How to Prepare for a First Meeting with a New Client

When you finally meet with a new client, you first want to assess their needs. After all, your goal is to create a successful relationship with this client. However, it can be challenging to know where to start. Here, we’ll take you through some tips on preparing for a meeting with a new client.

1. Do Not Interrupt Your Client

There’s no need to jump in, and ask questions when you meet with a new client. Instead, do not interrupt your client. This will allow them to get into the details of their situation, and let them feel comfortable with you.

2. Do Your Research

As you get to know your client, please research them. This will give you a better idea of whether, or not you’re a good fit for their needs. You can also ask them questions about their business, which will give you more insight into how they run their company.

3. Explain Your Experience and Skills To Your Client

Once you’ve learned more about your client, you want to discuss how to help them. This is an excellent time to talk about your experience, and the skills you bring to the table.

4. Don’t Go Too Deep Too Quickly

As you learn more about your client, it’s essential not to go too deep too quickly. This will help you avoid getting “lost in translation,” and let your client feel comfortable with you.

5. Show Your Interest and Passion

Finally, you want to show your interest, and passion for the company that your new client works for. This will give them a better idea of whether, or not they can trust you, which is very important at the start of a new relationship.

6. Be Personable and Friendly

When you meet with a new client, you want to be personable, and friendly. This will help your clients feel comfortable with you, and allow them to know that you’re on the same page when it comes to their needs.



It’s essential to meet with a new client without getting too caught up in the details. This will help you assess their needs, and find out whether or not this is the right fit for your business.

How to Become a Hireable CPA

Companies, organizations, and accounting firms seek accountants with experience, expertise, and, oftentimes, advanced education. For this reason, many people choose to become a CPA to strengthen their resume and make them a more valuable applicant than those without the certification. CPAs earn more money, have credible knowledge, and are open to more job opportunities. This piece covers how to become a CPA to set you up for your next accounting job. 

Steps to Achieving CPA Status 

Each state has slightly different CPA requirements, so be sure to confirm the steps for your state. You can view each state’s requirements here. We list the basic steps to become a CPA, but know that it is a detailed process. 

1.Education- CPA candidates must have completed an undergraduate degree before applying to take the CPA exam. Some states are more lenient with this rule, but generally expect to wait until after you graduate. Along with a bachelor’s degree, you will need a certain amount of credit hours of accounting and business courses. Depending on your degree, you will have likely completed most, if not all of these hours during your undergraduate time. However, you may need to supplement with extra courses if you do not meet the minimum. 

2.Exam- Taking and passing the CPA exam is the next step. The CPA exam has 4, 4-hour test sections. The topics of these sections are Auditing and Attestation, Business Environment and Concepts, Financial Accounting and Reporting, and Regulation. The exam question types include multiple choice, case studies simulations, and written tasks. A minimum score of 75 in each section is a passing score. The exam is a very important part of the process, so many people use guides and spend time studying for the exam. The AICPA also requires candidates to take an ethics course to pass.

3.Experience- Experience is another step that varies state-to-state. Necessary accounting work experience ranges from 6 month to 2 years. Your work experience can help set you apart from other candidates, so try to find opportunities that relate to your career goals. 

We covered the three main steps, but there are more to consider. Before deciding to pursue becoming a CPA, take time to think about your future and aims to see if being a CPA will help you get to where you want to be. There are a lot of resources at your disposal to make the journey easier. 

How the CPA Adapted During the Pandemic

Like other professions, CPAs had to adapt to the changing work environment resulting from the pandemic. It is an odd moment to reflect since the future without the coronavirus is still on the horizon, and we are very much still in the pandemic. However, there are very clear ways in which CPAs have quickly pivoted their practice to accommodate the needs of their clients. We cover some of those ways below and hint at what these changes could mean for the future of CPAs and their work. 

Enhanced Business Support

As businesses began to drown at the onset of the pandemic, CPAs were there to save businesses from going under. They provided crucial business advice that made the difference between businesses closing and staying open. CPAs stepped in to help storefronts transition to a curbside shopping experience and integrating delivery services. Businesses who were unsure of the risks or rewards of finding ways to continue being open went to their CPA for advice. 

Additionally, CPAs also helped business owners interact with local government officials to find ways cities could help their businesses. CPAs made sure their clients were not alone with any challenges they were facing. Businesses can count on their CPAs in more ways now than they did before the pandemic. 

