How to Maximize your CPA firm's Growth with CRM

When we talk about CPA firms, the usual picture that crosses our mind is that of a traditional company with executives having piles of paper in front of them.

However, things are changing with the rapid digitization. Drilling through the Excel reports and frantically looking for data is a thing of the past. To scale up, CPA firms are relying on CRM software.

At that point, when you are wondering what it takes to streamline your day-to-day business process, a CRM perfectly automates many of the tedious tasks involved in managing customer interactions and leads. 

But before jumping into how CRM software can help your CPA firm grow faster and more efficiently than ever before, let's first explore exactly what makes up a CRM system:

Get set with a goal. A clear goal!

So, you have a business and your objective is to maximize your revenue goals. But wait! Do you have clear business goals? If not, it’s high time you set your goals. 

Without it, you cannot have a clear understanding of the growth plan. Keep in mind, your business, revenue, and growth are related to each other on the scale of importance. 

Once this is done, start thinking about the resources available—financial or otherwise. And, once you have everything in place, you can start crafting your plan of action. So, set your goals as early as possible!

Next, comes your customer journey

The integral part of your business growth starts by identifying customer journeys. The customer journey is the path that a person or organization takes with you, whether they are bringing in new business or buying something. 

You can think of it as their journey through the world of your company—from understanding what it does to see if they want to use it and then finally taking action.

Customer/Buyers’ journey involves several stages. And, before a person makes a purchase decision, they travel through these stages. First, they get to know about your products and that's the awareness stage. 

And they check out several products (financial products, to be specific in this case) of the same line before considering them. Then comes the purchase decision. 

But that’s not all. After the purchase, brands must follow up with each customer to nurture them. Nurturing your customers even after they make a purchase increases customer retention rates. 

Eventually, they become your CPA firm’s best advocates and keep returning to you whenever they need something.

Drill through the customer's mindset

Your customers are more likely to buy from you if they feel that you know them and understand their needs. Especially in CPA firms, where people come mostly for financial things, it’s important to identify their needs and preferences. Accordingly, you can provide them with the right kind of solutions.

If you are running a CPA firm, it’s crucial to build relationships. And, when you know about their journey it will be easier to connect.

Gain insights into your personal biases and blind spots.

• Understand the biases of your team. Get aware of the likes and dislikes of your team while keeping their work process in context. For example, if one of your employees is using Excel over other formats (like Google Sheets), then both you and your team members need to keep in mind that you need to know their demands too.
• Understand the blind spots of your team members' customers: What do they care most about? How do they prefer being served? If there's an issue with accuracy or timeliness that affects these customers' business operations (and therefore affects them financially), ask yourself whether there are ways around this obstacle before recommending solutions based on what seems like good advice at first glance; otherwise, those suggestions may cause more harm than good over time because they won't solve anything!

Scale Up with the implementation of CRM

Apart from streamlining your day-to-day business processes, the primary role of CRM software lies in improving client communication and increasing efficiency. Here are some steps to take to successfully implement a CRM system in your accounting firm:

1. Identify your business goals: A clear business goal helps improve client retention and revenue, as well as enhance customer satisfaction. It impacts your long-term goals thoroughly.
2. Choose the right CRM: A CRM product comes with many different features, but the one you choose must be in line with the needs of your CPA firm.
3. Segregate your client groups: With CRM software, you can segregate your client interest based on needs, preferences, and behaviors. Accordingly, you can tailor your marketing goals.
4. Integrate with your existing systems: Ensure your CRM system integrates seamlessly with your existing systems, such as your accounting software and email marketing platform.
5. Give adequate training to your team: A well-trained team can match the evolving business needs and help you align with the workflow generated by the CRM Software.
6. Automate processes: Every CRM software facilitates automating key tasks to bring productive efficiency and results.
7. Monitor and analyze campaign performance: Track the performance of each marketing campaign you run.

After scaling up your business needs strategy, CRM software helps you accelerate the strategy to the right goal.

And Finally…

From promoting your CPA firm to its customer service management, the accountant’s CRM software can play a key role in scripting your business growth. 

No doubt it is indispensable for everything- right from the new students learning about working at an accounting firm or seasoned veterans who have been around for years and know what works best (or not!).

What's the Difference Between Passive and Portfolio Income?

As you navigate the world of personal finance and retirement planning, understanding the differences between passive and portfolio income is crucial.

These two types of income can play a vital role in your long-term financial success, especially if you know how to use them wisely. 

Explore the characteristics of passive and portfolio income and their potential benefits in your retirement strategy below.

