Tax season is upon us and for many tax preparers that means a hectic work schedule with long days and countless client consults. Regardless of your practice’s size, tax season can overwhelm even the most time efficient and well prepared.
In order to ensure a smoother tax season, Edward Mendlowitz, Journal of Accountancy contributor and author of Managing Your Tax Season , suggests 12 procedures that will help you rise above the chaos. Here we share 5 of Mendlowitz’s suggestions:
1. Schedule workflow. It’s important that you anticipate the number and complexity of returns you will be getting and schedule your staff and work days accordingly. You should also anticipate return reviews—who will be performing them and how long will they take? Mendlowitze suggests, “For corporate clients, schedule and prepare returns on a first-in, first-out basis. Call clients and work out times for them to submit information. …A two-week return policy can reduce the number of client calls, work in process, and scheduling problems, and can help speed up cash flow.”
2. Resolve bottlenecks and don’t let returns sit unattended. One of the best ways to improve tax-season efficiency is to examine your current procedures and resolve bottlenecks in order to streamline your process. Now is a good time to consider where returns get “stuck” and what you can do to ensure they don’t sit unattended. Often returns get side-tracked when clients must be contacted for information or verification. Don’t put off resolving these issues in order to move forward.
3. Bill client when return is ready. Mendlowitz explains, “Unbilled tax returns are considered inventory in process. The longer you have them, the less they are worth.”
4. Prepare estimated taxes for the current year when preparing an extension for a client. While the amounts are likely to change, completing this step will save you time in the long run, eliminating the need to remind yourself about the client’s position when estimated taxes are due. And as Mendlowitze says, “It also helps the client plan cash flow.”
5. Ensure effective use of technology. Sometimes purchasing new equipment can help you better manage tax data. Do you need scanning software to help reduce paperwork and improve workflow? Also, tax and accounting software can ensure a more efficient use of time, as long as you and your staff have been properly trained.
Sometimes a little foresight is all you need to ensure a smoother tax season. Try implementing these tips to see if that helps you better manage what might otherwise be a chaotic time of year.
Universal Accounting Center’s QuickBooks Training Can Help
In learning to optimize QuickBooks software, you’ll not only be able to ensure accurate tax returns in a more timely manner, but you can add an additional income stream to your tax practice. You’ll find clients in need of QuickBooks training and help services. You can charge $65 to $95 for your QuickBooks set-up and consultation services. And once your help people get started, who do you think they’ll come to for help? That’s right – YOU! That means you’ll develop a QuickBooks client base that will be more likely to also retain your tax services.
UAC’s Guide to QuickBooks Pro will teach you how to do the basic transactions, how to reconcile accounts, what the program does with its data, and a basic understanding of fundamental accounting principles. We have also included about 18 hours of bookkeeping instruction and a complete detailed presentation of QuickBooks fundamentals. Call Universal at 1-877-833-7909 to begin streamlining your work flow this season!
Mendlowitz, Edward. “Maximizing Tax Season Efficiency.” January 2011 Journal of Accountancy Online
The most effective and least expensive marketing tool is literally at your fingertips. What is it? The business card. Just 3½ inches long and 2 inches wide, this small piece of cardstock packs a marketing punch when properly designed and distributed. Not only is it economical, but it’s low-tech, compact, and can have a lasting impact on those you give them to. But how can you be sure that your card will stand out while giving potential clients all the information they need?
In a recent Entrepreneur.com article, author Ann Handley shares “8 Ways to Make Your Business Cards Stand Out.” Here we detail five:
1. Lose the kitchen-sink approach. In this day and age, businesses find themselves with lots of information they want to push onto prospective clients and try to accomplish that through their business cards. But as Handley suggests, “Ask yourself: Where do you really engage with prospects? Where might they be most likely to get a sense of you and your company?” Limit your business card information to that.
2. Be visual. A simple logo will not help your business card stand out. Consider using images that will generate interest. Handley suggests a service called Moo.com which allows you to place a different graphic on each card.
3. Link your online and offline words. As Handley explains, “A card can be a bridge between your online and in-person presence.” She suggests adding a QR code that will enable individuals to directly link to your professional website.
4. Think of your card as a call to action. Think outside the box. With business cards being so economical, you could afford a special printing for specific events. For example, if you’re hosting a seminar, consider distributing cards that provide individuals with special offers.
5. Create utility. Provide information (generally on the flip-side) that many potential contacts will find useful and will frequently refer to. A popular choice is to include a calendar, but remember you want to stand out. Consider information that is accounting-related.
