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Monday
Dec182017

AccountantsWorld's Daily Newsletter wins Best in Biz award

AccountantsWorld's Daily Newsletter has earned a Silver Medal in the 2017 Best of Biz Awards. 

The Daily Newsletter was created by AccountantsWorld in 2003, the first newsletter of its kind dedicated specifically to the accounting profession. AccountantsWorld began delivering daily email roundups of the most important industry news to accountants and payroll professionals. Over the years, tens of thousands of subscribers grew to depend on the daily digest and shared it widely with peers across the profession.

Of course, AccountantsWorld is now much more than just a news provider. Over the last 17 years, AccountantsWorld has developed a suite of award-winning cloud-based solutions designed specifically for the needs of professional accountants. AccountantsWorld’s fully integrated suite of solutions for accounting, payroll, and practice management help accountants improve their firms’ bottom lines by adding greater value to their clients’ businesses.  

 

"We're gratified and honored to receive this award for our Daily Newsletter," said Div Bhansali, Vice President of Marketing for AccountantsWorld. "Many members of the AccountantsWorld team have invested a great deal of time and effort in the creation and maintenance of this newsletter. Most of all, we'd like to thank David Munnell, who finds and publishes each day's articles for the newsletter. We are committed to supporting professional accountants in every manner possible, including through our award-winning software solutions, support, and insights. The newsletter continues to be an integral part of that mission."

 


 

Friday
Dec082017

Takeaways from Jay Abraham's "Exponential Growth" event, presented by AccountantsWorld

 

Note: A summary of this event was initially published on CPA Practice Advisor.

Many accounting firms still struggle to expand their practice and sustainably increase profits. On November 17, AccountantsWorld presented an event designed to cut through the clutter and offer unique growth strategies and tools - straight from one of the foremost thought leaders on growth in the world.

In this exclusive event, business and marketing guru Jay Abraham showed how to leverage factors WITHIN a firm for exponential growth. Jay introduced his proprietary concept of strategic preemptive marketing, and demonstrated via case studies and actionable insights how this concept can help accelerate a firm’s growth. Jay then brought on stage three special guests, each with distinct expertise in leadership, client management, and understanding millennial employees. And finally, Jay took questions from the audience to help accountants work therough their specific issues and opportunities.

Here's a recap of this one-time-only event.

Dr. Chandra Bhansali

Chandra Bhansali, CEO of AccountantsWorld, kicked off the event by introducing his company's new initiative and mission: “Raise your value, raise your relevance”. Dr. Bhansali explained that this initiative crystalizes AW's long-standing focus on empowering accountants to take back control of their core services (particularly accounting and payroll), so that they can boost the value of their firm, as well as the value they deliver to clients. In 2018, AccountantsWorld will extend its range of offerings beyond existing cloud-based software solutions, and offer more support, services, and training for forward-thinking accountants.

"Developing your soft skills is going to be as critical to your firm's future success as your technology choices," stated Dr. Bhansali. "Today's event with Jay represents the launch of our commitment to provide firms with everything they need to grow their relevance in a rapidly changing landscape."

 Jay Abraham

In the course of 3+ hours, Jay covered a wide range of topics related to both organizational and personal growth. Here's a sampling:

  • Working away from being a commodity
    • The goal of an accountant is to be seen by their market as the only viable choice , the most trusted advisor. The goal they need to be working away from is being a commodity.

  • The importance of thinking differently, and the power of thinking unconventionally
    • Train yourself constantly to be more expansive with your thinking
    • Always consider your client relationships in an opportunistic way
  • Thought exercise: what if your practice or your client’s biz were an investment fund? Would you buy it?
    • Think of the market you are targeting and the market your clients are targeting
    • Know your clients' long term goals
  • A series of stories that exemplified the range of hidden opportunities available to every firm
    • An accountant's problem may be someone else's solution
    • Access people that have access to the market you want to be in, then gain their trust and then get them to endorse you. It doesn't matter what industry they reside in, as long as they understand your market and match your passion and trust.
  • Focus on making investments that deliver quantifiable ROI.
    • The importance of A/B type testing with your methods
    • Maximize and multiply - uncover an opportunity, test your way to optimizing that opportunity, and then find a multiplier
    • The importance of variation. The same growth strategy applied over and over will p

 

 

  • Jay’s 5 aspects of maximizing a business:
    • Multiply income
    • Create far better income
    • Ethically exploit windfall income, opportunities internally and externally
    • Achieve monster-size psychic emotional wealth
    • Position your practice and your clients business at the maximum value and worth possible
  • An accountant's job is not to practice numbers
    • To grow, thrive and prosper, accountants have to transcend their basic functions and become a true advisor. That means someone who collaborates with clients and looks at their businesses in a holistic, proactive manner - and commands far greater compensation for it.