Passive Income: Earning Money While You Sleep

People often hail passive income as the best way to achieve financial independence—after all, who wouldn't want to make money without actively working for it? But before you get too excited, let's break down what passive income really is.

In its simplest form, passive income refers to money earned with little to no ongoing effort on the part of the recipient. Some classic examples include rental income from real estate, royalties from intellectual property (such as a book or song), or earnings from a business where the owner isn't actively involved. 

Passive income isn't entirely hands-free, as some degree of initial investment or occasional maintenance is necessary. 

However, it does allow for the potential to earn money without the daily grind of a typical 9-to-5 job.

Portfolio Income: A Diversified Approach to Growing Wealth

Portfolio income, on the other hand, refers to the earnings generated from a diverse mix of financial assets, such as stocks, bonds, mutual funds, and even cryptocurrencies. 

Portfolio income aims to grow wealth by capitalizing on the performance of these diverse assets and can come in the form of capital gains, dividends, and interest.

For example, many people assume cryptocurrency is a type of passive income, while in reality, it's an example of portfolio income. The reason is that investing in cryptocurrency typically requires active monitoring and strategic decision-making to generate returns.

Common misconceptions arise from the belief that all types of investment income are passive, which is inaccurate. 

Unlike passive income, portfolio income generally demands a more active approach to managing and adjusting one's investments.

Striking the Right Balance for Your Retirement

Integrating both passive and portfolio income sources into your retirement plan is crucial to maintain a diversified financial strategy. 

Passive income can provide stability and consistency, especially when the market is volatile or when you need a reliable source of income. 

In contrast, portfolio income allows you to take advantage of potentially higher returns, albeit with higher risks, which can ultimately boost your retirement savings.

To strike the right balance, consider your risk tolerance, financial goals, and timeline. Work with a financial advisor to create a plan that incorporates a variety of income sources, ensuring you have enough money to cover your expenses and maintain a comfortable lifestyle during retirement.

Understanding the differences between passive and portfolio income is an essential aspect of planning for your financial success in retirement. 

By incorporating both types of income into your strategy, you increase your chances of reaching your financial goals and enjoying the retirement you've always envisioned.

What To Look for in a Business Valuation Professional

Buying or selling a business can mean beginning a long-awaited retirement filled with leisure, travel, and adventure or fulfilling an entrepreneurial dream.

Before doing either, it's crucial to have an accurate understanding of the business's value. 

Learn when, why, and how to hire a business appraisal service and what to look for in a business valuation professional.

When You Need a Business Valuation Expert

There are several situations in which you may require the expertise of a business valuation professional:

• Selling a Business: To ensure you receive a fair price for your business, it's vital to have a precise assessment of its worth.
• Buying a Business: When purchasing a business, an accurate valuation helps you avoid overpaying and ensures a sound investment.
• Litigation: A fair and unbiased business valuation is essential in cases of partnership disputes, divorce, or other legal matters.

Key Qualities of a Business Valuation Professional

When hiring a business valuation specialist, be sure to look for the following attributes:

Certification

Look for professionals with credentials such as CBA (Certified Business Appraiser), ASA (Accredited Senior Appraiser), or one of the certifications from other professional organizations such as ABV (Accredited in Business Valuation) or CVA (Certified Valuation Analyst). 

These certifications signify a high level of expertise and adherence to professional standards.

Independence

It's essential to select a valuator who is impartial and free from any conflicts of interest, ensuring the report's credibility.

Experience

A seasoned valuation expert should have a track record in your industry, proving their knowledge of the market and equipment used in your business.

Reputation and Confidentiality

Check online reviews and testimonials to gauge the expert's reputation among their clients. Maintaining confidentiality regarding your plans to sell or buy the business is critical.

Industry Knowledge

Whether the business in question is a metal fabrication shop, a manufacturing plant, or a dry cleaning business, determining the value of your equipment is important. 

A knowledgeable business valuation professional should be well-versed in how the equipment adds value to a company and generates income.

Costs of Hiring a Business Valuation Professional

Business valuation costs can vary widely due to a business’s complexity, the industry, the size of the company, and the level of detail required for the valuation report. 

Oral reports are less formal, do not require extensive documentation, and require less time. They’re generally less expensive than written reports, which include documentation and require more time and effort to produce. 

Costs can range from a few thousand to tens of thousands of dollars.

While the valuation is a factor in litigation, the costs rise with the preparation and documentation necessary and the potential need for expert testimony. 

The cost of litigation-related valuation can soar into the mid-five figures or more. Write out the project's scope and expected deliverables before hiring a valuation professional to ensure both parties agree on costs and timelines.

