A General List of Businesses that relate to your services.
Workers Compensation Insurance Companies - They carry the insurance
policies for Workers Compensation. They are a very good resource for clients. They
see how the books arc kept while preparing an audit. If they feel the client has a
situation at hand where their books arc a complete disaster, they can refer you. You
in return can refer a Payroll Service. CPA Firm and a Bookkeeping Forms Company.
The list can go on and on. Word of mouth works wonders. Not to jump to a different
topic but 100% of my work came from these referrals that I am sharing with you. I
have never done any type of advertising, marketing or even soliciting. That doesn't
mean that you shouldn't. I think that you need to proceed with every reliable resource to become successful. I was just fortunate to find the right people to promote my business to.
Insurance Companies — Target the ones that provide Business Insurance. Ceneral
Liability. Auto. Professional and Bond Insurance. The best way to get your feet in the
door with these companies is to contact them when you are price shopping for your
client's insurance needs.
Investment Brokers - You would be surprised by the referrals you could receive
from an Investment Broker. They deal with businesses that are looking for 401k's.
Employee Profit Sharing, and additional investment packages. I have received many
solicitations and phone calls from Investment Brokers to obtain my business for those
related items when 1 was working for someone else.
Health Insurance Companies - They are trying to find clients just like you are.
promoting their health insurance to businesses. They are a very good resource for
business referrals.
IRS or State Auditors — Believe it or not. IRS and State Agents hate to begin an
Audit with a business owner who literally has a box of receipts. In this book. I will
explain how to prepare an Audit package for your client to present to the IRS that can
save your client a great deal of money. Try to meet with an agent and let them know
what you can do to help make their job easier.
Law Firms - About 80% of the time there are small Law Firm practices loeated
within a bigger firm just leasing office space. They tend to do all of their billing and
accounting themselves. Because they charge at least $150 per hour, that is valuable
time wasted billing clients and paying bills, when they could pay you to do everything
in just one day per week. Two of my clients were Law Firms: one I did the Audit for.
as well as Financial Investigations. Lawyers can keep you very busy! The reason is
that they charge such a high hourly rate: S40 per hour to them is minimal. But it
takes them almost twice as long as you to complete all of their bookkeeping needs;
you could complete the work in half the time. Let's say it takes an attorney twelve
hours (1 Иг days) to complete everything, and it takes you eight hours. They have
wasted $1.800 per week in their billable time when they could have paid you $320 to
do the work quicker and most likely more efficiently.
Showing posts with label outsourced bookkeeping. Show all posts
Showing posts with label outsourced bookkeeping. Show all posts
Friday, March 12, 2010
Sales and Marketing. Number One Resource - Payroll Service Companies.
Number One Resource - Payroll Service Companies
I will tell you time and time again, not to bite the hand that feeds you. Paychex
and ADP are the US leader in payroll. They are also the number one resource for
referrals and business. Smaller payroll companies are also hungry and aggressive
for growth, so the networking is invaluable. Paychex relies specifically on two key
factors in obtaining their business: one being their sales force, and two being
accountants and bookkeepers. They do not pay for advertising. If you haven't noticed or paid close attention, take note that you won't see TV commercials, print
ads or radio ads. They spend their advertising dollar on their inside sales reps to
have literature, tri-folds. resource books and promo packages not only for the
clients, but for us. They need you just as much as you need them. Tell that to
Chris VVhitte. my new Paychex rep. because Dawn was moved too far up north
from me. He even brings me cookies when he knows I try not to eat junk food!
Okay, this is just a plug for him: I promised that 1 would write about him in this
book because he had hurt feelings that Dawn was in my other book. She'll be in
every book I write! She was the key to my success and thus ten years later we have
a wonderful friendship! Dawn (actually a head rep at Paychex for many years)
was offered to start up Advantage Payroll Services in San Diego. She did. with full
force, and they ended up having the highest growth and sales rate for the entire
US. Paychex ended up buying Advantage because of the growth and competition
factor. Dawn went back to Paychex. but is so good at sales and marketing that she
was offered to start up CompuPay. so keep a lookout for CompuPay as well. Key
reps will be heading up this payroll company! There is a common consensus in
the accounting and bookkeeping industry, which is trust. I'll be the first to tell you
that it is 100% more difficult to get that first client by cold calling and advertising.