Once you’ve decided how to approach your business card, start designing. And if you need a credential or two to help your card stand out, consider one of these:
Become a QuickBooks Specialist and enhance your resume and your services all at the same time. By mastering the accounting software that over 80% of small businesses use, you could increase your client base by offering setup and consultation services. Not only that but you’ll help your clients prepare their data in a way that becomes even more useful to you.
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.
Call 1-877-833-7909 to learn more about these professional designations today!
Handley, Ann. “8 Ways to Make Your Business Cards Stand Out.” 29 August 2012 Entrepreneur.com
You have probably heard the daunting news before: roughly 50% of new businesses fail within the first five years of operation. If you’ve ever considered launching your own practice, that statistic has probably given you pause. However, there are tangible things you can do to avoid the most common mistakes made by entrepreneurs.
In a recent Entrepreneur.com article, author Martin Zwilling lists the “10 Top Reasons Why First-Time Entrepreneurs Fail.” We share five of those reasons here:
1. No written plan. You’ve heard the old maxim, “if you fail to plan, you plan to fail.” Perhaps you’ve spent hours dreaming about your business, imagining your achievements, and talking with friends and family about your goals, but without a business plan you aren’t giving yourself the opportunity to truly plan all the necessary details and build a foundation for your success.
2. Limited business opportunities. Some entrepreneurs fail to perform the necessary market research that will help them determine whether or not the products and/or services they’ve selected are actually in demand. Thankfully, whether it’s tax preparation or small-business accounting, financial services are not only in demand, but generally required by law.
3. Too much competition. Again, this problem could easily be overcome with a little market research. Before launching your business you must determine who your competition is and what makes them appealing. Is there something you could offer that they don’t? Only by studying your competition will you develop that necessary advantage.
4. Not enough marketing. We get it! Promoting services doesn’t come naturally to accountants and tax preparers. But the truth remains: regardless of how skilled you are, your business won’t generate revenue without clients, and you won’t secure clients without a marketing plan.
5. Can’t execute. As Zwilling explains, “When young entrepreneurs come to me with that ‘million dollar idea,’ I have to tell them that an idea alone is really worth nothing. It’s all about the execution. If you’re uncomfortable making hard decisions and taking risks, you won’t do well in this role.”
Above all, you must have the necessary skills and know-how to ensure your practice succeeds. If you’d like to launch your own startup, we’d ask you to consider acquiring additional skills that will attract more clients and enable you to secure that competitive advantage.
Small Business Accounting
Small business accounting is a valuable niche market. In fact, over 90% of accounting opportunities can be found in the small business arena. Universal Accounting Center (UAC) has been training professionals like you in small business accounting for over 30 years because they recognize what many do not; most universities and trade programs are teaching students corporate accounting which isn’t preparing them for the typical, real-world accounting experiences they will encounter.
Becoming a small business accountant doesn’t require years of your valuable time. UAC’s Professional Bookkeeper (PB) Program is not only reputable, but it’s self-paced, enabling a busy professional like you to take your time or complete the program quickly, in less than 60 hours.
Through this program, you will gain the confidence and skill necessary to start and manage nearly every client’s books, and when you have a question, our follow-up program enables you to call and ask one of our seasoned professionals.
By why stop with accounting services? Increase your business’s appeal by offering QuickBook services as well. UAC’s Professional Bookkeeper’s Guide (PBG) to QuickBooks will help you master this accounting software, and once you do, you can offer QuickBooks setup, help and consultation services, charging $45 to $75 per hour.
Becoming a QuickBooks Specialist would provide you with numerous ways to bring in more business, increase your income, and make your job easier. You’ll find companies who want to do their accounting tasks themselves, but need help configuring QuickBooks to meet their needs. And once you’ve helped a company set up its initial QuickBooks system, who do you think they’ll turn to for help? You, of course! After all, you’ll have the training and expertise they’ll need whenever they run into a problem.
By turning your tax service into a full-service financial provider, you get your game on, working year-round for clients that not only need your services, but value them enough to tell their friends and family about your business! Call 1-877-833-7909 to become the premier financial service provider your area!
