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If you run your own bookkeeping business or accounting firm and feel like you’re ready to let go/get out (for whatever reason), we want to talk to you.  We know it’s not easy to get out and network to find clients.  It’s also very expensive to build a brand and infrastructure around you.  Tax season can be overwhelming!!  If you are contemplating making a change, here are a couple of options to consider: Outright Sale/Acquisition If you are looking to sell your practice, we would consider purchasing your assets outright.  We’ve acquired several practices to this point so we’re familiar with the process and offer several options to structure the deal.  This is is typically the choice of people who are retiring, changing careers, or taking a job in the corporate world. Merger If you are struggling on your own and feel like you would thrive better within a bigger firm with more resources, this may be the right option.  Your clients would be blended with our clients.  The practitioner typically stays on with us as an employee and continues to service the clients they brought with them.  Depending on the size of your practice, an equity stake may be offered. Contact Dan Steiner at dsteiner@steinerbusinesssolutions.com if you have any interest. THINK BIGGER How I Grew My Accounting Business to a Point I Was Able to Sell ONE Division For Over ONE MILLION DOLLARS. “ONE MILLION DOLLARS” is a milestone entrepreneurs and business owners love to see and hear at some…

When we’re contacted by potential new clients and meet with them for our initial consultation, some of the questions we ask are: Who does your bookkeeping currently? Does your CPA send you back adjusting entries to enter in your accounting system after they are done reviewing/fixing your file? If they do send back adjusting entries, how many are there (or how many pages)? The reason we ask these questions is it gives us good feedback on how competent the client is doing their own bookkeeping and if the CPA is looking after that client’s best interests. Let’s start with the first point – whoever is doing the bookkeeping (in-house bookkeeper/officer manager, owner, or outsourced vendor) can objectively be evaluated simply on how much work the CPA has to do at the end of the year to fix the accounting records.  If you’re only getting one or two entries back each year from the CPA (Depreciation is typically one of them), then we can assume the bookkeeper is doing a good job.  If you’re getting dozens of entries (several pages) back each year, then we can logically assume your bookkeeper doesn’t really know what they’re doing.  This situation is bad on two levels.  The first is, now you know your books are messed up all year long and if you’re making business decision based on those books, well, you can finish that thought!  It’s also bad because you’re not only paying your bookkeeper a salary/wage to do the work the first…

According to a November 2014 survey, 255 out of 300 accountants said they have dismissed (i.e. fired) clients. Here are the top 4 reasons: 1.   Late payment or nonpayment (72%) 2.   Unpleasant to work with (54%) 3.   Client wanted accountant to do something unethical (45%) 4.   Late delivery/non-delivery of client docs, etc. (32%) We’ve always stressed that for the client-accountant/advisor relationship to be successful, it takes commitment from both sides.  Here’s a letter we send out to all new SBS clients: “Maximizing Your SBS Experience”

I can’t tell you how many times we hear “Now is not the right time” from business owners and CEOs when we bring up the idea of CFO services. I honestly think it’s a conditioned response – kind of the way you respond when a telemarketer calls you at home. I can understand the initial wall that goes up. CFO services – what the heck is that anyway? Sounds expensive! What do I need a CFO for when I have an office manager and a CPA at my disposal? Is this how you would respond?? My question to you is “When is the right time?” When is the right time to: • Better manage your inventory • Review your pricing to maximize your margins • Increase your profit • Increase and manage your cash flow effectively • Improve your processes • Lower and manager your costs You get my point?! Why settle for average when you can be excellent? Do you even know how good your business can be? Most of the businesses that would benefit from CFO services typically already have an in-house bookkeeper or office manager and a CPA who they rely on for tax strategies and tax preparation at year end. That’s great – but those resources are not going to give you the benefits that a CFO can provide. Most bookkeepers and accountants are not nearly qualified enough to provide that sort of expertise, and most CPAs don’t have the time throughout the year to devote…