Panel with Ramit Sethi and Phillip Stutts

Ramit SethiPhillip StuttsNext, Jay brought on stage two experts on people optimization, especially as it relates to millennials. Ramit Sethi is author of the New York Times bestseller, "I Will Teach You To Be Rich,” and writes for more than 1 million readers on his websites, GrowthLab.com and IWT.com. And Phillip Stutts is Founder and CEO of Go BIG Media, Inc., an award-winning media firm, as well as a regular contributor on news networks on topics such as politics, business and digital media.


 

  • Optimization: Getting your practice working harder for you than you work for it. 
  • Millennials:
    • When connecting with millennial clients, it’s best to connect with them in person. Learn about what their friends do and like, what they enjoy reading and where they’re learning from in order to better understand them.
    • For accountants interested in attracting millennial clients, it’s important to show them what your accounting firm does in a meaningful way. Rather than listing your portfolio of services (e.g. banking and budgeting, compliance experts, etc.), talk about how you used your expertise to help clients (e.g. turned a struggling startup into a thriving business with better management of the business’ financial needs).
    • Be technically excellent but show it in a way that resonates with millennials.
    • A good way to test your messaging is by hiring a journalist who works for millennial-centric publications (the Muse, Buzzfeed, etc.) and work with them to put your messaging into a language for millennials.

 

 

A conversation with Blair Lacorte

Blair LaCorte is a leading business strategist with a passion for purpose-driven organizations. Blair has led and transformed companies in six different industries, and currently invests in small- to mid-sized companies through LaCorte Ventures.

Jay and Blair discussed how to effect change in your clients and your organizations.

 

 

  • No one cares about how smart you are unless they know that you care about them.
  • All of your professional and personal connections rely on you putting energy back INTO them. The amount of energy is proportional to the amount of trust earned.

 

 

 

 

More from Jay

  • Client service:
    • Giving more than you take
    • Always be growing
    • Talk to clients – the definition of client service lives in their heads, not in yours. What matters to them specifically?
    • Be relevant to yourself before you can be relevant to your clients.
    • Service needs to be embedded into everything you do
    • Show clients connections that are profound and impactful for them. Surprise and delight them by delivering value in unexpected areas. 

 

Three ways to grow a business:

  • Remember the Diving Board Philosophy: relying on one marketing approach will inevitably lead to a decline over time. 
  • So how do you diversify?

 

 

  • For most firms, the greatest way to grow your practice is by growing your client base
  • People buy results, benefits, education and protection. They don’t buy features.
  • Understand customer lifetime value.
    • Optimize your service based on the customers who drive the most value for your firm (loyal clients who are more likely to offer referrals, testimonials, case studies, etc.)
    • With new clients who are referred, you have to build trust and walk through several “trust levels” in order to build a strong relationship. Trust-building is automatically bypassed with new clients who are referred.
    • Integrate and secure new business that’s a blend of lifetime value-based clients and short-term clients to boost and sustain cash flow.
  • If there are certain elements you can guarantee, it’s easier for people to say yes
  • The more risk you can take away, the more you can help put clients at ease and become successful
  • Be an advisor to transform their business
  • The greatest gift to help you add value is by helping them add value.

AI and Automation

  • AI will help accountants who are able to leverage predictive analytics. The capabilities allowed through automation in tandem with the advanced analytics achievable through AI will prove to help accountants leverage real time and historical data to best advise their clients.
    • This further solidifies accountants’ position as a trusted advisor and partner (service model accounting over transactional model of accounting) and will increase client stickiness, as they will grow to expect these insights to inform their business decisions.

Personalization and Value

Jay closed the event with a re-definition of the value that successful accountants will provide in the future.

  • Clients are capable of doing their own accounting through DIY software. What will interest clients in the future won’t be an accountant's ability to “crunch the numbers,” but their unique ability to offer insights and advice for growing the business.
  • Accountants must go out of their way to get to know their clients and prioritize learning key insights about their personal and professional lives.  Become trusted allies for your clients and they’ll be much more reluctant to reevaluate the relationship.