They don't know you from Adam, so why should the small business owner trust
you with their money? Because you have a pretty tri-fold with foil embossed
business cards? That may say something about your taste and budget, but it says
nothing about your ability and integrity. The hardest part of getting business is
becoming known. For someone else to drop your name and business card in
conversation makes all the difference in the world! You need to figure out how
not to be the "new" name. We all know that your main source of business will
come from a payroll company, but "What do you say" to get in? In the back of this
book is a contact and resource page where Paychex. Advantage and ADP Sales
offices are located. Keep in mind that you don'l have to hold 100% loyalty to just
one payroll company. They don't hold 100% loyalty to just passing only your card
out: they may have four other bookkeepers or accountants that they refer at the
same time. The more people you know, the more business you will get. and the
same goes for them as well. Call all of the main payroll companies in your area.
Ask who the sales rep for your territory is. Territory is very important to sales
reps. You don't want to overstep or start fights with the sales reps. When the rep
answers the phone or you have to leave a message, make sure that you let the rep
know that you own a bookkeeping/accounting service, but you daiLt do payroll.
Schedule a meeting to go over your services as well as their services. If it's only
about you. then you are not going to get an excited rep. If you include their
services and needs in your conversation, they have gained something as well and
it's not just a one-sided sales call. Your networking relationship is now born. Do
this with all the companies that you want to network with. If you have a first
impression with a rep that isn't so good, which will happen every now and then, go
with your gut instinct and avoid networking with them. It is your choice,
remember that! When you meet with the reps, make sure that you have a
package, business cards, tri-folds or flyers. If they are going to refer you. they
need to have something to refer you with. Before you leave this meeting, ask your
rep what CPA they use or like to refer business to. This is very important! It will
open another door because now you are dropping names.
You know a few industry specific contacts and now you are not the new name.
A quick list of payroll companies in my area is:
payroll service company, not to knock Intuit® who has a good payroll service
system - however, their main office is in Nevada, and unless you can go to lunch
in Nevada, how are you going to meet the people they know? Visual contact is just as important in trying to sell yourself, and if you are in another state, it's going to
be more difficult.
I will tell you time and time again, not to bite the hand that feeds you. Paychex
and ADP are the US leader in payroll. They are also the number one resource for
referrals and business. Smaller payroll companies are also hungry and aggressive
for growth, so the networking is invaluable. Paychex relies specifically on two key
factors in obtaining their business: one being their sales force, and two being
accountants and bookkeepers. They do not pay for advertising. If you haven't noticed or paid close attention, take note that you won't see TV commercials, print
ads or radio ads. They spend their advertising dollar on their inside sales reps to
have literature, tri-folds. resource books and promo packages not only for the
clients, but for us. They need you just as much as you need them. Tell that to
Chris VVhitte. my new Paychex rep. because Dawn was moved too far up north
from me. He even brings me cookies when he knows I try not to eat junk food!
Okay, this is just a plug for him: I promised that 1 would write about him in this
book because he had hurt feelings that Dawn was in my other book. She'll be in
every book I write! She was the key to my success and thus ten years later we have
a wonderful friendship! Dawn (actually a head rep at Paychex for many years)
was offered to start up Advantage Payroll Services in San Diego. She did. with full
force, and they ended up having the highest growth and sales rate for the entire
US. Paychex ended up buying Advantage because of the growth and competition
factor. Dawn went back to Paychex. but is so good at sales and marketing that she
was offered to start up CompuPay. so keep a lookout for CompuPay as well. Key
reps will be heading up this payroll company! There is a common consensus in
the accounting and bookkeeping industry, which is trust. I'll be the first to tell you
that it is 100% more difficult to get that first client by cold calling and advertising.
They don't know you from Adam, so why should the small business owner trust
you with their money? Because you have a pretty tri-fold with foil embossed
business cards? That may say something about your taste and budget, but it says
nothing about your ability and integrity. The hardest part of getting business is
becoming known. For someone else to drop your name and business card in
conversation makes all the difference in the world! You need to figure out how
not to be the "new" name. We all know that your main source of business will
come from a payroll company, but "What do you say" to get in? In the back of this
book is a contact and resource page where Paychex. Advantage and ADP Sales
offices are located. Keep in mind that you don'l have to hold 100% loyalty to just
one payroll company. They don't hold 100% loyalty to just passing only your card
out: they may have four other bookkeepers or accountants that they refer at the
same time. The more people you know, the more business you will get. and the
same goes for them as well. Call all of the main payroll companies in your area.
Ask who the sales rep for your territory is. Territory is very important to sales
reps. You don't want to overstep or start fights with the sales reps. When the rep
answers the phone or you have to leave a message, make sure that you let the rep
know that you own a bookkeeping/accounting service, but you daiLt do payroll.
