Frank is a member of AICPA and The California Society of Certified Public Accountants
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ALL NEW 2011 SEMINAR OUTLINE
1) Introduction.
2) Purchasing a List – Two Compiling Companies (Info USA and Dunn & Bradstreet) Contact name Business name Address Phone number. 3) Parameters Employee size Sales volume Credit information Industries (excluding and concentrating on one industry) Locations 4) Building a Radius Outward Optimal size list – 5,000 names Small towns Poor demographics Mom & Pop businesses Major clients vs. minor clients Can you start out of your home? 5) Defined Target Market Vehicle of communication vs. approach Direct mail vs. telephone Three Elements to a High Quality Client: Presentations, Pricing, and Collections
6) Client Presentations Presentation - foundation of pricing He who speaks first loses Listen to the client Identify needs (reason why you are there) Fill those needs Demonstrate vs. communicate Price in relationship to value Exponential effect of pricing 7) Pricing Establish minimum - Objective factors (number of hours x hourly rate) Price in relationship to value - Subjective factors Presentation demonstrated value Reason client changing accountants Historical fees - Predecessor accountant Services performed consistent with prior services Price high, can come down - Price low, cannot come up 8) Follow up Demonstrate trust by returning calls. 9) Low Quality Practice to High Quality Practice. Dependent on low quality clients - they are in control of you Sever that dependence - Market for new high quality clients No longer dependent - Raise fees by educating clients Include all time - direct and indirect 10) Flat Fees Monthly and quarterly clients Exclude year-end returns (including annual payroll forms and tax returns) Exclude unusual or non-recurring services Exclude IRS representations Financial reporting (compilations, reviews, and audits) 11) Collections Why is accountant last one to be paid? COD practice Business clients - Educate client about your services Individual clients - Ask questions and engagement letters. Payment is reflection of appreciation 12) Referrals Shows appreciation Do not ask for referrals Make clients desire to provide referrals by your service Gift cards 13) Payroll Practices Separate company Easy to delegate Easy to market Tremendous exit strategy 14) Quick Books Clients have become dangerous IRS cracking down Make “Quick Books” work for you Set up an “Ask My Accountant” account Registered “Quick Books” adviser 15) Financial Services Accountants in predominant position to lead financial services Affiliate with objective company Danger of attrition - Offset by candidness Brokerage house analysis for you Develop trust in tax client first, then offer financial services 16) Websites Mandatory from perception of being up-to-date Professional, powerful appearance - Representation of your firm Designed to attract new, external clients Avoid use of web templates and portals Organic searches vs. paid sponsor links. Company must work for you 17) Software Accounting software: Creative Solutions vs. Quick Books Pro Tax software: Drake vs. Ultra Tax (individual preference) Tax research library Quick finder books 18) Marketing Methods to Avoid New homeowner list - Success greater than equal return New business license County courthouse liens filed Radio advertising Chamber of Commerce - Indirect way of marketing Newsletters - Great to keep contact with existing clients Sponsored links - Google Ads Don’t make the industry a commodity (most important) 19) Buying or Selling a Practice Never recommend buying a practice for cash Recommend selling practice for cash Intangible asset conveyed - No recourse Most frequent problems Integrity of buyer or seller - Perform due diligence Low quality clients - Reason for selling Never pay interest - Balance is contingent and erodes cash flow Adjustable sales price - Not to offset attrition Longevity factor - Beware 20) Delegating and Processing Work What is wrong with practices today? Fees were higher in the 1980s Define type of practice to develop One or the other - Middle ground gets run over Eliminate unnecessary steps Objective is to deliver quality product efficiently Build a practice that works for you 21) Best Time to Market Practice development period begins January ends mid-June No bad time of year- Market year around Marketing in a recession 22) Importance in Practice Development Attrition based on time - If you are not growing, you are declining! All clients are one year closer to event causes their departure Increasing the quality of your practice Developing higher quality clients Raising or eliminating low-end clients
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CPA practice development, self-study, seminar, target marketing, financial, services, Quick Books, Generate Referrals, marketing