An accurate valuation is vital when buying or selling a business. The transaction will be less stressful when you know what to look for in a business valuation professional.

Reasons Everyone Should Have a Living Will

In uncertain times, it's critical to consider how your loved ones would handle your end-of-life decisions. Creating a living will provides clarity and peace of mind that your wishes are known and followed during difficult moments.

A living will can cover medical treatment, estate planning, and everything in between. We'll explore the reasons everyone should have a living will.

Ensures Your Medical Wishes Are Met

Making decisions about your own medical care can be difficult, especially as you age or face serious conditions. Drafting a living will can ensure your medical wishes are respected and carried out in critical situations. 

This legal document outlines your medical treatment preferences if you cannot communicate. It gives clear guidance to healthcare professionals and family members. 

For example, if you do not wish to be kept on life support, your living will reflects this wish and ensures healthcare providers know how to care for you. 

This document provides peace of mind and a sense of control over your medical care, ensuring your voice is heard even if you cannot speak.

Controls Financial Decisions After Death

The thought of mortality can be uncomfortable, but it is important to plan for the future to ensure your wishes are carried out after you pass. 

Creating a living will is one way to control financial decisions after death. This legal document ensures your assets and belongings are distributed according to your wishes and can prevent potential conflicts between family members. 

Having a clear plan for your estate is important, and a living will is an effective tool to ensure your legacy is carried out as you intended. 

Remember, it's never too early to start planning for the future, and there are many benefits of end-of-life planning.

Provides Clarity and Closure to Loved Ones

No one wants to imagine scenarios where they can no longer make choices for themselves. However, a living will can provide peace of mind for you and clarity for your loved ones in the event of your passing. 

By explicitly outlining your preferences for medical treatment, end-of-life care, and organ donation, a living will can ensure your wishes are respected, even if you cannot communicate them yourself.

Making these choices ahead of time can alleviate the burden of decision-making from your family members during a time of grief and mourning. While no one can predict the future, a living will provide important closure and comfort for you and your loved ones.

Now that you know why it's important for everyone to have a living will, you can start planning yours today. As challenging as it might be to create this document now, putting it together can provide many benefits throughout life and after death. 

Your legacy is yours to choose: show your loved ones you care by creating a meaningful living will for yourself today.

How To Invest in a Qualified Opportunity Zone

As a high-income earner, you’re always looking for attractive investment opportunities. One such opportunity is investing in a Qualified Opportunity Zone (QOZ).

In this basic guide, we will discuss what QOZs are, the steps to invest in them, various risks and considerations, and potential tax benefits.

What Is a Qualified Opportunity Zone?

A Qualified Opportunity Zone is an economically distressed community that people can invest in to reap preferential tax treatment. 

The goal of a QOZ is to spur economic development and job creation in these underserved areas. Investments in QOZs can include real estate, businesses, and other qualifying assets.

Steps for Investing in a QOZ

The steps for investing in a QOZ boil down to identifying a QOZ and finding a Qualified Opportunity Fund to realize the investment. Below are more details and tips on this process.

1. Identify a QOZ

Start by researching and selecting a QOZ you’re interested in investing in. Use resources like the IRS to find eligible zones.

2. Choose Your Investment

Determine the type of investment you want to make within the QOZ. Common options include real estate development, investing in a business, or funding infrastructure projects.

3. Set up a Qualified Opportunity Fund

You must create a Qualified Opportunity Fund (QOF), which is a vehicle for investing in QOZs, either as an individual or through a partnership or corporation. 

You can use some tips for finding QOFs, such as diversifying your investments and working with an advisor, to help streamline the process.

4. Invest in the QOF

You’ll need to invest your capital gains into the QOF within 180 days of realizing those gains. You can then use these tax-deferred funds to invest in one or more QOZ properties or businesses.

5. Monitor Your Investment

Keep track of your investment, as ongoing management and reporting are required for QOZ investments to maintain compliance with IRS regulations.

Risks and Considerations

When investing in a QOZ, you should consider a few risks. For one, the distressed nature of QOZs comes with the potential for low returns or even investment loss if the area does not experience the expected economic growth. 

Secondly, local regulatory or zoning issues could be associated with the specific investment, impacting its success. 

And lastly, QOZ regulations may change in the future, resulting in unforeseen consequences for your investment. Stay informed about any proposed changes in legislation to avoid complications.

Tax Benefits and Potential Returns

Investing in a QOZ provides several tax benefits. By investing your capital gains into a QOF, you can defer taxes on those gains until 2026 or when you sell your QOZ investment, whichever comes first. 