More Virtual Work 

By now, CPAs are likely used to using virtual platforms to do their job functions. While there is still value to in-person meetings for some instances, virtual meetings can be more efficient and flexible. CPAs can serve a wider variety of clients that might have once been not possible given distance or scheduling issues. 

Virtual CPA work is likely to stay after the pandemic quells. Many have found the addition of remote work refreshing since it provides a break from the daily office life. CPAs are still available for their clients whether they meet in an office or over Zoom. 

Fulfilling the Advisor Role

CPAs had to develop the capacity to be more than the person who helps with taxes during the pandemic. To do this, CPAs researched the unique needs of their clients and sought informational resources to help them answer questions their clients may have. In addition, CPAs stepped up their communication and proactively reached out to their clients to get ahead of any potential challenges. These changes have brought advising back as a responsibility for good CPAs. 

How to Utilize Your Tax Refund

When it comes to receiving a tax refund, there is no “one way” to utilize it. Whether it’s used to pay down debts, create an emergency savings fund, or have fun, the Tax Refund Calculator can help you prioritize how to use the refund while keeping in mind your financial responsibilities. By following the Tax Refund formula, you can prioritize your critical finances, while allowing yourself to splurge a bit on the special item that you kept your eye on these past several months.

Spending Needs – 30%

When dedicating the largest percentage of your refund to spending needs, it is important to determine what is in fact a necessity. Common needs may include household appliances that are beyond repair, such as dishwashers or washing machines. Similarly, maybe you need an updated professional wardrobe for your new job or a new vehicle to help you get there.

Debts – 25%

By focusing 25% of your tax return on debts with higher interest rates, your choice will yield long-term results that save you the most money in interest. However, if your main priority is trying to fix or establish your credit, consider applying the 25% to newer debts.

Savings – 20%

Maintaining a steady emergency savings fund should be a top priority in the event of unforeseen events, such as the need for a home repair or vehicle replacement. Additionally, the 20% can go toward short-term goals, such as gifts for loved ones or even a future vacation.

Long-term Investments – 15%

Long-term investments are always a wise use of your tax refund, and they can go toward your 401(k) or IRA, which in turn may also result in saving on future taxes. Another possibility for your 15% is utilizing it to fund or boost your child’s 529 college savings account.

Fun – 10%

While you may lower your refund percentage allocated to something enjoyable, making sure that it exists will make it easier to put the rest of the money toward your other goals. Some possibilities for the last 10% include a vacation or a night out with a loved one.

Our Top 10 Tax Tips for Small Businesses

  1. Consider The Installment Method When Selling A Small Business. Reporting the sale of your small business using the installment method can save significant amounts of federal income tax, and provide flexibility to both seller and buyer.
  2. How Should You Set Up Your New Business? If you are forming a small business, you face several choices: Sole Proprietorship, Partnership, C-corporation, S-corporation, Limited Liability Partnership and Limited Liability Company. Here are the basics.
  3. Using a Loss to Your Best Advantage. The Net Operating Loss (NOL) rules, including carrybacks and carryforwards, are very important and often misunderstood.
  4. What’s the “Right Amount” of Compensation for an S Corporation Shareholder/Employee? The S corporation has been used by small business owners to avoid payroll taxes, and the IRS knows it. Here is a case that describes how a CPA got into trouble with his own S corporation–and how you can avoid the mistakes that were made.
  5. Excluding Gain on Sale of Personal Residence/Home Business. How do you account for gain from the sale of your residence if you have used part of it for business? What if you own a home with someone to whom you are not married? Can you exclude gain from the sale of land on the lot your residence occupies?
  6. The Home Office Deduction: Know the Do’s and Don’ts. Tax rules regarding the home office deduction have changed a lot over the years, so be sure to review before claiming the deduction.
  7. 1-2 Punch Hits Family Corporation. Make Sure it Does Not Hit Yours. A decision of the First Circuit Court of Appeals reminds us of the need to carefully monitor and document both compensation paid to Shareholder/Employees of family owned C (regular) corporations and accumulated earnings in such entities.
  8. The Tax Treatment of Country Club Dues. Can you deduct your country club dues? What constitutes legitimate business deductions?
  9. Where is Your Business Tax Home? You may know where you live, but if you’re one of those frequent travelers who is always on the road, the IRS may rule that you are “homeless” from a tax standpoint. How could that affect your travel deductions?
  10. Check Your Tax Accounting All Year Long. There is a very helpful feature on this online office that will help you during tax season. It is absolutely necessary once you hire employees and begin payroll operations.