 

 

 

Tuesday
Nov212017

Three steps to regain control of client accounting

It stands to reason that small business owners would rather spend their time focused on their businesses, and not accounting work. In fact, according to a survey by SCORE, 40 percent of small business owners said dealing with bookkeeping and taxes are the single worst parts of owning a company. Compounding the problem is that the more clients are involved in bookkeeping (without any accounting knowledge), the more mistakes accountants are left cleaning up.

These problems are the easily foreseeable results of using popular DIY accounting software like QuickBooks – solutions that were created primarily for the needs of small businesses, not for professional use. And when accountants are stuck in this sort of reactive position in client accounting, that's a lose-lose for both them and their clients.

But historically, most accountants felt they didn't have a choice. Virtually all of the accounting systems on the market today are DIY systems. Even most cloud-based accounting systems are created primarily for small businesses, and are based on the DIY model. Here's the amazing part: Despite knowing that most small businesses don’t like performing accounting tasks, most accounting system software providers continue to push DIY accounting systems to small businesses.

Want to end this cycle and regain control over your accounting engagements? Here's how to get started.

 

Make the most of the cloud

The only way to make accounting highly profitable for you, and make your services more relevant to your clients, is to put you – the accountant - back in the driver’s seat. That’s what we call an Accountant-Centric approach.

A professional system based on this Accountant-Centric approach provides everything you need for your professional work — write-up, trial balance, preparation of fully customizable financial statements, and analytics, along with a general ledger system that includes banking, accounts receivable, accounts payable, job costing and inventory. It's a fully unified cloud-based system for both professionals and clients. The Accountant-Centric approach is the brainchild of AccountantsWorld, and our cloud-based professional accounting system Accounting Power is based on this Accountant-Centric approach.

With an advanced solution like Accounting Power, accountants can customize their services for each individual client, based on their needs and preferences.

For clients who’d like to offload all their accounting work to you, your firm can now deliver complete accounting services, including bill payments, bookkeeping, monitoring cash flow, and preparing financial statements. The Workflow Manager included in Accounting Power helps your staff perform at peak efficiency, and lets you oversee the entire accounting practice from a single dashboard. And no one has to print a single check - all bills are paid with a mouse click using innovative digital checks. The only thing your clients have to do is either scan or take a snapshot of invoices to be paid using their smartphones.

For clients who prefer some involvement, accountants can set up the system to give their clients access to specific functions they can perform comfortably without making errors. For example, clients who crave some involvement may only want to use Accounting Power to write checks and enter deposits. Accountants can tailor the program to let them perform those functions quickly. Clients who want another level of involvement may want the ability to handle account receivables and account payables. Accountants can personalize the solution to meet the needs of both the hands-off and engaged client.

Whatever level of involvement you and your clients agree upon, your time is now freed up to focus on providing value, such as identifying growth opportunities or flagging discrepancies or threats to the client’s business.

Deliver more value to clients beyond bookkeeping and taxes

Accountants can continue to demonstrate their value to their clients by offering a more diverse and strategic set of services. The AICPA and other industry experts agree that the next major growth opportunity for accounting firms - large or small - is in offering Client Accounting Services (CAS). With Accountant-Centric collaborative solutions, accountants can analyze the whole picture of a client’s finances to offer real-time strategic advice, and provide significantly deeper value beyond preparing simple financials and doing taxes.

The more high-value services that an accountant can offer their client, the stronger their client relationships will be, which can boost retention and create a strong referral network for the accounting firm amongst existing clients.

DIY accounting systems may have been the norm for the past several years, but cloud-based professional accounting systems like Accounting Power have shifted the balance of power back to accountants and created an opportunity for small businesses to get back to doing what they love most - running their businesses, and not dealing with the headaches of bookkeeping, taxes and payroll. Cloud solutions benefit both accountants and their clients, and empower accountants to offer more strategic value to their clients’ businesses.

Schedule a free live demo of Accounting Power and see how your firm can regain control of client accounting.


Friday
Nov102017

Power Practice System from AccountantsWorld Awarded Best Small Firm Solution by K2 Enterprises

The Power Practice System bundle from AccountantsWorld has received the Best Small CPA Solution award from K2 Enterprises this year. This is AccountantsWorld's fifth award earned from K2E. 

