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July 18, 2019

Four Tips to Hitting Your Perfect Price Point Part 4


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Four Tips to Hitting Your Perfect Price Point Part 4

Last But Not Least… Discounts

There are two keys when it comes to using discounts to win new clients. The first is introducing urgency, and the second is offering value.

A remote bookkeeping service with BOSS gives you a fixed fee plan AND means no more budget overruns ever again!!

In creating urgency, you’re setting a due date and thereby nudging your potential client past the sense of this not being “the right time.” Suddenly there’s a very limited “right time” to get the services they were considering for a reduced price.

Price-wise, you have to go back to your overall strategy to decide if you’re going to offer a percentage discount, or a dollar discount. Percentages generally work better when dealing with lower dollar amounts – 50% is sexier than $50. But dollars are the better bet at higher prices, so you can show a big fat number behind that dollar sign.

Cancel remote bookkeeping staff with only a month’s notice. Don’t get caught out with super long contracts and hidden exit fees with other outsourcing firms!

The key here is that the two – urgency and offered value – must be used together. If you offer a huge discount but have no explicit end date, then that sense of urgency is wiped out. Conversely, if you have a one-week sale but only slice off a tiny amount from your price, the sale becomes meaningless when it comes to value.

When you engage a BOSS remote bookkeeping service or an accountant you can have a monthly client services meeting to make sure your firm’s goals are being met

Another way to discount is instead of purely slashing prices, you offer to knock off a percent from a certain service if your client brings in a new client. So you offer new Business A your “Advice For New Businesses” package… but you’ll give it to them for 10% less if they can get someone else to sign up with them (that second business also receiving 10% off).
So they call up Business B who agrees, and they come to you together for that deal where each gets 10% off. Your “Advice For New Businesses” package is a pretty standard bundle of services, and it costs you little to no time or money to tailor it to both A and B. So for the one-time loss of 20%, you now have two new clients who will grow with you, steered onward to additional services as time goes on.

BOSS remote bookkeeping staff have all worked reviewed by a senior reviewer before the work is returned to you

Like with the rest of our points, this is an experiment in getting to know your own business better – here you’re figuring out how to measure long-term gains (gained clients) versus short-term losses.

There is one great big caution sign here – charging too little too often will devalue the perception of your services. Don’t offer discounts for long periods of time or on a routine schedule. You want to keep your overall value up – offering a lot, for a little less, shouldn’t seem like something you have to do to stay in business. It’s generosity, not desperation.

You can be setup with your BOSS remote bookkeeping staff within a week’s notice

In summary, it all comes down to getting to know yourself and your clients – what you offer, and what they value most.

The End

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BOSS, BACK OFFICE SHARED SERVICES PTY LTD.
Suite 2, 345 Pacific Highway,
LINDFIELD, NSW 2070
1800 889 232
www.boz.com.au
@2019 ALL RIGHTS RESERVED.
Liability Limited By a Scheme Approved

July 18, 2019

You Must Raise Your Prices


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You Must Raise Your Prices

From: How to Price Your Accountancy Services for Maximum Profit (by Mark Wickersham)

Are you working with your virtual accountants in the best possible way?

I’d like to give you something that I have observed.

In the UK at least 90% of accounting firms are charging way too cheaply (this also goes for accounting firms in Australia). They are way undercharging for their services. In fact, I still haven’t come across a firm that charges too much!

And because of that, it’s having an impact on the bottom line profits for all firms throughout the UK. The profession overall is struggling financially due to this. And as I stated in earlier chapters, when we consider the market salary for the owner, over half of accountants are actually making a loss.

See the BOSS site for information on the new Freedom Service’s virtual accountants offer

Accounting practices hold the opportunity to have a serious impact in the lives of their clients. It’s my belief that as we can profoundly change lives, then we should be rewarded for that. To move forward with this we need to know how to price right.

In order to do that, you’ll need to put your prices up, period. And we’ll show you how to do just that in the next few chapters. (Watch out for our following emails from BOSS to learn how)

Go to BOSS for details on the new virtual accountants Freedom Service

More about Mark Wickersham:

Mark is the UK’s go-to profit increasing expert for accounting practices. He also offers online guidance for international companies teaching them how to effectively offer value based pricing. Here’s what other have to say about Mark:

“I’ve benefited a lot from Mark Wickersham’s pricing mentoring. I really liked the adding value approach, and how to communicate my true value to prospect clients in a compelling way. I highly recommend Mark to accountants and bookkeepers who are looking to build a highly successful practice by adding massive value to clients.”

“Mark spoke at our 2016 “Scaling New Heights” conference for small business advisors and blew is all out of the water with his insights on value perception and the psychology of pricing. I would recommend Mark as a presenter for any events targeted to professionals (in any category), especially groups where many of the attendees still trade hours for dollars (i.e. bill hourly).”

“Mark Wickersham has made a significant difference worldwide to the ways Accountants and Bookkeepers run their businesses including pricing, marketing, converting clients and other aspects.