 

Our Top 10 Personal Tax Tips

Every year, Congress makes changes in the tax laws, so it’s wise to consider how your tax planning will be affected. Here are our Top 10 individual tax planning tips for this year.

  1. The Tax Advantages of Remaining Unmarried. Because of the ongoing same-sex marriage debate, the tax ramifications of marriage have recently been much discussed. Not all tax rules that apply uniquely to married persons are more favorable than those that apply to single persons.
  2. Tax Treatment of Legal Fees. Generally, legal expenses are non-deductible personal expenses. However, there are 7 specific instances in which deductions for legal expenses paid by an individual may be permitted.
  3. All Income Is Taxable Unless…While it is true that most everything of value received by an individual must be reported as income for federal income tax purposes, there are more than two-dozen specific exclusions.
  4. Earn College Credits and Tax Credits at the Same Time. The Hope Scholarship Credit, Lifetime Learning Credit, and other key considerations need not be a mystery.
  5. Application Of “Intermediate Sanctions” To Certain Not-For-Profit Organizations. IRS regulations governing intermediate sanctions in the non-profit field impose monetary penalties when “excess benefit transactions” with a “disqualified person” occur.
  6. Sharing Your Stock Market Losses With Uncle Sam. If you’ve lost money in the stock market, you should be aware of the tax breaks that capital losses can generate and how to avoid the tricky Wash Sale trap.
  7. To Roth or Not To Roth? That is the IRA Question! For many taxpayers, the Roth IRA is one of the best tax-advantaged retirement plans around. Are you eligible to harvest the grapes of Roth? Is a Roth IRA or a traditional IRA right for you?
  8. Two-year Requirement for Excluding Gain on Sale of Your Principal Residence. How do you measure periods of occupancy for the two-year-out-of-five test when you have two homes and live in both during the testing period? Much more is involved than simply counting nights.
  9. Partial Exclusion of Gain – Early Sale of Residence. Can you exclude any part of the gain from sale of your principal residence if you don’t live in it for at least two years? Yes, and here is a summary of special rules that apply to shortened periods of occupancy.
  10. Lump Sum Rollovers Gaining Momentum. If you’re leaving your job, you should be aware of the growing trend of rolling over your retirement savings to a new plan.

Overview of Personal Tax Services

Tax Preparation and Planning
Prepare individual federal and state tax returns (including states other than Illinois) and have very competitive rates which are based on the complexity of the returns. eFile and direct deposit of refunds are popular options that we offer. We encourage you to visit our Tax Center page to print out a Tax Organizer prior to visiting us for your tax preparation needs, and visit our FAQ page for information on what we will need in order to prepare your return. In addition to tax preparation for individuals, we also prepare other types of tax returns, such as Trusts and Gift Taxes. We regularly offer tax saving advice and periodically send you literature regarding the latest tax law changes and how they affect you. If you are anticipating any changes that may affect your tax liability, such as changes in income or filing status, we can prepare a tax plan for you so you will be ready as these changes occur.

Retirement Planning
It is never too early to start planning for retirement. If you want to live the same lifestyle–or an even better one–than you do now, you need to start planning for retirement…NOW. We specialize in long-term wealth building and management, and as a CPA Firm we know how your investment transactions can affect your tax liabilities. We can offer you the advantage of being able to use this information to incorporate investment strategies with tax saving strategies for your overall financial benefit. Contact us if you are interested in a portfolio review to be sure you are on the right track to reaching your retirement goals.

 

Pension & Profit Sharing Plans
We can help you decide which retirement plan is best for you, and then we will help you fill out all the paperwork necessary to implement it. For example, if you own a small business, we can show you how the new SIMPLE Retirement Plan can save you three to six times more money than an IRA, and how it’s cheaper to maintain and easier to understand than a 401K and other retirement plans.