Also, if you hold your QOZ investment for 5 years, the taxable portion of the original capital gains reduces by 10 percent. If you hold it for 7 years, the reduction becomes 15 percent. 

And if you hold your QOZ investment for at least 10 years, you can avoid paying taxes on any additional gains realized from the QOZ investment.

Knowing how to invest in a Qualified Opportunity Zone can help high-income earners leverage the tax benefits and potential returns of this unique investment opportunity. 

If this is an investment opportunity you’re interested in, start identifying potential QOZs and their respective QOFs today!

Commercial Kitchen Safety Concerns You Might Not Know About

Running a commercial kitchen comes with many responsibilities, and ensuring the safety of your staff, equipment, customers, and food is paramount. 

But some common kitchen safety issues are often overlooked or forgotten about when people are thinking about daily operations in their commercial kitchen. 

Today’s blog post will discuss some important questions business owners should ask themselves to ensure that everything is running smoothly in the most responsible manner possible - from regulations to sanitation to more - to keep everyone safe and on top of things.

An Introduction to Safety Concerns in a Commercial Kitchen

When it comes to a commercial kitchen, safety should always be a top priority. As excited as you may be to dive into cooking delicious meals for customers, it's essential to take a step back and assess any potential hazards that may arise. 

From sharp knives and hot surfaces to dangerous chemicals and slippery floors, there's a lot to remember. However, with the right safety measures, you can ensure that everyone in the kitchen is protected from harm. 

So, let's take a closer look at some of the key safety concerns you should know when working in a commercial kitchen. After all, an ounce of prevention is worth a pound of cure!

The Most Common (and at Times Underappreciated) Kitchen Hazard

If there is one thing that every commercial kitchen operator should be aware of, it is the hazards that come with working in such an environment. 

While anything from sharp knives to hot cooking surfaces can pose a risk to kitchen staff, the most common hazard is slipping and falling. Not only is this type of accident painful for the people involved, but it can also cause serious injuries that lead to missed workdays and other complications. 

To address this issue, it is essential to put protocols into place that ensure that spills are immediately cleaned up and non-slip mats are placed in areas that are more prone to be slippery. 

By taking these preventive measures, kitchen staff can focus on preparing delicious meals and serving customers with minimal risk of slips and falls.

How to Prevent Slips and Falls in Your Kitchen

The best way to keep you and your staff safe in the kitchen is by establishing and enforcing safety protocols. Start by ensuring your floors are clean and dry at all times, and invest in slip-resistant mats for high-traffic areas. 

Keep clutter off countertops and store sharp objects safely in a way that they won’t present a risk to the chefs and other staff. It's also important to wear proper footwear with good support and traction while cooking and cleaning. 

By being vigilant and taking these precautions, you can ensure the safety kitchen without worrying about the risk of slips and falls.

What Food Safety Regulations You Must Follow as a Commercial Kitchen Manager

As a commercial kitchen manager, you also have a big responsibility to ensure the safety of the food being prepared and served to customers. 

You must follow many food safety regulations to meet the required health standards. These regulations vary depending on location but typically cover proper food storage, cooking temperatures, and employee hygiene. 

It's important to stay up-to-date on these regulations and consistently enforce them to protect both your customers and your business. By following these safety guidelines, you can run a successful kitchen that produces high-quality meals without endangering anyone's health.

Ensuring That Workers Are Following Proper Hygiene Practices in the Kitchen

Keeping your kitchen clean isn't only for aesthetic purposes but for safety as well. Though it's always best to rely on professional cleaners for the harder-to-reach areas, such as kitchen hood cleaning and freezer/fridge cleaning, everyone who enters the kitchen should take hygiene seriously. 

For workers, there should be a strict regimen to follow regarding cleanliness. Hand-washing should be done frequently, and worn aprons and gloves should be changed daily. Also, the kitchen should thoroughly clean after each meal to keep bacteria away. 

It's your responsibility to implement proper hygiene practices and make sure they're followed. Be sure to have your kitchen maintain proper hygiene to produce not only delicious but also safe food.

A commercial kitchen can potentially be hazardous to workers or customers if safety and hygienic regulations aren't adhered to. As such, it's important that a manager pays special attention to making sure all employees are aware of safety guidelines and follows best sanitary practices. 

Most importantly, spills should be wiped promptly, and high-traffic areas should always be kept clean. But beyond that, managers must ensure they stay up-to-date with food safety regulations and industry standards and have good procedures in place for regular inspection of equipment as well as disposal of waste. 

By keeping informed and prepared with the right policies in place, commercial kitchen managers can ensure their kitchens are safe for everyone involved.