Monthly Archives: September 2013
With the endless list of things “to do” during extension season, we often forget about the small things that cut through and connect with our clients.
Connecting with your ever growing list of small business and individual clients is a great opportunity to generate more referrals. Below is one example:
Email Newsletters – You should be sending out an email newsletter twice per month. In the opening greeting of your newsletter, this is a huge opportunity to announce what’s new in your office. This can be something as little as a new hire, new service to a nudge.
In the Build Your Firm email newsletter, the September 15th articles have generated more responses than normal. For example, there is one article about James Gandolfini’s (Tony Soprano) estate tax issues and how the IRS walked away with nearly 55% of his assets. If you’d like to generate some local buzz and stimulate some inquiries about what they should be doing to avoid this same error, then send out the email newsletter twice a month.
What would happen if a hacker broke into your computer, server or laptop? What disclosures are you required to make? Yes, it’s painful and embarrassing.
The strength of your password is extremely important. Hackers have computer programs designed to enter the most common passwords in an effort to enter your operating system and then do as they wish. If prominent websites like LinkedIn, Zappos and others can get hacked, so can yours.
Here are some articles which explain this problem in more detail. Please, create a strong password which uses a combination of letters, numbers and upper case/lower case to protect your data. Do not store your passwords near your computer.
Please create a strong password and enforce this in your accounting firm. Otherwise, it’s just a matter of time until you get hacked.
There is nothing wrong with developing a niche that you are passionate about. Think about it, if your niche is something you enjoy, you’ll probably love it and your enthusiasm will come through in spades.
Developing a niche will require ongoing education to master your craft and expand the range of services you can provide to your select target audience. Below are some examples of accountants who’ve chosen niches that are near and dear to their heart.
Accounting Services for Equines, Veterinarians, Pet Hospitals and Related Pet Services
Accounting Services for Faith-Based Organizations – Religious Groups
If you are passionate about something, give some more thought to organizing your passion into a niche accounting service and delivering superior service which you already enjoy sharing.
The international tax niche for accounting firms is still red hot.
By all means, international tax services might not be for you. I fully respect that the complexity of providing international tax services but many firms have elected to provide these services on a regional basis, rather than global basis. And in some cases, some firms have developed a niche providing tax services to expats while they are overseas for pleasure, corporate reasons or serving the military.
Below are a range of clients who we’ve helped capitalize on the demand for international services. In several instances, these firms are fluent in several languages.
Marketing international tax services on the internet is ideal because the medium is global in scope and most of the business is done virtually.
Contact BYF to learn how you can attract international clients by capitalizing on the internet.
With the upturn in the economy, onshoring, and impending Obama Care, there has been a resurgence in outsourcing accounting. By outsourcing, I’m not necessarily saying offshore, just that there has been a renewed interest in keeping headcount low and outsourcing the accounting work to local accounting firms. Realistically, most small accounting firms can perform this task far cheaper and more efficiently.
Each accounting firm approaches this slightly differently. Below are the three most common ways:
Outsourced Controller – Outsourced bookkeeping and accounting to a local accounting firm. Work is done locally and covers everything from accounts payable to financial statements to payroll and cash flow reporting.
Outsourced CFO – In addition to outsourced controllership responsibilities, this firm takes on more strategic roles for the client’s business. The roles can go as far as turnaround management, receivership, M&A, and tricky financial management consulting engagements.
Virtual Controller/Remote Location – This is similar to outsourced controllership but leverages technology to deliver the real time financial reporting.
Below are examples where we’ve helped accounting firms deliver these type of services online:
Call us if you’d like help generating leads from businesses interested in outsourced their accounting and/or financial function.
Now that the economy is slowly bouncing back, we’ve been getting more accounting firms expressing an interest in attracting the hospitality industry. By hospitality, we’re talking about restaurants, bars, food service, hotels and golf clubs.
By all means, developing an expertise in the hospitality industry is not for most accountants because it’s more work than a simple service based client. However, those that are interested like it because the annual fees are attractive and the industry is rather large. And, most of the owners are real people without the attitude in some industries.
If you’d like to attract more restaurants, bars, hotels, catering and food service clients, here are some examples where we’ve helped accountants attract more leads within the hospitality industry.
Tell us what type of clients you want to acquire and chances are, we can help you put your best foot forward with a more persuasive website targeted towards your niche audience.
About six or seven years ago, I received a phone call from a website client of ours who wanted to develop a niche. The concept was that there were many high net worth investors who were considering investing in hedge funds, but there was no solid regulatory oversight of hedge funds. And if a CPA Firm could provide Hedge Fund Administration, it would provide more credibility to the financials. Yes, it was pre-Madoff who was arrested on December 11, 2008. To me, the concept made tons of sense and marketing this niche on the internet was perfect.
To strengthen the niche idea, this CPA had a brother with extensive experience in this area. The background included stints at Peat Marwick and then working directly for two hedge funds.
We helped bring to life with their newest Hedge Fund Administration service website. After the Sept 15th deadlines for tax extensions, I will talk in more depth with this firm and write a couple of articles on their story. This niche has rocked their world and they are now pursuing a couple more niche websites to mine for the next pot of gold. Stay tuned.
Below is an article which appears on accountingweb.com.
We’ve seen renewed interest in several sectors that were dormant for years. Niche activity is picking up now that accountants are seeing proof that business is picking up.