Debt & Financial Services
We offer complete debt and financial counseling services, including installment debt consolidation, refinancing, and repackaging. Our mortgage originator license allows us to help you get a mortgage or to refinance your existing mortgage. We can also assist you with creating personal budgets and forecasts, tracking your daily transactions in order to analyze and fine-tune your spending and savings habits, and help you with your planning to reach financial goals like saving for a big purchase or vacation, starting a business, or buying a house.

Overview of Payroll Services

We use the latest technology to offer a new “Payroll Solution” for your business

  • Would you like to process your own payrolls with guidance from our accounting firm?
  • Do you want to run your own payrolls anytime, anywhere?
  • Do you need to run your own payroll from mobile devices?
  • Are you looking for a full-service payroll service that’s competitively priced?

  

Flexible, Customized Payroll Services

While many payroll companies offer a take-it-or-leave-it, cookie cutter approach, we tailor our services to meet the needs of each individual client…and our personalized payroll service is more cost-effective than ever before.

Our payroll solution is accessible 24×7 on the Internet, ready for you to use anytime, anywhere, from any device.

 

What does our Payroll Solution offer?

  • Completely automated payroll processing – you simply enter payroll data over a secure Internet connection and the solution does the rest.
  • Most importantly, the unmatched benefit of our personal service and our trusted, professional relationship with you.

 

Benefits of Personalized Payroll

  • You and your staff can concentrate on growing your business, rather than spending valuable resources on payroll compliance and reporting.
  • You no longer have to worry about payroll and taxes or complex reporting requirements and changing tax laws…our Payroll Solution handles it all.

Overview of Accounting Services

We provide you with a monthly or quarterly income statement and balance sheet which compile your financial transactions for the period. These financial statements are custom designed for your type of business. They may include reports which give you comparisons of actual results with budgeted, or current year results with prior year results. These statements include a general ledger, payroll journal and bank reconciliation. We will show you how to use these “tools” to run your business successfully.

 

Compilation and Review Services

Our firm provides professional compilation and review services to businesses of all sizes. We prepare financial statements in accordance with Generally Accepted Accounting Principles (GAAP) or other basis of accounting for use by banks, investors, and other third parties.

 

Financial Forecast and Projections

We can work with you each year to develop a monthly budget for the upcoming year. Coupled with the financial statements we give you, these reports will be your tools that tell you how your business did versus what you planned.

 

Tax Services

We prepare all your taxes – payroll, sales, and income taxes – promptly. We regularly offer tax saving advice and periodically send you literature regarding the latest tax law changes and how they affect you. If you’re new in business, we can help you decide if you should incorporate and if you should elect S corporation status.

 

IRS and State/Local Representation

Our firm knows the tax laws, and we are knowledgeable of current tax practices. We can provide you complete representation services before the IRS as well as state and local taxing authorities. We are also experienced in negotiating Offers in Compromise with the IRS.

 

Business Valuations

Our firm provides cost-effective business valuation services, quickly and efficiently.

 

Computer Consulting

We can show you how using a computer (and the right software) to perform your daily accounting tasks can save you time. Tasks such as billing your customers on the computer and knowing quickly how much they owe you, writing checks on the computer and knowing your cash balance at any time. If you have some accounting knowlege or the proper staff, we can help you set up the chart of accounts to properly keep track of your general ledger in-house, with us periodically perusing these financial statements but not compiling or auditing them.

 

Retirement Planning

It is never too early to start planning for retirement. If you want to live the same lifestyle–or an even better one–than you do now, you need to start planning for retirement…NOW. We can analyze your projected income and expenses and suggest investment funding techniques to help you make sure that your golden years 10, 20, and even 50 years from now live up to your expectations. We can even help you decide on the specific investments to make.

 

Pension & Profit Sharing Plans

We can help you decide which retirement plan is best for you, and then we will help you fill out all the paperwork necessary to implement it. For example, if you own a small business, we can show you how the new SIMPLE Retirement Plan can save you three to six times more money than an IRA, and how it’s cheaper to maintain and easier to understand than a 401K and other retirement plans.

 

Investment Review

Our firm will perform a custom portfolio analysis and review the risks and returns of specific investments including stocks, bonds, REITs, and limited partnerships. We will also determine an optimal asset allocation for you by taking your unique personal and financial goals and resources into account.

