Archive for October, 2011

Announcing Partnership with Transition Advisors, LLC

October 30th, 2011

I’m delighted to announce that I have joined Transition Advisors, LLC as West Coats Partner. Transition Advisors is a national consulting firm focused on assisting accounting firms in the process of buying, selling and merging with each other.

I’ll be working closely with Mark Basinski on the west coast and help expand Transition Advisors into Oregon, Washington, Northern Nevada and Utah. Over the past yers, Transition Advisors have closed nearly one thousand transactions nationally working with a wide range of firm sizes, from local to international.

On a personal not

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I’d love to see you in Phoenix or Glendale next week

October 30th, 2011

This year’s seminar program is winding down. Next week Damien and I will be in Phoenix on Tuesday and Wednesday (11/1-2) and in Glendale, California on Thursday and Friday (11/3-4).

The 2-day program has been getting rave reviews and we’d hate for you to miss out on the best ideas in the profession. Day 1 focuses on building revenue while day 2 is all about maximizing profitability.

Read the full agenda.

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November Webinars

October 29th, 2011
Join us for the upcoming webinars. All webinars are FREE. Attend one or attend them all. All webinars are 60 minutes in duration. NASBA certification is still pending so at this stage CPE is not offered.
1. Tuesday November 8 11 am (PST) 

Understanding Debt Options in Today’s Economy: Learn How to Incorporate An Annual Debt Review into your client services  

with Ami Kassar

In today’s economy, loan markets for small businesses are complex. This webinar will help you understand the fundamental’s of today’s market — and how to advise your clients. You’ll also learn how to provide an annual debt review for your clients.  

Register

2. Wednesday November 9 11 am (PST)

How to Systemize Your Accounting Firm

with Michael Mills

It’s estimated as much as 2 hours of productivity is lost each day due to a lack of internal systems. In accounting firms too much information is stored in the minds of the knowledge works rather than in accessible systems. With tax season just around the the corner this is the perfect opportunity to review your current systems. Michael Mills will guide you through the process of identifying and creating systems to make your business run smoothly.  

Register

3. Thursday November 10 11 am (PST)

How to Be Successful with Social Media

with Damien Greathead

Social media is not going away. Instead it’s changing dramatically how we make buying decisions. Social media platforms allow you to become a famous person, overcome geographical limitations, connect with experts around the world, communicate with your clients and prospects and generate new business. This webinar will show you the steps you need to take to make this free and powerful platform work for you. 

Register 

4. Tuesday November 15 11 am (PST)

Discover the Benefits of iShade  

with Lisa Benson

iShade is an online community for accountants with a whole host of benefits. The forums are a perfect place to ask questions of the community, the 2020 Gateway allows you to connect with other 2020 members around the world (and allows other accountants to find you), the firm intranet is the perfect place to deposit your knowledge; and the list of benefits goes on and on. Lisa Benson from iShade will guide you through the platform and give you the first steps you need to take to make iShade work for you. 

Register 

5. Wednesday November 16 11 am (PST)

Tax Season Marketing Strategies

with Damien Greathead  

Tax season is the perfect time to be marketing for new clients. We’ll show you proven strategies to grow your firm. 

Register

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Rate Your First Impression

October 21st, 2011

Imagine for a moment you are a new client who has just been referred to your firm.

* How were you treated?

* How was the “process” handled? 

* How would you rate the firm?

Every contact with a prospect or a client counts, so use this Client Encounter Quiz below to do a self-evaluation. Have all the team do this independently of each other.

1. Telephone: How quickly was the phone answered? Was the person friendly? How was the message taking handled? How long were you kept before you could speak with the person you called for?

2. Returning the call: How quickly was your call returned?

3. Finding the office: How easy was it? Did you receive a map or directions? Did you get lost?

4. Parking: Was parking convenient? Was it free? Did the firm validate or reimburse you for your parking?

5. The building lobby: How does it look. Was it easy to locate the firm’s office?

6. The reception: What was your first impression? Was is it comfortable? Was it clean and well lit? Does it prominently display the firm’s literature? Is the decor appropriate?

7. The receptionist: Did the receptionist acknowledge you immediately (even while handling incoming phone calls? Was he or she friendly? Were you asked if you wanted something to drink?

8. Wait time: Did the receptionist interact with you? Did any other team member interact with you as they entered or exited the office? Was the wait time excessive?

9. The transfer: Did the partner come out to greet you or did the receptionist escort you (all the way) to the meeting room?

You don’t get a second chance to create a first impression. Take a good look at your first impression. And remember the smallest things can have the biggest impact.

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Start Planning For Your Best Tax Season Yet!

October 19th, 2011

I know. October 15 (17) is just behind you and I’m already talking about the upcoming tax season. The reason is that on Tuesday October 25 I’ll be leading a 3 hour workshop that focuses on key initiatives you can implement before tax season, that will make it your best season yet. We’ll look at all aspects of the firm so you know where to focus your attention in the coming months.

