10 Questions to Ask During The Offseason

We did it! We survived another busy tax season! now onto the offseason! Things are finally winding down and you have hopefully just returned from a much needed vacation to somewhere gorgeous. So the all important question is… Now what? What do you do now that the busy season is over to make sure you don’t spend the next 6 months in a fog? Well, there a ton of things you could do, but we’d like to focus this month on one option: Business clean up. The reality is, during tax season, things … [Read more...]

4 Ways to create a predictable referral system

If you were to ask a group of small business owners what their biggest challenge is, the majority of them would admit to struggling with asking for and getting referrals. The good news is: this month we’re breaking this process down for you. We’re going to kick it off this week by telling you exactly what you need to do to take this process of random chance and turn it into a predictable, consistent machine. First, let’s talk about why so many business owners struggle with asking for … [Read more...]

What To Do While You Wait on CPAs

CPAs Financial Advisor

You’ve been waiting and waiting for the perfect time to reach out to your list of CPAs so you can establish mutually-beneficial relationships with them. The wait is over. You’ve read our past blogs and have done everything you can to make their lives easier during this crazy time of year. And now, the time has finally come! Tax season is over! That means you’ve got every green light telling you this is the most appropriate time to reach out to them, right? Wrong. Keep in mind that while … [Read more...]

8 Ways to Legitimize Wacky Tax Deductions

legitimize wacky tax deductions

We’re sure you’re aware that there is a right way and a wrong way to do your taxes. But sometimes, tax deductions aren’t as “cut and dry” as they seem. Take, for instance, the junkyard owner who had a rodent problem. Instead of hiring an exterminator, he bought cat food and put it out to attract feral cats. The cats took care of his problem and he claimed the cost of cat food as a business expense. Or how about the taxpayer who tried to claim the cost of a daily sitter for his dog? It … [Read more...]

How to Get Back to Work After Vacation

vacation

With summer quickly approaching, you may be planning for a much-needed vacation. Europe. Hawaii. Mexico. Anywhere other than your office sounds good, right? We’re big fans of taking vacation time around here because we’ve learned the hard way that all work and no play leads to burnout, fast. Well-rested CPA’s are the best CPA’s because their stress level is lower and their energy is higher. This leads to enhanced productivity, better decisions and a keen eye for detail—all important things if … [Read more...]

3 Ways To Get More CPAs To Refer You

refer

Financial advisors tend to see the relationship between advisors and CPAs as strategic, well-balanced and win-win. From your vantage point, you’re bringing value to the relationship by providing your services. And the CPA is bringing value to it when they refer you to their clients. Unfortunately, CPAs don’t usually see things the same way. The reality is, CPAs often view forming a professional relationship with a financial advisor to have little to no benefit to them. From their perspective, … [Read more...]

How To Make Your Relationships With CPAs Stronger

The average CPA firm services over 800 clients each year. Typically, advisors want to build relationships with a CPA with the hope of being introduced to those clients. But the reality is, most of these relationships produce less than 10 introductions each year (yes, really). Is it worth the time you invest into that relationship for just a handful of introductions each year? What if you could get more than that? It’s possible. You just have to get a little creative. Typically, the … [Read more...]

How To Avoid The Tax Season Hangover

Tax season

If you’re like most of the CPAs we know, you’re working 60-100 hours per week during tax season. Your staff is exhausted. You’re exhausted. And your family is exhausted, too, because you’re not home very much and when you are, you’re not present. It’s not good for anyone. Hang in there, soldier. You’re almost at the finish line! But wait, before you get there, there’s something you need to think about—The Tax Season Hangover. If you’ve been in business for any amount of time, you know … [Read more...]

5 Things To Consider Before You Offer Financial Services

Financial

As a tax professional, you may have thought about how you can expand your business to include additional revenue streams such as payroll and bookkeeping. And if you’re like a lot of my clients, the opportunity to provide financial services has seemed like an idea worth considering as well. The good news?  You have lots of potential revenue-generating opportunities on the table. The not so good news? Some of them can do more harm than good to the practice you’ve worked so hard to build. … [Read more...]

How To Eliminate The Rivalry With CPAs

CPAs

Financial services companies have been competing with CPAs in the accounting and tax business for years. Many CPAs are or are in the process of becoming licensed investment advisors. As a Financial Advisor, you may find yourself avoiding a CPA who list financial services or specialty insurance licenses on their websites. It's easy to assume that the “most trusted advisor” badge automatically goes to those whose title includes those 3 little letters. This week I’d like to focus on why things … [Read more...]