I have had the privilege of learning most of Mark’s philosophies, especially Value Fixed Package Pricing that will make a huge difference to my revenue for many years to come.

Mark is so generous in assisting so many people whether it be workshops, webinars, seminars and email communications. Nothing is too difficult for Mark.

He deserves all the credit he gets as his passion is infectious and he continues to assist so many business owners like me who follow his philosophies and many of these people benefit financially and just as importantly improve the quality of their lives.”

Visit BOSS for info on the Freedom Service’s virtual accountants offer

BOSS (Back Office Shared Services Pty Ltd) is Australia’s premium outsourcing provider supplying well-trained high-quality virtual accountants, outsourced accountants & bookkeepers. To discuss your needs and how we can help, Book a Consultation NOW!

Subscribe to BOSS - Receive monthly articles and special white papers

Sign up to receive monthly articles and special white papers and learn:

  • Tips to Market Your Business
  • How to Increase Your Profit
  • And More!

BOSS, BACK OFFICE SHARED SERVICES PTY LTD.
Suite 2, 345 Pacific Highway,
LINDFIELD, NSW 2070
1800 889 232
www.boz.com.au
@2019 ALL RIGHTS RESERVED.
Liability Limited By a Scheme Approved

July 17, 2019

Four Tips to Hitting Your Perfect Price Point Part 2


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Four Tips to Hitting Your Perfect Price Point Part 2

And here’s where your dollar sign does the dance again – because in fact there can be a very healthy value to you if you price high. Very high. Think about lawyers – do you want the one who costs the price of a house just for showing up to defend you, or do you want the poor public defender who has worn out the elbows on his shirt? While that public defender may actually be the superior lawyer, the woman with the thousand dollar watch automatically reeks of resources and competence.

With BOSS, bringing on the outsourced accountant needn’t be a frightening thought, we have trained accountants that can follow your in-house procedures on all of your jobs!

There can be a lot of value gained by pricing yourself as the Rolls Royce of the accounting world. Which pricing strategy would work best for you at this time?

3. Measure Your Value
Value Metrics. Metric – a means of measuring. Value – what you have to offer.

Your value metric defines not only what services you provide for a given fee but how you are charging.

Don’t pay any kickstart fees with the outsourced accountant provided by BOSS. Other firms can charge an arm and a leg!

E.g. A software company may sell different numbers of licenses at different prices. The price goes down as the volume of licenses goes up (the value becomes greater). They may also add-on specials such as 10 free support calls or unlimited support calls as part of a top tier package. (The value then is even greater).

With an accounting firm you could have a metric which is the frequency of management accounting reports you provide a business per year (e.g. monthly, quarterly, six monthly or annually). The increased value goes up in higher and higher tiers. Additional value based offerings could be bill payments, invoicing, budgeting, cash flow and strategic planning.

If you’re thinking it takes too long to set up the outsourced accountant for your business needs, check out boz.com.au. You can be up and running within a week.

The most important facet of all of this is to remember to be clear as to what the increases in price revolve around. What service(s) do your clients value the most? Build your various price levels around the value(s) your clients want from you at the most basic level.

Once you have a pricing strategy in place with various increasing value propositions in exchange for rising prices, make sure your clients understand your pricing strategy without needing to have someone from your firm explain it to them. The last thing you want is for the waters to be muddy when it comes to what you’re charging for which services. Confusion or difficulties in purchasing your services will lead to a client’s lack of confidence, and that means missed conversions.

The outsourced accountant with BOSS can provide you with quick turnaround on your work

When done right, your firm will still be able to grow even when your acquisition of new clients occasionally fizzles a bit, because since your value metric revolves around services your clients will always need no matter how big they get, as they grow they’ll look to you as their trusted advisor for other valuable services.

4. Bundles, Tiers, and Packages

So we’ve already talked about tiers.

Let’s expand on that by including bundles and packages. What we’re looking at here is placing two or more services together, and then offering them at a price that’s lower than the sum of those individual services. While you’re now receiving less for one (or more) of the services, you’re still receiving income that you wouldn’t have otherwise received at all because the client had no initial interest in the extra service(s). You may even sell a service that isn’t even truly necessary.

The outsourced accountant staff at BOSS only need one month’s cancellation notice. A big difference between BOSS and other outsourcing firms.

Continued in Part ¾ – Four Tips to Hitting Your Perfect Price Point

BOSS (Back Office Shared Services Pty Ltd) is Australia’s premium outsourcing provider supplying well-trained high-quality virtual accountants, outsourced accountants & bookkeepers. To discuss your needs and how we can help, Book a Consultation NOW!

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Sign up to receive monthly articles and special white papers and learn:

  • Tips to Market Your Business
  • How to Increase Your Profit
  • And More!