Zwilling, Martin. “10 Top Reasons Why First-Time Entrepreneurs Fails.” 14 September 2012
October 24th, 2012 in
, For Business Owners
, Get Educated
, Growing Your Practice
, Helping Your Clients
, Increasing Your Profits
, Learn QuickBooks
, Offer Accounting Services
, Small Business
, Start an Accounting and Tax Practice
, Starting & Running a Practice
Sometimes your home office can make the difference between productivity and wheel-spinning. If you find yourself strumming your fingers more than you’d like, it may be that your office space needs some attention. Here are six tips to help you organize your office so that you can focus on your work rather than your work environment:
1. Optimize your work space. Do you have enough room in your office, and is it being well used? Do you have the equipment you need? Filing cabinets, a desk or two, and garbage bins are a must. Is there too much furniture in your office, making it difficult to move around? You may need to do a little rearranging to make the office more work-friendly.
2. Make sure your furniture arrangement is work-friendly. You’ve probably watched those home-improvement shows where moving the couch and side table to an unexpected corner opens the room and makes it more functional. It’s important that your furniture arrangement facilitates the work you do. Do you need space to sort paperwork? Does that space need to be closer to your computer or your filing cabinets? Would you get more done if you had a filing cabinet right by your desk so you could file paperwork quickly and easily?
3. Store office supplies in the office. Does your stapler run off? Does the tape and scissors wind up in the kitchen junk drawer far too often? If the office supplies are being used outside your office, it’s probably time to invest in a set of office supplies strictly for office-use. Write “office” on them with a Sharpie if necessary, and make sure you don’t inadvertently carry them to another room where they don’t belong.
4. Don’t mix too much “home” with your office. By the same token, don’t carry distracting household items into your office, and if you do, be sure to carry them back out when you’re finished with them. Household bills, plates, junior’s broken DS, the extra chair you brought in for a client. All these things can clutter your office, distracting you from your most important work.
5. Install shelving. If you’re like most home-business owners, you have more stuff than you have room for: books, archived files, computer software. While you don’t need most of these things handy, you do need to put it somewhere. Shelving is a good place for all those things that you don’t use everyday, but still belong in your office.
6. Create a filing system and follow it. There are different ways to arrange your files, but haphazardly is not one of them. Be sure that your client files are arranged so that you can access them quickly and find what you need within the files.
UAC’s QuickBooks Training Program
The Professional Bookkeeper’s Guide (PBG) to QuickBooks is designed to help you digitally organize all your financial data, as well that of your clients. In addition, you will master all the software’s features and shortcuts, enabling you to work much more efficiently. With 16 instructional CDs that contain 15 hours of training and an 800-page full-color instruction manual, you will have access to all you need in order to address your every client’s needs.
To organize all your digital data, call Universal at 1-877-833-7909 to enroll in UAC’s Professional Bookkeeper’s Guide to QuickBooks (PBG)!
Take a break. Really! Because apparently it could enhance your productivity as well as your ability to remain alert. At least that’s according to a recent article published in the New York Times entitled “To Stay on Schedule, Take a Break.” In it, author Phyllis Korkki consults with James A. Levine, a professor of medicine at the Mayo Clinic, on the importance of avoiding sedentary work habits. Levine has conducted studies demonstrating that professionals damage their health when they remain inactive for the majority of their workday.
Levine explains, “The design of the human being is to be a mobile entity.” He encourages professionals to find ways to stand or even walk while at work. These breaks can increase productivity and focus.
Forbes.com author Susan Adams responds to these suggestions in her article entitled “Eight Ways Goofing off Can Make You More Productive.” Of her eight recommendations in adding more activity to your workday, we share the following five:
1. Take a walk. A change of scenery can be very refreshing. A walk around the block or around your business complex could be all it takes to reset your productivity and give you the energy you need to press forward.
2. Take a nap. Levine doesn’t suggest traditional employees curl up in their cubicles, as it could make them appear lazy. However, this tip can do wonders for the self-employed that may need a 15 to 20-minute powernap to clear their heads and help them regain focus.
3. Workout. You may feel you can’t afford the time required to actually get your heart rate going, but you’ll find that making exercise a priority will buy you more energy and endurance in the end.
4. Brush your teeth. This may sound strange, but Adams explains, “The symbolism of removing decay and plaque can be especially potent when you are feeling sluggish.”
5. Go to lunch. Once upon a time, professionals would frequently go to lunch with their colleagues. Unfortunately, that practice seems to be fading as workers put in more hours and take fewer breaks. However, a healthy meal with good company can rejuvenate both your body and your mind.
Many professionals believe that all work and no play makes them more successful. Unfortunately, when you don’t give your mind and body a break, you risk burnout, lost productivity and a decrease in focus. So take a break today. And tomorrow and the day after that! Your career will thank you later.