The workshop is designed to help you get the most out of the Accounting Today’s Growth and Profitability Summit taking place at the Bellagio in Las Vegas from October 25 through 27. The Summit has 5 tracks for you to follow and will cover all sorts of great stuff for your practice. We’ll identify which sessions are must attend for your firm.
 
Personally I’m really looking forward to key note presentations. This year they have invited The House Advantage author Jeff Ma to open the summit on Tuesday night. Jeff is the MIT, card counting inspiration behind the book Bringing Down the house and the film 21. He’ll share his insights on how the power of numbers can help you make better decisions for your own business.
 
On Wednesday Bob Bunting will discuss the key issues facing CPA firms today and how firms can make the changes they need to remain relevant in the future. And to close the Summit, Jim Metzler will give his predictions for what the CPA profession will look like in 15 years.
 
 
 
This is shaping up to be a great program and I hope to see you there.

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Become a Famous Person

October 13th, 2011

One of my biggest challenges that I give to CPAs is to become a famous person. A famous person is someone who is a recognized expert in their field. However for accountants this does not mean becoming an expert in tax and accounting. Unfortunately becuase CPAs have the 3 letters CPA after their name it is presumed (rightly or wrongly) that they are an expert on tax and accounting.

CPAs have to work harder to become famous. We need to be experts at tax and accounting for a targetted audience; and the more targetted the better. For example I became an expert on credit unions. Later I became an expert on all things tax and accounting for non-profits in the Performing Arts. At 2020 we have firms that have specific audiences such as dentists, government contractors, small privately held businesses, fast-food restaurants and the list goes on.

Once you’ve decided on your audience, you need to go through a process of getting known in the industry. Writing articles for trade publications, speaking at events and commenting on blogs are all great ways to build your profile. Another way to build your profile and become famous is to be quoted in the press.

The good news is that it’s not as difficult as it sounds. A member recently sent me to the website www.helpareporter.com. Help a Reporter is a database of expert sources that media outlets can call on for expert opinions. You register and get opportunities sent to your email address based on your expertise. That’s the free version. You can also pay a nominal monthly fee to build a profile that journalists can search. For $19/month, this is a proactive way to get your name out there. Who knows what will come of it. Maybe nothing in the first 12 months, but how much is a quote in a national news source worth – certainly more than $228 a year. Local journalists also have access to Help a Reporter for more localized opportunities. Again for a nominal amount the potential exposure is worth it.

WARNING: This is not to be entered into lightly. Journalists are deadline oriented and need quotes/sound bytes/ opinions quickly. If you do not respond to their requests in a timely manner it will negatively impact you chances of getting called upon again.

So why not have someone in the firm register. And share the load. If something does come up and you’re in a CPE course (I know you’re checking your email during these classes) forward it to someone else in the firm t

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Learn Everything you Need to Know About the Cloud

October 11th, 2011

“Cloud” is definitely a buzz word at the moment. Every CPE program that has come across my desk has a cloud element to it. Yet there’s a still a certain amount of confusion in the market place as to what the cloud is and how accounting firms can maximize its potential. We took our own firm into the cloud this time last year. While there were some bumps in the road, we’d never go back as the long-term benefits far outweigh and short term teething issues.

The key benefits for our firm have been:

1) Data security – As client data is no longer housed in our office.

2) Cost – IT is now a reduced operating cost rather than a significant capital expense.

3) Work anywhere, anytime – We can offer a much greater level of flexibility to our team, as you can work anywhere with an internet connection.

And I could go on, but these I think are the major benefits for us.

If you’re free later this month think about attending the 2011 Cloud Summit and User Conference in San Diego. This will be a great opportunity to learn more about the cloud providers. The other benefit will be talking to your peers about how they’re using cloud technology in their own practice. They’ve also organized a tour of the data center in San Diego, so if security is a concern of yours, this is not to be missed.

Check out the information and if you do register use the code 2020 to save on your registration.

I’ll be presenting a break-out session on Creating the Marketing Mix as well as a session more focused on Social Media. Come and say hi if you’re there.

 

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Are you talking to your clients about their business financing needs?

October 5th, 2011

I recently sat down with Ami Kassar of Multifunding out of Philadelphia and learnt how easy it is for CPAs to be discussing business finance with their clients. Multifunding specializes in helping small businesses secure financing and restructuring their current financing to lower the cost of borrowing.

Ami  contends there is more money in the system than ever before, but difficult economic times have meant business owners have more red tape than ever before to secure that financing. Multifunding has relationships with banks across the country that can help your client’s specific needs. Most CPAs have relationships with local banks, however they may not be best suited (or willing) to lend to your clients. For example working with a bank that specializes in SBA loans is going to be much easier than working with your local bank that may do 2-3 SBA loans per year.

Multifunding may be able to help your clients secure appropriate funding to make sure their business thrives. Check out the highlighted success stories at http://multifunding.com/success-stories/ and poke around the rest of their site. It’s certainly worth checking out.

Ami offers a free debt review. Give Multifunding a call and they’ll give you the tools to roll this out with your clients. Who knows they may be able to save your clients thousands of dollars in loan expenses, factoring costs as well as secure a loan.

