and like us on FaceBook.  You’ll be surprised at how Universal’s virtual community will enable you to stay in-the-know.

Resource

Cheng, Victor. “How Your To-Do List Can Boost Your Bottom Line.”  23 April 2013  Entrepreneur.com

The IRS Moves Forward in RTRP Appeal

Universal has been updating our readers on the IRS’s fight against the February RTRP court ruling that could potentially prevent the IRS from testing and regulating paid tax preparers. The Department of Justice, in behalf of the IRS, filed a Stay Pending Appeal on February 26^th, 2013 which, if approved, would reinstate the regulations throughout the appeals process.   The following events have since transpired:

March 28, 2013.  Three circuit judges denied the IRS’s request to revoke the injunction stating, “Appellants have not satisfied the stringent requirements for a stay pending appeal.”   Until another ruling is made, tax preparers are not required to test or obtain continuing education.

March 29, 2013.  The IRS filed a Brief for the Appellants arguing that the District Court incorrectly interpreted the law which should allow for tax preparer regulations.  They explained, “The District Court erred as a matter of law in holding that 31 U.S.C. § 330(a)(1) unambiguously foreclosed the Secretary of the Treasury from regulating the practice of tax-return preparers, and, accordingly, erred in declaring the tax-return preparer regulations invalid and enjoining their enforcement.”

April 1, 2013.  The Government filed a Motion to Set Briefing Schedule and to Expedite Appeal.  In the appeal they requested a May 17^th deadline for appellee’s response brief and May 31, 2013 as the deadline for the Government’s reply brief.  They also requested the earliest available date for oral argument.

April 5, 2013.  Two Amici Cuiae, by interested parties outside the litigation, were filed.  The first Amici Cuiae was filed by five former IRS Commissioners and attests that the Treasury should be empowered to regulate paid tax preparers.  The brief explains, “Far from being a mere bookkeeper, a tax return preparer who advises and assists in preparing a tax return may be solely responsible for ‘presenting the case’ for the taxpayer’s eligibility for the benefits provided by crucial government programs administered through the tax system” as intended by Congress.

The second Amici Cuiae was filed by the National Consumer Law Center and National Community Tax Coalition which act as advocates for low-come citizens and taxpayers.  They claim that these individuals have continually been victimized by incompetent tax preparers.  Their brief included over 20 pages of violations by such preparers in attempts to demonstrate a clear need for testing and regulation.

For more information, please visit the official website of the National Association of Tax Professionals. 

Universal will continue to update you in our weekly newsletter. 

Marketing on Steroids 

For over 30 years Universal Accounting Center has trained financial professionals like.  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.

 We do!  And not only do we know how to market those services, 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 – that or consider increasing your staff in order to increase your capacity (and your bottom line!).

To share this priceless information we developed the Universal Practice Builder Program, otherwise known as Marketing on Steroids.  Here’s just a sampling of what you will gain from enrolling in this phenomenal program: 

• A guarantee of $30,000 in new annualized billings in only 12 months
• The skills to become a Profit Expert for each of your clients
• 12 marketing strategies that you can implement immediately
• A process which can produce 15 to 25 qualified leads per month
• 3 months of coaching via telephone and Internet
• Training on a computerized database tracking program
• A presentation DVD to show potential clients
• Access to a plan proven to help retain clients

Sign up now for the Universal Practice Builder Program and grow a stronger, more lucrative business.  Call us at 1-877-833-7909 to enroll now!

Celebrate the End of Tax Season!

Relax, Reenergize and Recuperate

Tax season is finally over and with it many of the demands on your time and energy.  After the hectic three-month stretch of being over-scheduled and over-worked, it’s time you gave your mind and body the break they need.

Unfortunately too many small business owners feel that running at break-neck speeds is the only way to get ahead, and while that may be true for awhile, neglecting your own needs will soon catch up with you and take a toll on your professional and personal lives.

That’s why we suggest taking this opportunity to decompress and energize.  We believe you’ll find it will make you a better business owner in the end. Here are 5 tips on rejuvenating yourself and your business.

1. Take a vacation. The most obvious thing you can do to relax is take a vacation.  Whether you leave now or in three months, often the planning of your getaway will make a difference in your overall temperament.  And you don’t have to spend a lot of money to enjoy yourself.  Consider what would best help you relax and then make your plans; a three-day weekend spent camping can be just the thing you need to return to work with a new and improved state of mind.

2. Attend a professional conference. We should note that you don’t have to choose between tips one and two.  It would be great if you could take a vacation and attend a professional conference because both serve different, yet important, purposes.  When you attend a professional conference you may be able to relax and unwind while learning new things that will enhance your business.  Remember, your expenses are tax deductible and should be considered a personal investment that will make you a better financial professional.

3. Exercise. We’re guessing that the busier tax season became, the more you neglected your personal needs, like exercise.  The great thing about exercising is it can help you relax and relieve stress.  If you’ve gotten out of the habit, or were never in the habit begin with, now is the time to schedule in regular exercise in order to get your blood flowing, your muscles flexing, and the endorphins releasing.