Universal’s QuickBooks Training Can Help You Increase Your Productivity
When you increase work efficiency, you increase your personal time. UAC’s Guide to Quickbooks Pro is a self-paced program that enables you to streamline your workflow. You can complete the parts that interest you and skip over the parts that don’t. Even if you have used the program for years, this course teaches you shortcuts and methods you may not have known. In addition to having a system that can help you better manage your own business, you’ll also have the training to offer Quickbooks help services to current and potential clients. This could be just one way to better manage client information, enabling you to save time and be more productive. Don’t wait; call Universal at 1-877-833-7909 and order today!
Adams, Susan. “Eight Ways Goofing Off Can Make You More Productive.” 18 June 2012 Forbes.com
Korkki, Phyllis. “To Stay on Schedule, Take a Break.” 16 June 2012 NYTimes.com
July is the time when many Americans celebrate their freedom, reflecting back on the time when this nation won its independence. But this is a tax newsletter, so we felt it appropriate to celebrate Tax Freedom Day (TFD), even though it occurred nearly two months ago on April 17h.
As tax professionals, many of you are already familiar with Tax Freedom Day: the day on which Americans citizens have earned enough income to fund the total national tax burden. Every year the Tax Foundation, a Washington D.C. based tax research organization, calculates Tax Freedom Day. 2012’s TFD fell on April 17th, which means that on-average, US citizens pay nearly 30% of their income towards a combination of federal, state and local taxes.
The History of Tax Freedom Day
In 1948, Florida businessman Dallas Hostetler developed and copyrighted the concept of Tax Freedom Day. For 23 years Hostetler calculated TFD until he retired in 1971 and conferred the copyright to the Tax Foundation. The Tax Foundation has calculated TFD ever since, and in 1990 the Tax Foundation extended their calculations to include Tax Freedom Days specific to each state. This year Tennessee was the first to pay its tax burden on March 31st, while Connecticut was the last, making their state TFD May 5th.
The Tax Foundation has gone back to calculate TFD from 1900, long before Hostetler began his calculations. In 1900 Freedom Day fell on January 22nd and represented a mere 5.9% of the typical tax payer’s income. That jumped to nearly 12% in 1920 when TFD fell on February 13th and then again to 24% in 1950 when it fell on April 1st.
What the Calculations Mean
Some criticize the Foundation’s calculations, saying that what they claim to be the day the “average American” has earned enough to pay his/her tax burden is greatly exaggerated—a calculation largely comprised of the taxes associated with citizens in high income brackets. However, the Foundation defends its approach, saying TFD represents the economy’s overall tax burden rather than the “average American’s” tax burden.
UAC’s QuickBooks Training Program
Earning a Professional Designation is Good for Your Professional Reputation
Whether it’s enhancing your skill-set with a current employer or distinguishing yourself by building credibility with your own clients, the QS designation will stand as proof of your expertise. To earn this QuickBooks designation you must complete the Professional Bookkeeper’s Guide to QuickBooks (PBG) and pass the final exam with a score of 90% or higher. And just like that you receive professional certification!
In addition to the skills you acquire in completing the PBG, you will also receive the following:
- Thorough and complete training on the latest and greatest version of QuickBooks Pro
- 6 months’ worth of access to our experienced, qualified QuickBooks professional accountants and CPAs to answer your questions
- Accounting 101 Review
- 30 hours of Continuing Professional Education (CPE) in most states
- A 100% money-back guarantee
- A valuable addition to your reference library
The PBG offers the most competitive QuickBooks training on the market. Master QuickBooks and become the premier QuickBooks consultant in your area. Call Universal at 1-877-833-7909 and enroll in the Professional Bookkeeper’s Guide to QuickBooks today!
The Tax Foundation
Wikipedia, Tax Freedom Day
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.
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 email@example.com.
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.
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!
Businessweek.com author Karen Klein reported that startup rates increased nearly 60% in 2011, according to a survey performed by Global Entrepreneurship Monitor. She explained, “More than 12 percent of US adults reported starting a business or running a new business last year.” This is a 50% increase in entrepreneurial activity from what was seen in 2010, demonstrating that the recession has not prevented individuals from launching their own businesses.
Some entrepreneurs may be scared off by the recession, but reports like these demonstrate that startups can succeed even in the worst economic markets. In fact, for those interested in starting a financial practice, there’s no time like the present; the recession may be the best time to get your accounting and tax practice up and running.
While there are many benefits to launching your startup now, here are just five for you to consider:
1. Tax benefits. You’ll enjoy the tax benefits associated with owning and operating your own business. Some of your expenses will be recouped, and if you participate in year-round tax planning, you can increase those benefits.
