management

quote with care when asked for valuation

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ed mendlowitz cpa the practice doctor q and a12 issues that might not have been addressed.

by ed mendlowitz
the 卡塔尔世界杯常规比赛时间 practice doctor

question: i was asked to do a quote on a business valuation for a startup that will be raising money on their second stage financing. how do i quote this?

answer: this is a wide-reaching question and it is not possible to know initially what the client really needs. they could need a valuation, a business plan or a method of bringing in the investor.

here are some of the many issues and variables:
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when ‘quick and easy’ tax season research isn’t

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businessman is dialing phone for advicefour reasons not to let one question stop a tax return in its tracks.

by ed mendlowitz
tax season opportunity guide

i keep a few of the one-volume tax guides in my office so i could look up a quick answer when i need to. recently a golf buddy emailed me a question that i thought i could answer quickly. he wanted to know that if he was in the “zero” percent capital gains tax bracket, did that apply to an unlimited amount of capital gains? sounds like a simple question.

more on tax season: 5 personal touches for tax season | consistency simplifies tax season | 11 clear client instructions to make your tax season easier | 3 ways to build a tax season team | have fun this tax season | how to get paid faster this tax season

well i looked it up online and then in three one-volume tax guides. only one source had thorough coverage of the issue. i ended up spending an hour on this “simple” question including my emailed response. nothing is simple anymore.  read more →

closed for tax season? looks that way

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ed mendlowitz cpa the practice doctor q and aautomation can send the wrong message.

by ed mendlowitz
the 卡塔尔世界杯常规比赛时间 practice doctor

question: i have an automatic email response and some clients and contacts criticized me for it. i am overloaded during tax season and this takes some pressure off of me. here is the automatic email response i am sending out:

thank you for your e-mail. please accept my apology for this automated response. during tax season, most of my work days are scheduled with appointments and calls. i most always reply to emails and phone calls as soon as i can, usually the same day. replies are slower during the months of february, march and april. thank you for your patience.

answer: that’s terrible!

more practice doctor q&a: 12 must-knows for niche markets | when fees don’t keep up with cost increases  | lowballing and why it (usually) doesn’t work | why the average fee doesn’t matter | how to apply value pricing to bundled services | 6 ways to take a client beyond tax prep | 10 do’s and don’ts for making small business clients happy | client’s difficult daughter balks at bill | 10 ways to get new 1040 clients | tax return reviewer ticking and tying | 23 reasons clients really need you for taxes | 5 time management tips for an overworked accountant | complaining client? no wonder! | pricing, billing, costing: don’t blame clients

you are running a business and tax season is just one part of it although concentrated into a highly intensive, pressure-filled period.

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5 personal touches for tax season

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businessman talking on phone in the officeone is a can’t-skip.

by ed mendlowitz
tax season opportunity guide

occasionally accountants lose touch with their clients, especially during tax season. part of this is because of the crush of work, which is compressed into a pretty short period. we sometimes lose sight that we are working on something the clients consider one of the most important things in their lives at that moment.

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12 must-knows for niche markets

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ed mendlowitz cpa the practice doctor q and amake sure you fully understand their needs.

question: i have a couple of clients in a number of industries and when i ask for referrals they tell me they do not want me to handle competitors of theirs, yet i know of many cpa firms that have large amounts of clients in concentrated industries. what am i doing wrong?

more practice doctor q&a: how much should you pay to buy, sell or merge an accounting practice? | is joint representation a conflict? | when large (or any) clients need backup assurances | when is it time to merge? | what goes in a client’s permanent file? | 6 ways to take a client beyond tax prep | 18 ways to blow a partnership opportunity | 6 ways to know what you don’t know | 6 simple steps to impress a prospect | 10 (nearly) painless ways to keep up to date with technology | 10 ways to get new 1040 clients | tax return reviewer ticking and tying | 23 reasons clients really need you for taxes

answer: i’ve had clients tell me that, but i think back to my early jobs and each firm i worked for had industry specializations, so i think the current trend is just a continuation of what has always been done.  i attribute your lack of getting client referrals to an inability to recognize, sell and communicate the advantages of your firm to your clients.