Schedule a meeting to go over your services as well as their services. If it's only
about you. then you are not going to get an excited rep. If you include their
services and needs in your conversation, they have gained something as well and
it's not just a one-sided sales call. Your networking relationship is now born. Do
this with all the companies that you want to network with. If you have a first
impression with a rep that isn't so good, which will happen every now and then, go
with your gut instinct and avoid networking with them. It is your choice,
remember that! When you meet with the reps, make sure that you have a
package, business cards, tri-folds or flyers. If they are going to refer you. they
need to have something to refer you with. Before you leave this meeting, ask your
rep what CPA they use or like to refer business to. This is very important! It will
open another door because now you are dropping names.
You know a few industry specific contacts and now you are not the new name.
A quick list of payroll companies in my area is:
- Paychex. Inc.
- CompuPay
- Advantage Payroll Services (a Paychex company)
- ADP
- Payroll Advantage
- Payroll Express
- Primepay
- Payroll One
payroll service company, not to knock Intuit® who has a good payroll service
system - however, their main office is in Nevada, and unless you can go to lunch
in Nevada, how are you going to meet the people they know? Visual contact is just as important in trying to sell yourself, and if you are in another state, it's going to
be more difficult.
Wednesday, March 10, 2010
Where to begin vol. 11
Do not accept full-time employment from the temp agencies or their clients if you intend on working for yourself!
Make sure you have your company books in perfect order, and you feel comfortable in the way you were able to set them up. Once you feel you have a strong concept of how you need to approach setting up other companies' books, you can begin your sales and contacts.
The following page is just an assumption of what the startup costs of your bookkeeping business could be. The costs arc minimal, and remember, you have better odds with yourself than you do trying to invest in the stock market or relying on punching someone else's time clock!
Make sure you have your company books in perfect order, and you feel comfortable in the way you were able to set them up. Once you feel you have a strong concept of how you need to approach setting up other companies' books, you can begin your sales and contacts.
The following page is just an assumption of what the startup costs of your bookkeeping business could be. The costs arc minimal, and remember, you have better odds with yourself than you do trying to invest in the stock market or relying on punching someone else's time clock!
Where to begin vol. 7
You are a service company. Set up your chart of accounts accordingly. It has been my experience, especially because I have created my own numbering format for my chart of accounts, to modify the accounts that QuickBooks Pro® assigns you. It isn't law or IRS regulation to use a number format, so if you end up setting up your Chart of Accounts without a numbering format and only the account name, that is absolutely fine as well. Chart of Account numbers are used for internal control: they are never duplicated on a Federal or State Tax Return. Some clients prefer to see the account name only, and a number will only confuse them. Use your best judgment by getting to know your client's likes and dislikes. Remember, as you're creating or editing your chart of accounts, to apply them to the correct account classification! One of the biggest problems I see when people are setting up accounting software of any kind is that they don't set up their accounts correctly. Here is a mindless question: when setting up a checking account, what would you classify it under? Bank/Cash? You would be surprised. I have actually seen it listed under Fixed Assets, occasionally Liabilities, and once a client had it under F.xpenses. It is not because these people are idiots: it's because they don't know how to properly set up their books. That's why they need you. Make sure that you're putting your Accounts Receivable under Accounts Receivable and your Accounts Payable under Current Liabilities. As soon as you print out a balance sheet, you will be able to tell where your errors are if you have any. Just a word to the wise. You don't want to make mistakes like that and submit the reports to your clients. That would be really embarrassing.
After you're done creating your chart of accounts, you can start entering in the expenses that you have incurred so far. If you are using your personal cash or checking account, you will need to debit the expense that the payment is applied to. such as Office Supplies, and credit your Fquity account - Capital Contributions, if that is where the money came from. You want to see how much money you arc putting into your business, and if you don't track it the correct way. you will never know. The easiest way to do this without making a journal entry and without really- having a good description of what the expense was or who it was paid out to, is by- going directly to your capital contribution equity account in QuickBooks®. Double¬click on the account to open it up. Just like in the checkbook register in QuickBooks®. all accounts look like a register. It would be a lot cleaner on your own financial reports to have a detailed listing of who you paid your expenses to. Enter the expenses that were paid by you to support your company in this account.