2. Supplies come cheap. If there’s one thing about a recessive market, it’s decreased costs. Whether you’re looking for office supplies, office furniture, or computer equipment, you can find good deals if you just look long enough. Also, you can get much of what you need through auctions for failing businesses.
3. Good marketing angle. People respect individuals who buck tradition and go against the grain. Entrepreneur.com author Brad Sugars said, “The media loves aberrations… That means you can generate some great PR by demonstrating your ‘alternative’ view of the market.” Starting a business during a recession is an act of confidence which can inspire confidence in prospective clients as well. You can use this angle to market your services, indicating that you are so confident in the value of your services even a recession won’t deter you.
4. Hiring pool is saturated. If you would like to start your business with a support staff, now is a good time to hire. The pool of potential applicants is saturated with talented and skilled individuals who would be grateful for a steady job.
5. Your full-time job may be in jeopardy. While unemployment rates are currently on the decline, the recession is still in full force indicating that those rates are unlikely to stabilize anytime soon. If you currently work full-time, you may be worried that your job is at risk. One way to prepare for job loss is to start a home business.
You can take advantage of the recession by starting your own accounting and tax practice. With a little incentive, training, and drive, you can weather the economic storm as an entrepreneur, changing the forecast of your future.
Start Small by Mastering QuickBooks
More than 80% of small businesses use QuickBooks to manage their accounting. Becoming a QuickBooks Specialist would provide you with numerous ways to bring in more business, increase your income, and make your job easier. You can start small by offering QuickBooks set-up and consultation services for $65-$95 per hour. You’ll find companies who want to do their accounting tasks themselves, but need help configuring QuickBooks to meet their needs. With QuickBooks expertise, YOU can provide that help.
Universal Accounting Center’s self-paced program enables you to complete the parts that interest you and skip over the parts that don’t. Even if you have used the software for years, this program teaches you shortcuts and methods you may not have previously known. You will be impressed by the simple flow and completeness of UAC’s Professional Bookkeeper’s Guide (PBG) to QuickBooks. For a small price you can purchase the QuickBooks software and the PBG, enabling you to become a QuickBooks Specialist. Take advantage of the recession and prepare to become a financial professional. Call Universal at 1-877-833-7909 to enroll in the PBG Program today!
Klein, Karen E. “Startup Rates Surge in the US and Abroad.” 19 January 2012 Businessweek.ccom
Sugars, Brad. “Top 10 Reasons to Start a Business in a Recession.” 25 February 2009 Entrepreneur.com
Price is what you pay; value is what you get. – Warren Buffett
In an article we ran at the end of last year, we announced that a survey discovered that accountants were raising their prices. At the start of a New Year, you may want to follow suit but are uncertain how to do so. In a recent Entrepreneur.com article entitled “Five Painless Ways to Raise Prices This Year,” author Carol Tice offers her advice. We share three of her five tips here:
1. Phase it in. Change can be difficult for anyone to accept, even for (and maybe especially for) your clients. That’s why it can help to phase in your price increases. Tice recommends warning your clients about the price hike at least 6 weeks in advice, giving them adequate time to get used to the idea.
2. Revamp or repackage old products or services. Look for creative ways to bundle or pair service offerings. Tice explains, “Freshen it up, and you’ve added value—or at least created the appearance of added value—and can command a better price for it.”
3. Introduce new products and/or services. When you add complementary services to your offerings, you immediately increase your value to current and prospective clients. And as a tax preparer, adding accounting and QuickBooks services to your menu will not only increase your revenue but also your clientele, enabling you to enjoy a thriving financial practice year-round and not just during tax season.
While the idea of raising your prices can be daunting, you will run your small business into the ground if your pricing doesn’t reflect inflation and the changing economy. You want your prices to be competitive, but if you set them too low, prospective clients may assume your services as just as cheap as your billable rate. Trust that your offerings are valuable and price them accordingly, using the tips suggested here.
Universal Accounting (UA) Can Help You Earn Make More Money!
Universal can help you increase your service offerings in just a matter of weeks! If you were wondering how, exactly, we might benefit you and your business, visit our website and take a tour. You’ll learn more about our programs, our products, and other services we offer. Don’t wait to find out how UAC could change your professional future. Visit our corporate website or take a virtual tour today!
Tice, Carol. “Five Painless Ways to Raise Prices This Year.” 19 January 2010 Entrepreneur.com