What is Color Accounting?

The world of accounting and financial analysis is ever-broadening. By honing your skills and expanding what you know about your field you can increase your personal profits or become an invaluable asset to your company. How sharp are your skills? Could you use an augmented refresher course?

If you’re an accountant re-entering the field, changing jobs, struggling with a new challenge, thinking of striking out on your own, or preparing to embark on a career change to accounting or bookkeeping, it might be the perfect time to consider Color Accounting.

What is Color Accounting?

Color Accounting is a self-study workshop designed to teach the essentials of accounting and bookkeeping in a fast and simplified format. The foundational principles of accounting can be complex and difficult to grasp or retain, especially if you’re a highly visual individual. Color Accounting uses color, diagrams, shapes, graphs, and simple practices to illustrate how accounting works on a micro and macro scale.

How Can Color Accounting Help?

Color Accounting is frequently reviewed as the best course accountants and MBA students have ever taken, because it compiles and explains the most fundamental parts of business accounting in a way that anyone can process and master. Color Accounting can help you understand accounting and business financials if you’ve struggled in your business courses or you want to sharpen your accounting skills.

Who Benefits from Color Accounting?

Color Accounting is perfect for any individual who wants to be better with their business mathematics. Everyone from seasoned accountants to brand new students have taken Color Accounting with glowing reviews and real-life application. Color Accounting can boost your skills to prepare you for a raise or to transition into running your own accounting firm. Color Accounting can help new or struggling students, or especially those who have taken a hiatus from accounting or bookkeeping and are returning to the field.

How Do I Certify in Color Accounting?

Color Accounting is one of the many robust courses offered by Universal Accounting School. Color Accounting is a self-study workshop that you take wherever you are, on your own time. It can count for credit and you may be eligible for scholarships or financial aid. Color Accounting begins with a box of educational materials mailed to your home or business, then hands on practice, videos, and help. This makes it the perfect option for anyone needing an edge in their accounting practice.

If you think Color Accounting might be right for you or you’re interested in more information, give us a call or live chat with us today. We can help you become a master accountant.

 

The Importance of Client Retention

Many businesses focus their growth efforts on new business. That’s definitely an important component of any business and a successful growth model, but it can be putting the cart before the horse. Before you focus on opening new areas for new customers, it’s time you take a look at your client retention.

Client retention is the critical lifeblood of any business. If your business is unable to keep clients, you are unlikely to remain profitable over time. Keeping your clients happy and coming back is actually the most successful way to sustainably grow your business. What exactly will client retention mean for you?

  • 80/20 Rule for Revenue: Did you know what 80% of your profits will come from 20% of your existing client base? Do you know who those clients are? If not, it’s time to take a closer look at your clientele. What are their demographics? What services and products are you providing them? Are their needs being met?
  • Earn More: Now that you know your existing clients are your future revenue, how can you create that change? Maybe you need to keep them engaged with reminder emails, helpful tips, or consultations. Many businesses find increased revenue by creating new products, services, or packages for their existing customers to create a better experience while generating more income.
  • Decrease Cost: We have some more statistics for you. Did you know it’s 10x more expensive to sign a new customer to your business than to keep an existing customer? Therefore you will do much better to keep your existing customers happy and returning than to spend 10x the cost on a new customer.
  • Better Marketing: When you shift your priority to client retention and working with clients for the long haul, you are learning more and more about what they need, who they are, and what works. Once you’re ready to more actively pursue new clientele you’ll be better equipped to target and acquire them.
  • Improved Business: Working to retain clients improves your services and process much more than simply finding new ones, because you are more aware of your business practices and onboarding routines. Keeping your existing clients will improve your entire business for the future.

If you operate a small accounting or bookkeeping business, you need to learn what client retention can do for you. Universal Accounting School offers courses and coaching to help you learn the principles of client retention, marketing, and growth that can help you increase your revenue and improve your practice.

Why Choose Universal Accounting?