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tax season urgency: it’s a bad thing

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six ways to eliminate stress and potential mistakes. by ed mendlowitz tax season opportunity guide urgency creates stress and pressure and leads to mistakes and improper perceptions of the quality of the work. planning and execution reduce urgency. one way … continued

how much should you pay to buy, sell or merge an accounting practice?

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here are just 19 factors.

by ed mendlowitz
the 卡塔尔世界杯常规比赛时间 practice doctor

question: i am in process of buying a practice and would like to know how much to pay.

more practice doctor q&a: when fees don’t keep up with cost increases  | when large (or any) clients need backup assurances | 18 ways to blow a partnership opportunity | 10 do’s and don’ts for making small business clients happy | 10 ways to get new 1040 clients | before you even think about selling your practice…

answer: an alternative question is how much to sell it for. this is a complicated issue with many important variables, some of which are:

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consistency simplifies tax season

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man talking to woman with checklistapply it to service, processes and standards.

by ed mendlowitz
tax season opportunity guide

one way to guarantee extra work is to have everything always done differently each time it is done.

more on tax season: 11 clear client instructions to make your tax season easier | 3 ways to build a tax season team | have fun this tax season | how to get paid faster this tax season

not establishing uniform procedures is bad business and unnecessarily consumes part of your life. consistency in performance reduces work and review time and creates a greater reliance on the staff people. read more →

can accounting firms lead with work-life vision?

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and 5 practical ideas to implement measures to create real work-life balance at your firm.

work life balanceby hitendra patil
pransform inc. 

do you want employees who have:

  • greater engagement in their jobs
  • higher levels of job satisfaction
  • stronger intentions to remain with their employers
  • less negative and stressful spillover from job to home
  • less negative spillover from home to job
  • better mental health

aren’t these the things most accounting firms would want their employees to experience?

in a 2014 national study of employers conducted under the “when work works” project, families and work institute and the society for human resource management noted that employees in more effective and flexible workplaces are more likely than other employees to have such desirable traits mentioned above.

do you and/or your employees work 12-14 hours a day or 50-60 hours a week, don’t exercise, always feel tired, sleep poorly, eat junk food more often (mostly at your desk) and find it difficult to meaningfully engage with your near and dear ones? read more →

is joint representation a conflict?

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ed mendlowitz cpa the practice doctor q and amake sure they both agree and you should be ok.

question: i have a long-term tax client who is going through a divorce and have been asked to meet with both spouses (soon to be ex-spouses) to perform tax and financial planning services. is representing both of them a conflict?

answer: it has the potential to be a conflict if not handled properly. here is an engagement letter that martin h. abo, cpa/abv/cva/cff uses in such circumstances. it is included here with his permission.

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and now, a few words about sex (and 14 tips)

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businesswoman and businessmanyour protégée may have concerns. you should anticipate them.

by ida o. abbott
sponsoring women: what men need to know

if you are concerned about the possibility of sex-related problems, consider the degree of risk involved and whether you are willing to assume it.

before you decide, consider

  • first that you might be exaggerating the risk, and
  • second that this is a risk that can be prevented and managed.

more on sponsoring women for leadership: your protégée needs your feedback |  9 ways to promote your protégée to others | 8 ways to help your protégée focus on career opportunities | how to start an effective sponsorship … and follow through | 3 roadblocks to women and men working together well | fear of sex and rumors inhibits sponsorship | why women resist networking and powerful role models | different standards, double binds challenge women | 3 reasons why men don’t pick women protégées | beyond mentoring: why sponsoring women for leadership matters

some men use these concerns as rationalizations to avoid sponsoring women for other reasons. don’t be one of them.

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3 ways to build a tax season team

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happy multi-ethnic business team with thumbs up in the officeit’s a long season. make it a happy one.

by ed mendlowitz
tax season opportunity guide

if you have staff, have happy cheerful helpful people. don’t surround yourself with downers and naysayers.

also have team players. part of this is your firm’s culture. it takes work to get people to work together and to focus on doing what it takes to service the client fully, properly and timely.  everyone working together gets it done.

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