Government Intervention in Small Business

May 24th, 2012 at 5:52 pm by Mark
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Our Federal Government, despite claiming to care, doesn’t mind making sweeping changes and regulations which are destroying small businesses in this country.
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Accounting services to diversify your business, grow revenue

Clients want to do more business
One of the most common reasons that small businesses switch accountants is to find more proactive financial advice. Small business owners are also increasingly seeking their accountant’s advice on business planning and strategy using video production.

Now could be the time to diversify your business and offer more services like these.

1. Tax planning and financial planning
Use your credibility in the tax space as a springboard into more strategic work. Schedule an annual planning session to help your clients achieve their financial goals in the most tax-efficient way.

Tax planning:

happens once a year (generally in the final quarter)
can be done in a one-off, face-to-face meeting
draws on your client’s financial plan for the upcoming year
is usually charged out as a one-time consulting fee
Develop some key performance indicators (KPIs) to help your clients track the progress of their financial goals. But don’t stop there. Regularly share simple reports that let clients see how they’re doing. It’ll help you demonstrate your relevance year-round and it’s an ideal first step to diversify your business.

2. Virtual CFO services
Small business is leading the transition to the cloud. Some studies say two-thirds are already using cloud software, others say 87 percent. But everyone agrees it’s trending upwards – and fast. Take advantage by offering virtual CFO services where:

you act as CFO from your office, using one of the best accounting solutions software your client gets previously unaffordable financial oversight, on an as-needed basis
This is one of the main reasons small business love the cloud. It gives them access to services that were once limited to corporations. Read more about becoming a virtual CFO and add a recurring monthly revenue stream to your business.

3. Payroll processing
It wasn’t long ago that no one wanted to do payroll. It was manual and labor intensive. However, a recent Accounting Today survey estimates 65 percent of firms now offer the service, with another 6 percent planning to add it in 2016.

Now that payroll is automated, you can process several clients with minimal hands-on time. That means you can offer a competitive rate for the service while still generating solid revenue. Good cloud accounting platforms with payroll will automatically:

apply the correct taxes
track employee hours
manage pay runs
fill out tax forms
You can also customize these systems to meet specific client needs.

Payroll’s becoming an increasingly popular accounting service to offer and is in high demand – making it a great way to diversify your business. Find out more about profiting from payroll services and start asking your clients what they need.


Wal-Mart.com USA, LLC

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