You’re ready to do something different, but you’re not quite sure just what. Maybe you’re an accountant thinking about branching out on your own. Maybe you have your own accounting or bookkeeping practice, but you know you could be doing better. Maybe you’re ready to begin marketing or online measures to increase revenue or expand your clientele. So what are you going to do? Read another book? Buy another how-to manual? Pay someone else for services you don’t understand?

Instead, you should choose Universal Accounting. Universal Accounting exists to help accountants, firms, entrepreneurs, and bookkeepers alike meet their goals. Whether your goals are financial, growth, project-oriented, or simply personal professional goals, Universal Accounting can give you the tools you need to meet those goals.

Why Should You Choose Universal Accounting?

  • Universal Accounting has been helping accountants and bookkeepers take their business to the next level for over a decade. We have helped individuals start their own businesses, grow their businesses, learn marketing techniques, retain clients, and even expand to more employees or branches. We’ve been doing this for a long time, and we know what works.
  • Hands-On. Universal Accounting uses hands-on education methods to prepare you for the real world of owning your own business or creating manageable growth. We help you immediately apply principles to your business, and we never speak in theoretical terms. Everything we do is designed to be used directly in the real world.
  • Your Time. You can get certified or enroll in coaching from anywhere in the world, and in any working situation. Nights, weekends, lunch breaks, or early mornings might be best for you, and it will work. Universal Accounting is available on your time and at your pace to help you take important steps without having to quit your job or sacrifice a social life.
  • Our courses and coaching are specifically catered to your needs, because we know that you and your practice are unique. You don’t need a one-size-fits-all method – you need an expert who can tailor their advice and lessons for your exact situation. That’s what you deserve.

What are you waiting for? You could soon be pursuing the life and business and profits that flood your dreams, and achieving them! With Universal Accounting School you can make your dreams a reality, without large expense or disrupting your life. And once you’re ready… we can start right away. So come see what we can do for you!

 

6 Key Steps on How to Deal with a Difficult Accounting Client

All accounting firms have to deal with difficult clients more often than not. Regardless of how much we want it, not every client turns out to be an ideal client. No matter what you do, some might just turn out to your worst nightmare, the ones who keep complaining, who trouble your mobile bookkeeper by not paying their reimbursement or bills, or wait until the eleventh hour to supply information.

Conducting business and interacting with those difficult clients can become frustrating and tedious at timCommunicate With Your Clients Universal Accountinges. However, we know that these clients can be the lifeblood for any accounting business. That said, it is important for firms to recognize how to deal with such potentially hot-blooded situations to make sure that their clients remain satisfied with their services. Unfortunately, it is not as easy as we might think.

We are going to share the key steps to prevent disagreements and problems from arising in the first place, as well as how to deal with them.

The 6 Steps:

  1. Communicate, Communicate, Communicate!

Communication is the key. If you get blindsided by your difficult client, it indicates that you have not communicated with them thoroughly enough. While communication protocols are unique to each accounting firm, these tips can be applied anywhere:

  • Make it a general rule to contact your clients every so often.
  • Keep door of communication open, because it is very likely that you will never become their trusty adviser if you only speak to them during tax season.
  • Make yourself accessible and return their calls promptly.

Regular communication tends to provide cross-sell and value-added services to your organization and is essential to keep difficult clients satisfied.

  1. Conduct reviews

Conduct at least trimestral reviews to know what your clients think about your firm’s performance. These reviews are valuable because they will make your relationship with your clients:

  • More long-lasting.
  • More dynamic and fruitful.

These quarterly reviews can help your firm to fix issues that have arisen and were pointed out in the last review. They also allow you to make continual improvements within your organization in accordance with the needs and demands of your challenging clients.

  1. Make their expectations clear

Check with your clients to note down their expectations, goals, and timelines and then perform in line with them. Needless to say, your firm’s expectations, goals, and timelines should also be in agreement with that of your clients’.

View your business clients as your clients but as people, too:

  • Celebrate your clients’ successes.
  • Console and assist them during difficult times.

Such attention tends to help prevent upcoming conflicts and will lead to better and more harmonious connections between you two.