 

Payroll Services

Our firm offers complete payroll preparation and payroll tax reporting services. We prepare all federal and state returns and offer full magnetic media and electronic filing capabilities.

 

Debt & Financial Services

We offer complete debt and financial counseling services, including installment debt consolidation, refinancing, and repackaging.

 

Benefit Plan Services

Our firm can help your firm weigh the complex benefits and costs posed by todays qualified and nonqualified pension and profit sharing plans, including 401(k), SEP, SEP IRA, Keogh, life insurance and health insurance plans.

Overview of Bookkeeping Services

Provide your business with detailed bookkeeping services, including Accounts Payable, Accounts Receivable, and Payroll processing to help you record and manage your daily business transactions. Our services include check writing, bill paying, customer invoicing, receiving and recording deposits, receivables and payables tracking and analysis, bank statement and credit card reconciliation, depreciation, sales and inventory tracking, paying your employees and subcontractors, and making tax deposits. We can customize our services to meet the needs of your business, whether you need assistance in one or two of these areas, or need a full range of bookkeeping services provided in order to allow you to concentrate on other aspects of managing your business.

 

Payroll Services
Our firm offers complete payroll processing and payroll tax reporting services. We prepare all federal and state returns and offer electronic filing capabilities. We offer you and your employees many personalized options such as Direct Deposit, with the capability to deposit into multiple accounts. We do what ADP and Paychex do, but with a personal touch. For more information, see our separate Payroll Services page, or contact us.

 

Pension & Profit Sharing Plans
If you own a small business, we can show you how the SIMPLE Retirement Plan can save you three to six times more money than an IRA, and how it’s cheaper to maintain and easier to understand than a 401K and other retirement plans. We can help you decide which retirement plan is best for you.

 

Accounting Services
We provide you with a monthly or quarterly income statement and balance sheet that compile your financial transactions for the period. These financial statements are custom designed for your type of business. They may include reports that give you comparisons of actual results with budgeted, or current year results with prior year results. Other financial statements we provide include a general ledger, payroll journal and bank reconciliation. We will show you how to use these “tools” to run your business successfully.

 

Compilation and Review Services
Our firm provides professional compilation and review services to businesses of all sizes. We prepare financial statements in accordance with Generally Accepted Accounting Principles (GAAP) or other basis of accounting for use by banks, investors, and other third parties.

 

Tax Services
We prepare all of your tax returns – payroll taxes, sales taxes, and annual corporate income taxes – promptly. We regularly offer tax saving advice and periodically send you literature regarding the latest tax law changes and how they affect you.

 

IRS and State/Local Representation
Our firm knows the tax laws, and we are knowledgeable of current tax practices. We can provide you complete representation services before the IRS as well as state and local taxing authorities. We are also experienced in negotiating Offers in Compromise with the IRS.

 

Financial Forecasts and Projections
We can work with you each year to develop a monthly budget for the upcoming year. Coupled with the financial statements we give you, these reports will be the tools that tell you how your business is doing versus what you planned.

 

Business Consulting, Incorporation, and Valuations
If you’re new in business, we can help you decide if you should incorporate and if you should elect S corporation status. If you would benefit from incorporating, we can facilitate the process and help you accomplish that for your business. Our firm also provides cost-effective business valuation services, quickly and efficiently.

 

Tax Services
We prepare all your taxes – payroll, sales, and income taxes – promptly. We regularly offer tax saving advice and periodically send you literature regarding the latest tax law changes and how they affect you. If you’re new in business, we can help you decide if you should incorporate and if you should elect S corporation status.

 

Computer Consulting
We can show you how using a computer (and the right software) to perform your daily accounting tasks can save you time and money, whether you are a beginner or a more advanced user. We can teach you how to perform tasks like billing your customers on the computer so you’ll always be able to quickly know how much they owe you or how much they’ve paid you, or writing checks using the computer to track your expenses and know your correct cash balance at any time. We can incorporate these records into the accounting work we can do for you, or if you have some accounting knowledge or the proper staff, we can help you set up your chart of accounts to properly keep track of your daily transactions in-house, with us periodically reviewing your general ledger and financial statements for you, but not compiling or auditing them. Our consultants are available to assist you in choosing which version of the program is best suited to your needs before you make a purchase, and we can then also help you with installation, proper setup, one-on-one or group training, and file maintenance and review.