4. Reconnect with friends and family. Tax season can feel like a state of hibernation during which you lose touch with loved ones.  Now is a good time to reconnect.  This can be accomplished in the simplest of ways: via email, on the phone, or over lunch.  If you’re craving more interaction, consider entertaining a large group of people at a barbeque or dinner party.  Just ensure that reconnecting doesn’t cause more stress in the process.

5. Meditate. Regular meditation can help you decompress daily.  As you take the time to regroup and relax, you’ll find you’re more peaceful and productive.   If your schedule is tight, work in 10 to 15 minutes a day.  Scheduling a regular time for meditation and reflection in your daily planner will pay large dividends in the long run.

You deserve a pat on the back for all that hard work you did throughout tax season.  But more than a pat on the back, you’re in need of some serious relaxation.  Only when you first take care of yourself can you be the best business owner you can be.  Go ahead—Relax!

Invest in Yourself and Your Business

Now that tax season is over, consider ways to build your business in your down time.  The Universal Practice Builder Program (UPB) will help you market your practice effectively, increasing your clientele and your bottom line! Also called Marketing on Steroids, this course was designed by our own growth specialists who know not only how to market your specialized financial services, but how to market them effectively to qualified, prospective clients.

The UPB program provides the following:

• Flexibility.  You complete the course on your own time and pace.
• Complete education.  This comprehensive training program will give you everything you need to build a thriving practice.
• A qualified professional to answer questions.  For six months you will have access to our professional coaches for personal, professional guidance via phone or email.

The Universal Practice Builder Program will equip you with all the tools you need to grow your business.  If you find yourself lacking the intuitive salesperson personality, call Universal at 1-877-833-7909 to register for this phenomenal program now!!

Guest Blogging

Increasing Traffic to Your Website

A blog can be an effective marketing tool, especially when used in conjunction with your business website.  However, once you’ve established your blog it can be difficult to increase traffic.  Here we suggest 3 tips to build your brand and your readership by guest blogging:

1. Build relationships with fellow bloggers and post to one another’s blogs.  The world of blogging can become a powerful network.  Building relationships with fellow bloggers will give you access to a whole new audience that’s unfamiliar with your services and expertise.  Do a local search to determine who’s blogging, then consider whether or not your skillset would prove beneficial to their readership, and visa versa. 

2. Ask members of your strategic partnership to guest post.  Also called “natural business relationships,” strategic partners are professionals with complementary skillsets that can share referrals, information, and advice regarding critical business issues.  Whether your strategic partnership includes lawyers, financial planners, insurance reps, or loan officers, they become potential guests to your blog, and you to theirs.  Again, information from a leading expert in another field can prove valuable to your readers.  And being given the opportunity to guest post on their blogs will expose you to more potential readers in need of your specific skills. 

3. Submit posts to industry websites.  The internet can enable you to secure clients outside your current location.  When you post informative article to websites offering financial information to prospective clients, you not only build your professional reputation, you widen the boundaries of individuals you can serve.  Look for websites prospective clients would frequent and see what they require from guest bloggers/writers.

Small-business blogging is a popular method of marketing.  For little money, you can have your own blog up and running in no time.  Most blogging publishing sites require no software installation, and maintaining a blog requires no help from tech support—creating a blog and adding posts is just about as easy as sending email.  That’s why there are literarily countless blogs out in cyberspace.  But the point is not just to get a blog out there; the point is to have it rise to the top of competing blogs.  By following some of these suggestions, you might do just that.

UAC Can Help You Create a Custom Website for Your Practice that Includes a Blog!

If well developed, a business website can act as an inexpensive marketing tool and a good point of contact.  If you don’t yet have a business website or a blog, Let Universal Accounting Center (UAC) help you build a strong web presence without expending much time, energy or money.

UAC offers AccountWeb, a website development tool, exclusively for financial professionals.  Within a week you can create a personalized website for your practice, enabling potential clients to access your business even after your office closes.  And if you become an Advanced User, your package will include a blog.  To see a sample of a website developed from the Universal Accountweb platform, go to http://universalaccountingsites.com/.

Whether you run a full-time practice or perform financial services on the side, you need a website that tells potential clients about your business even when you are unable to.  If you haven’t yet developed a website for your business, today is the day! Order your subscription now, and your website will be up and running by the following business week.  And if you are a Universal Accounting student you will receive a free six-month trial!

Resource

Demers, Jayson.  “Increasing Website Traffic: 6 Steps to Guest Blogging.”  3 April 2013 Entrepreneur.com

The IRS Releases the Dirty Dozen Tax Scams

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 Acting Commissioner Steven T. Miller says, “This tax season, the IRS has stepped up its efforts to protect taxpayers from a wide range of schemes, including moving aggressively to combat identity theft and refund fraud.”