  1. Avoid qualms

The difficult clients who keep on questioning your work may have some vested interests in your business. They may want you to make improvements within your firm. Do NOT get suspicious and wary about your clients’ intentions and keep things professional.

  • Respond to your clients’ concerns in an appropriate manner.
  • Consider that their criticism is constructive. Use it positively and for your own betterment.
  • Stay on your toes when responding to challenging clients, avoid angry or aggressive responses.
  1. Empathize

While speaking with the difficult client, try to understand why your client is acting the way they are. Try to help them in turning the difficult situation around and empathize with them by asking about how you can make the situation better.

  • Discuss the client with your workforce to see if you can find a solution together.
  • Let the client know that you care about them and are doing your best to work things out.
  • Show empathy in the way you speak, ask questions, and address their concerns.

Showing empathy does not only show that you care for someone but also tends to drive positive outcomes. Empathizing is one of the friendliest gestures you can extend to someone in trouble.

  1. Let Them Go

Sometimes your difficult client can become challenging to the extent that will distract you from your work. In such cases, have the courage to let them go! It is better to pay attention to those with whom you have the most prolific relations:

  • The ones who help you achieve your business objectives.
  • The ones with whom you and your employees have a great relationship.
  • The ones you know you are providing value for.

Realize that you aren’t a perfect fit for this certain client and terminate the contract on amicable terms. Suggest other probable options to them, if you can and let them go.

It is true that your clients are important for your business success and you can’t continue without them, but it is also a fact that some problematic clients may provide you with more harm than good. It is better to let them go and move on if you really want to make the most out of your business.

It is just impossible to promise that accounting firms will never have to deal with problematic, challenging, and difficult clients. However, by following the steps suggested above, you can prevent clashes that will disrupt business from occurring.  

Irena Mckenzie

Irena Mckenzie is a Castle Hill local and is a very experienced local, mobile bookkeeper and successful small business owner. She has many years experience in all facets of bookkeeping and office work.  She has run various small businesses for many years and understands exactly what it takes to get a small business up and running at full speed.

 

Bookkeeping vs. Accounting

To the layman, bookkeeping and accounting sound like the same thing. Isn’t it just compiling lists of numbers and formulas to understand what’s going on financially for a company? There are, however, differences between bookkeeping and accounting which can help you better understand the needs of y our company or small business.

Every business needs bookkeeping AND accounting, though many begin only with bookkeeping. Bookkeeping is the process of recording each of your financial transactions –  sales and purchases. It’s the basic math needed to keep your business profitable and to be sure that you don’t run out of money or inventory. Bookkeeping is the first critical step to keep your business alive. When you’re ready to get more serious, or as your business scales far beyond your initial bookkeeping skills, it’s time for some accounting.

Accounting is much more than just bookkeeping. Accountants do keep track of daily transactions, but instead of simply keeping track of the company’s assets, accountants take all of those purchases and expenditures into deep analysis for the good of the company. Accounting includes the analysis, classification, summary, and even recommendation.

Accounting is a more complicated process than bookkeeping, which is why accountants need further certification than bookkeepers. Accountants need a bachelor’s degree or a CPA certification before they can provide accounting services for a company. Accountants are able to look at the data and determine what is happening for the company on a day-to-day basis, and then make recommendations for future moves, price changes, or other relevant details to benefit the business. Accountants are able to see what business owners and operators cannot, simply by analyzing the data.

We recommend that everyone utilizes accounting practices for your business, as accountants can offer much more applicable services to help maximize your business profits. Bookkeeping is also important, and employing a bookkeeper you trust to catalog your finances is the best way to keep your business healthy and operating efficiently.

Do you need bookkeeping help? Are you looking to take your business from bookkeeping to accounting? Are you a bookkeeper looking to improve your certification to offer accounting services? If you are interested in the services of bookkeeping, accounting, or maximizing your business profits, Universal Accounting School offers courses and certification to help you meet your business goals. We help people learn bookkeeping skills, advance to a CPA level certification, offer profitable accounting services for others, and more. If you’re ready to take the next steps, come see how Universal Accounting can help.

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