If you are using a credit card to start up your company, just create a liability account for "Credit Cards." Make sure you list each credit card that you will be using for this company as a sub-account. That way you can have a grand total of your credit liability along with each breakdown necessary. Also remember, with QuickBooks Pro®, you can reconcile even Credit Card Accounts! When you receive your monthly statement, reconcile it towards all of the entries you made to that particular account, and the interest is now tax deductible! Apply the interest to your expense account so you can recover that cost when you file your taxes. Try to designate one credit card to business only. Steer clear of using credit cards between both your personal and business life. I actually took one of my daughter's stickers that had letters, and put a deco silver В on one of my credit cards so I don't forget that the В is used for business expenses only. It makes for an easier life not having to sort through hundreds of credit card charges and receipts just to find the one that I used for business.
After you're done creating your chart of accounts, you can start entering in the expenses that you have incurred so far. If you are using your personal cash or checking account, you will need to debit the expense that the payment is applied to. such as Office Supplies, and credit your Fquity account - Capital Contributions, if that is where the money came from. You want to see how much money you arc putting into your business, and if you don't track it the correct way. you will never know. The easiest way to do this without making a journal entry and without really- having a good description of what the expense was or who it was paid out to, is by- going directly to your capital contribution equity account in QuickBooks®. Double¬click on the account to open it up. Just like in the checkbook register in QuickBooks®. all accounts look like a register. It would be a lot cleaner on your own financial reports to have a detailed listing of who you paid your expenses to. Enter the expenses that were paid by you to support your company in this account.
If you are using a credit card to start up your company, just create a liability account for "Credit Cards." Make sure you list each credit card that you will be using for this company as a sub-account. That way you can have a grand total of your credit liability along with each breakdown necessary. Also remember, with QuickBooks Pro®, you can reconcile even Credit Card Accounts! When you receive your monthly statement, reconcile it towards all of the entries you made to that particular account, and the interest is now tax deductible! Apply the interest to your expense account so you can recover that cost when you file your taxes. Try to designate one credit card to business only. Steer clear of using credit cards between both your personal and business life. I actually took one of my daughter's stickers that had letters, and put a deco silver В on one of my credit cards so I don't forget that the В is used for business expenses only. It makes for an easier life not having to sort through hundreds of credit card charges and receipts just to find the one that I used for business.
Where to begin vol. 2
- The most widely used software of course is QuickBooks Pro®. The majority of the CPA firms use this program because it is easy for their clients to operate. Learn the program inside and out! I guarantee you will be approached by clients to train employees on how to successfully use the software as well as "setting up" your clients" software and complete accounting system. QuickBooks Pro® is around $199.95. but before you buy the software you need to understand the difference between that and the version of software you need to use for your clients. Order and install the Trial Software from Intuit s QuickBooks Pro® website at www.quickbookspro.com. You have 15 uses on this disk. After you are comfortable with the software, and have set up your company's accounting. I suggest that you apply to become a QuickBooks Pro Advisor. The software will be included in the dues for becoming a professional advisor, and you will get all of the benefits of being a Pro-Advisor, like client referrals. You can sign up online at: http://www.intuitadvisor.com/expand_practice/qb_advisor/index.html
- Or call their toll-free number located in the important contacts in the back of this book. Quicken® Turbo Tax® and QuickBooks® are a registered trademark of Intuit®.
- If you order the full software online, it would benefit you more if you signed up for the Pro-advisor program with QuickBooks Pro®. It costs around $299.95 to sign up and take the test. It provides you with discounted rates on your software for your clients, along with putting your name on their website's contact distributor list. You can also become a Certified Pro-Advisor. This test costs around $529.95. which includes the software, and placement at the top of their website contact pro-advisor lists, plus you get to use their trademark name for a Certified Advisor.
- What version of QuickBooks® is important for your service? In the services lesson I will be more detailed on what the software can do for you and your clients, but for now. it is important that you know what type of serv ice you want to provide. If you are going to service" your clients at their office, then the less expensive version of QuickBooks Pro® would be adequate for your needs at your own office. If you will be working via remote access, which is the best timesaving tool because of commuting, there are two options that you must use. QuickBooks Pro® has gotten much more expensive because of the possibilities with the software. It is worth the extra money for the convenience. The software is growing with the client's needs rather then the client outgrowing the software within a few years. For remote access, you will need the Premier Accountant Version of QuickBooks Pro®, for $379.95. This edition is not network ready, but Intuit® is working on it as we speak. Your client will need the Premier Edition costing $379.95 for one user; but this version is network capable with up to 5 users simultaneously on the computer at one time for 5799.95. If they were already a QuickBooks Pro® user, the upgrade is $649.95. As a Pro-Advisor, you can get the software for your clients at up to 20% of suggested retail price. Remember though, when you become a Pro- Advisor. the Premier Accountant version of software is included in your advisor package.
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