“We’re thrilled that AccountantsWorld has been recognized once again for its unwavering commitment to the professional accountants,” said Dr. Chandra Bhansali, CEO and Co-founder of AccountantsWorld. “Our Power Practice System is the first fully integrated suite that harnesses the cloud to revamp every aspect of accounting practices and helps accountants offer a wider range of impactful accounting services to their clients.”

AccountantsWorld has been a pioneer in cloud-based software solutions for accountants for over 15 years. The Power Practice System bundle provides professional accountants with everything they need to offer highly profitable Client Accounting services and strategic advisory services. The centerpiece accounting application, Accounting Power, helps accountants work collaboratively with their clients and easily customize their services to best meet each client’s needs.

 “AccountantsWorld has been an innovator in collaborative accounting for over a decade,” said Randy Johnston, Executive Vice President of K2 Enterprises. “Their model is ‘public accounting profession-friendly’, and they are one of the few entry-level products to include inventory, costing and payroll all in a SaaS product.”

 

About AccountantsWorld

At AccountantsWorld, we Put Accountants First. Our focus is on supporting accountants and revitalizing the accounting profession to make accounting practices more rewarding and profitable. Unlike most solution providers to accountants, we never sell any product or services directly to accountants’ clients or compete with them.

To help accountants capitalize on the billions of dollars’ worth of opportunities created by the cloud, we’ve created the Power Practice System, a complete suite of seven highly innovative breakthrough cloud solutions for accountants that are changing the landscape of client accounting. These solutions put accountants back in the driver’s seat, regaining control of client accounting while working collaboratively with their clients. Our new model benefits both accountants and their clients, enabling accountants to better serve their clients while raising their own practices’ bottom line. Visit www.AccountantsWorld.com to learn more.


About K2 Enterprises

K2 Enterprises is a Hammond, Louisiana based organization that provides continuing professional education services to the accounting profession and marketing consulting services to technology providers in the accounting market. K2 Enterprises delivers approximately 900 educational programs to over 40,000 professional accountants on an annual basis throughout the United States and Canada. They are registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Visit www.k2e.com for more information.

Thursday
Nov022017

Growing your practice - a new perspective

By Dr. Chandra Bhansali, CEO, AccountantsWorld

You know you want to grow your practice, but you don’t know how.

That’s the dilemma most accounting firms are facing. So we set out to find a solution. Fortunately, we got an opportunity to pick the brain of Jay Abraham - one of the brightest experts on business growth in the world.

Just a couple of weeks ago, over 3,000 business people in China paid $5,000 each to attend Jay's one-day seminar. He is a mentor of mentors like Daymond John of Shark Tank and Tony Robbins, and he has helped thousands of business become more successful.

Jay has agreed to AccountantsWorld’s request to conduct a one-day seminar exclusively for accountants, to demonstrate breakthrough ways to grow your practice. The primary focus of Jay’s seminar is the practical application of his theory of Preeminence to transforming an accounting practice.


Jay Abraham presenting in October 2017.

 

Jay's theory of Preeminence involves first not only understanding the geometry of your business, but also your clients’ business.

The basic premise of the theory of preeminence is that you learn how to look at both your OWN practice – plus all your client’s businesses - on a three-dimensional level no one else focuses on. Once you are able to do that, you can grow your practice at a highly accelerated pace. You start to see many new sources of internal growth, as well as growth in clients’ revenue.

Jay AbrahamWith over 30 years of experience in helping businesses across hundreds of industries, Jay has uncovered a broad spectrum of diverse ways to reach, attract, and connect with the highest-value client, and dozens of ways to generate referrals.

This is the first event of its kind that brings a new perspective not about just how to grow your practice but, most importantly, also about how to raise your relevance!

Jay will devote ample time to answering audience questions and engaging you in a highly stimulating discussion that, along with new ideas and techniques, will fuel your motivation to get to a higher plane.

All participants will have access to the recording of this event for later viewing with their team for continual learning.

Neither Jay nor AccountantsWorld are gaining any monetary benefit from this event. Jay typically earns tens of thousands of dollars for one day of his time, but has graciously agreed to do this seminar gratis. The modest fee that AccountantsWorld is charging does not cover the expenses of this event.

So why are we excited to present this event? Because AccountantsWorld is committed to helping accountants, in any way we can, to raise their relevance. Our professional cloud solutions are already giving thousands of accountants stronger control over their accounting and payroll services, so they can better serve their clients and add value to clients’ businesses. 

This one-time event will take place in New York City on November 17, 2017. Click here for details and to register.