You should alert your clients to the 2013 list of Dirty Dozen tax scams which include the following six:

1. 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 2012 they were able to prevent $20 billion in taxpayer refunds from going to identity thieves.  For more information visit www.IRS.gov/identitytheft.
2. 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 warns, “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.”
3. 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.
4. 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.
5. “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.
6. Impersonation of Charitable Organizations.  While this one didn’t make last year’s list, it’s an age-old scam that often occurs following significant natural disasters.  These cons impersonate charities in order to get personal information from well-intentioned taxpayers. Tell your clients to weary of charities contacting them via phone or email to solicit money or financial data.

For more information and details on the final 6 scams, visit the official press release at IRS.gov.

Universal’s Training Programs are All Online 

If you’re looking to launch or expand a business, we suggest you consider obtaining training designed to help you offer accounting, tax preparation and QuickBooks services.  And Universal’s online training make that more convenient than ever, enabling you to enroll today and begin changing your career tomorrow.  We offer 5 programs designed to make your business more profitable.  To sample our online courses for free, visit Universal today!

What Are Clients Looking for?

Small business owners are continually getting advice on how to select financial professionals who will help them succeed.  In a recent Entrepreneur.com article, readers are told “How to Choose an Accountant Who Is Also an Advisor.”  As a tax professional who may have considered expanding your practice to include accounting services, these tips could prove invaluable in ensuring that your business satisfies all your clients’ needs.

The article explains the important association that can be fostered between business owner and accountant: “…no other business relationship has such potential to pay off.  Nowadays, accountants are more than just bean counters.  A good accountant can be your company’s financial partner for life…”

In searching for a good match the article asks readers to consider the following three things:

1. Services.  The article claims a good accounting service includes four areas of expertise: business advisory services, accounting and record-keeping, tax advice, and auditing.  Business owners must evaluate their current financial standing and consider which services they need most.  They are advised to ask prospective accountants how they would handle specific situations.  A good accountant should be ready to speak for their business and articulate their worth.
2. Personality.  Prospective clients will be looking for an individual they feel comfortable with—someone they can easily approach with all their questions and concerns.  They may be worried that their account will be passed to some low level worker they haven’t yet met.  Ensure they can talk with the person with whom they will work directly.
3. Fees.  Anyone looking to secure a service will want to know how much they can expect to pay for it.  The article suggests, “Ask about fees upfront.  Most accounting firms charge by the hour; fees can range from $100 to $275 per hour.  However, they are some accountants who work on a monthly retainer.”  A seasoned professional can readily respond to such requests, and if they’re really good, they can explain how the nature of their services will ensure that clients see a greater financial return that more than covers those fees.

As you consider expanding your practice, ensure that you’re aware of prospective clients’ needs and are able to articulate your value in a way that appeals to them.

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!

Resource

–.  “How to Choose an Accountant Who Is Also an Advisor.”  19 March 2013 Entrepreneur.com

Ensuring Consistency and Efficiency

Using a Checklist to Standardize Your Processes

Most tax professionals are looking for ways to streamline their services in order to guarantee greater accuracy and efficiency throughout tax season.  And nothing will thwart your attempts to save time and energy more than by performing routine tasks differently each time they’re done.

Whether you’re working alone, with partners, or employees, standardizing your processes is not only a great time-management tool, but it also promotes greater efficiency and consistency in your work.  A checklist is a great way to ensure that your practice is using standardized processes to complete tax returns and perform other routine functions.

If you want to use checklists to help improve your practice, consider the following three tips:

1. Create checklists for routine functions.  In a recent CPATrendlines article, author and accountant Ed Mendlowitz explains, “Establish checklists whenever repetitive procedures are to be performed…  They are not to be filled out after the work is completed as punishment.”  Checklists should guide professionals as they complete projects—they ensure that key steps are not skipped or forgotten.  Mendlowitz goes on to explain that the importance of checklists needs to be established and maintained by partners, managers and reviewers as well.
2. Use checklists as a training tool.  Checklists are a great way to help new employees or partners become familiar with your practices’ processes and procedures.  They will enable staff to have an abbreviated tutorial that will walk them through the work.
3. Update and revise checklists.  Checklists provide a great opportunity to monitor and assess your practice’s processes and procedures.  You can do this by routinely evaluating your checklists, and then, after discussion and debate, eliminating unnecessary steps and, perhaps, adding new ones.  While this may seem a tedious task, it is the one way to ensure that your practice is even more efficient next tax season.

Also called “working smart,” efficient work strategies can makes any tax practice more profitable as owners determine how to get more done in less time.  Using checklists to ensure consistency and standardization of your processes is just one way to improve your services and your reputation as a tax preparer.

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? Call Universal at 1-877-833-7909 for more information now!

Resource

Mendlowitz, Ed.  “Five New Tax Season Tips to Provide Consistency in Service, Processes, and Standards.”  10 March 2013  CPATrendlines.com