A few days back, I wrote Create Your “Not-To-Do’s” List. We got some interesting feedback from accountants. Here are some tasks that accountants want to stop doing themselves. Stop fixing the Ethernet cables into the router. (Get the IT guy to do it. Or move entirely to cloud.) Stop importing bank statements into QuickBooks. (Get…
DetailsTax season is over and you made it through the home stretch, significantly tired but scraped through! Now is the time to rethink your business model on the new learning from the tax season and restart looking for new clients. You don’t want to create more “C clients” that suck the energy, time and profits…
DetailsYou can call it a “Stop Doing These” list. If you have done the “ABC Analysis” of your clients, you know the best customers who yield highest net profit per unit of effort (generally your time) are your A clients and those who yield the least are your C clients. All of us have 24…
DetailsThank goodness, you made it through the tax season home stretch! A vacation is well deserved! But will it improve your practice? Do you know what other firms are doing to keep ahead, and growing their business? Here are six things that “progressive-aggressive” accounting and bookkeeping firms will do. And no, these may not be…
DetailsItem 5: Brace for new work. You may need to start asking your clients about Bitcoin. New IRS guidance treats Bitcoins and other crypto-currencies not as money, but as property, for tax purposes and applies immediately to all returns. See the full text of Notice 2014-21 (PDF). Among other things, IRS advised that: As an…
DetailsMy wife and I recently dined at a restaurant at Bangkok, Thailand. It is one of those restaurants where you place order for the ingredients – like fresh vegetables, uncooked meat and seafood, eggs, tofu and what not – all uncooked. On your table is an electric appliance – with a wide pan pot. Once…
DetailsIf you are one of those who run from one task to another, checking emails every now and then, trying to keep things organized all the time, making calls that don’t achieve much, checking work by yourself to make sure there are no mistakes and so on; if you are the one who is super-busy…
DetailsHow to reduce your stress during tax season? You know that tax season is all about multi-tasking, to-dolists, workflow, stress, stretch and of course, earning. As a tax professional, your brain (and body) is really taxed during the tax season. As a service provider to the accounting and tax profession, I engage with several accountants…
DetailsIt’s time to start to start thinking about the tax and accounting ramifications of digital, virtual currencies. Bitcoin is virtual currency much in the news these days. It’s peer-to-peer so there’s no central bank or government. But, because it necessarily represents income or asset, it needs to be accounted for and hence will have tax…
DetailsIn a research study, research subjects read the words “coffee” and “perfume” and the part of their brains devoted to the sense of smell lit up. A new study suggests that reading doesn’t just make a fleeting impression. It may make long-term changes to the brain.As a tax preparer, what can you actually do based…
DetailsWhat if someone offers you free money, say $50? Will you take it immediately? In his bestselling book “Predictably Irrational”, celebrity Author Dan Ariely informs about an astonishing finding about “The Cycle of Distrust“. Several students set up a booth on the street giving away “Free Money.” Not vouchers for money, not rebates, but actual…
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