More and more I am seeing those firms that have strategic relationships with companies like Multifunding, are pulling away from the pack. Their clients see them as more than the trusted advisor, but a comprehensive 1-stop shop for all their needs.

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Why Richard Branson Always Makes Time for Social Media

October 5th, 2011

I was perusing a couple of few of my favorite blogs and I saw this regarding the importance of social media on www.mashable.com. (http://mashable.com/2011/10/04/richard-branson-interview/). I particularly liked his reasons behind starting a blog – to help young entrepreneurs. I hope this resonates loudly with CPAs as a blog is a perfect medium to communicate your expertise in numbers to your audience.

And his final point is spot on – Be authentic, and organic…and most importantly have fun.

What do you think?

Sir Richard Branson has never been slow to transition his business. What started as a bootstrapped mail-order record retailer that he founded in 1970 is now an empire of more than 300 companies in 30 countries that span diverse industries such as music, travel, health and beyond. Well before commercial space travel is economically viable, Virgin Galactic is already selling $200,000 tickets to space.

So, too, has Branson been quick to transition to the social web with a personal style. Where most corporate blogs still house formal announcements, the Virgin Group website hosts a blog written with Branson’s first-person flair. Many of them read like diary entries.

“I spent a wonderfully productive weekend with Ted Turner on his spectacularly unspoilt ranch in Montana,” begins one blog entry. “I had a fantastic time on Late Night with Jimmy Fallon earlier this week,” starts another.

Branson’s Twitter, Facebook and Google+ profiles are all equally personal and active. Much of what he posts is related to his many philanthropic efforts. But other times, he’s just tweeting his thoughts or writing about his active globe-trotting lifestyle.

“Currently just huddled up with family & friends in the continuing tropical storm realising what really matters in life,” he tweeted after his private island estate was destroyed in a fire last month.

Few executives (or billionaires, or knights) are so candid in their public communications.

Mashable recently asked Branson about why and how he and Virgin businesses use social tools.


Q&A with Richard Branson


When did you start using social media? How has the way that you use it changed since then?

Virgin as a brand is naturally conversational. We like to chat with our customers to see how things are going and what we can do better. So for us, using social media feels very natural. I started to get active in 2008, first because of Virgin America, whose guests are quite active online (the airline is based in the Silicon Valley) and whose fans expressed their enthusiasm for the airline online — even before they started flying. But social media is also beyond business — people want to know what’s meaningful. So I use social media to share what philanthropic causes and campaigns are important to me and Virgin Unite [the non-profit foundation of Virgin Group]. Our companies do it too. For example, Virgin America’s #flyfwdgiveback sale on Twitter drove lots of donations to educational charities in a very short window of time.

Why is it important for the head of a company to have an independent social media presence?

It’s very important because there are so many Virgin companies globally who each do different things, and my current focus is philanthropy. While I’m still active with the companies, I spend a great deal of time with Virgin Unite and have seen how social media can spread awareness about how we use business as a force for good. It also allows me to share the lessons I’ve learned in business, as people are always keen to find ways to be better at what they do.

You keep a blog on the Virgin Group website. What inspired you to start doing this?

My first company was a student magazine so it felt right to use the blog to share entrepreneurial insights and tips and share the stories of other entrepreneurs, both in the profit-making sector and not-for profit. There are many entrepreneurs out there who are looking for fresh ideas and to exchange feedback, and the blog on virgin.com is a great place for that sort of exchange.

What is the most interesting or consequential Twitter exchange you’ve ever had?

“It’s not that hard to do, and it’s fun to share what I’m doing and who I’m with.”

I first realized that Twitter would change how we communicate back in 2008 when I did an interview via Twitter with the L.A. Times at 35,000 feet from onboard Virgin America’s first-ever Wi-Fi flight. I thought at that point, you can have any sort of exchange in 140 characters or less, no matter where in the world you are. That made me realize just how much the medium was changing — and also the message.

To make an understatement, it seems as though you have a lot on your plate. How do you have time to tweet?

Well, it’s not that hard to do, and it’s fun to share what I’m doing and who I’m with — be it at a Carbon War Room meeting with climate wealth entrepreneurs, the Grand Prix with Rihanna, checking out Virgin Galactic space vehicles with future astronauts or raising money for the London Marathon — and equally fun to hear immediately what people think. Social media overall — the comments on the blog and Facebook, Twitter — allows me to hear what people are saying on a daily level about each business and the brand, too — the good, the bad and everything in between. It’s important to take the time to listen.

How has Virgin Group or its companies used social media internally?

The airlines use it a lot with its employees I know, and they train them on how to use it to help their guests. We’ve found that sometimes their guests are more likely to tweet about a problem than tell their inflight teammates, so Twitter can actually help deliver real-time guest service. They are also exploring internal platforms like Chatter or Yammer — there are so many innovations in social media, I can hardly keep up!

What advice would you give to other company leaders about how to develop a presence on social media?

Be authentic and organic. It can’t be forced or it won’t work. And most importantly, have fun.


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