BOSS, BACK OFFICE SHARED SERVICES PTY LTD.
Suite 2, 345 Pacific Highway,
LINDFIELD, NSW 2070
1800 889 232
www.boz.com.au
@2019 ALL RIGHTS RESERVED.
Liability Limited By a Scheme Approved

July 16, 2019

How Value-Based Pricing Works For You Part 2


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How Value-Based Pricing Works For You Part 2

Benefits of Value Based Pricing at a Glance

  • The end-client has a clear idea of exactly what they get for their money for a clearly defined job. The client gets peace of mind.
  • It improves the relationship with the end-client – fees do not creep up due to more time being taken on a specific job.

 

One month’s notice ONLY with a BOSS outsourced accountant! If you’re looking around ask about contract terms, many outsourcing providers ask for long notice cancellation periods. Don’t get trapped!

 

  • It allows other services to be “packaged up” and sold as clear definable “add-ons” a client can choose to buy. This simplifying and clarity helps the client identify, from a complex set of services, what is useful to them. Thus it is easier to attract clients to additional services and then sell to them.
  • Establishing a value-based fee requires accurate knowledge of the client needs, which mandates a pre-project meeting with a client. This collaborative approach helps build a positive relationship with a client, giving you a chance to take on the role of ‘trusted advisor’ rather than mere service provider.

 

A BOSS Outsourced Accountant That Promises How to Eliminate Budget Overruns With Fixed-Fees on All Your Work boz.com.au

Obstacles to Value-Based Pricing

Value-based pricing methods are not traditional pricing methods, and they take some getting used to, both as a firm, and for your clients. When attempting to implement this method of pricing, some of the obstacles you may face include:

  • Internal resistance: Firm-wide adoption of this pricing method is necessary in order for it to be a success. Training and ‘reprogramming’ staff is an initial investment needed and can meet with resistance, particularly as cost-based pricing (hourly rates) are the pricing method taught at university and the established norm.
  • Client discomfort: Despite the premise of value-based pricing being to set a rate that meets the customer’s value perception, some aspects of value-based pricing may seem unfair to a client, particularly as you change from one method to another. The best ways to assuage this discomfort is to prove to the customer they are getting their money’s value: increase communication with them, improve your availability, your responsiveness and ensure the quality of your work and improve visibility of senior partners.

 

An outsourced accountant needn’t be hidden in the background, out of sight or sound from your firm. With BOSS you have direct contact with your accountant via email or skype!

 

  • Finding the value price: Price setting can be difficult if the proper information is not available. This is where engagement letters must be specific; then anything outside the scope of the initial engagement letter becomes an add-on and can be priced as such, without a project running at a loss. In a case where information is scarce, an engagement letter should cover what the project will encompass, as well as what it will not.

While many firms resist using a value pricing method, many still are embracing it, and feeling the rewards of not only increased value from their work, but a stronger and more open relationship with clients. What is stopping you from using value-based pricing in your firm?

 

Get started now on our new Freedom Service’s outsourced accountant deal

 

The End

BOSS (Back Office Shared Services Pty Ltd) is Australia’s premium outsourcing provider supplying well-trained high-quality virtual accountants, outsourced accountants & bookkeepers. To discuss your needs and how we can help, Book a Consultation NOW!

Subscribe to BOSS - Receive monthly articles and special white papers

Sign up to receive monthly articles and special white papers and learn:

  • Tips to Market Your Business
  • How to Increase Your Profit
  • And More!

BOSS, BACK OFFICE SHARED SERVICES PTY LTD.
Suite 2, 345 Pacific Highway,
LINDFIELD, NSW 2070
1800 889 232
www.boz.com.au
@2019 ALL RIGHTS RESERVED.
Liability Limited By a Scheme Approved

July 10, 2019

How to Improve Your Cash Flow Part 2


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How to Improve Your Cash Flow Part 2

Other Ways to Improve Cash Flow without Dramatically Changing Your Billing Style

Charge Interest on Overdue Payments

Charge a nominal 1% per month interest for money owing past the due date. This has worked well for some businesses in the past.

Factoring

Factoring is a method of securing your cash flow by selling the invoices of your clients to ‘factors’ or businesses that buy invoices of customers that have good creditworthiness. The factors will advance most of the invoice amount to you (typically 70% or 90%) then when the client pays the factor, they remit the balance to you, withholding their factoring fee. This works out great if you have a couple of large invoices that are choking up your cash flow, because you will have most of the money within a day or a couple of days, and the factoring fee will not eat away at the principal amount of the invoice. If however, you have multiple small invoices, factoring them is probably not in your best interest as a way to create cash flow, because the factoring fee may become costly.

Accounting Outsourcing That Means You Never Have to See a Budget Write-Off Again……..Get Fixed-Fees on EVERY job!

Fee Funding

Fee funders are similar to factors in that they pay you the value of an invoice. They differ however, on how the client repays them. Clients can repay a fee funder over a select term period, which means a client that has a large invoice has the option to repay in instalments to the fee funder, while you have already received the full payment upfront from the fee funder.

Your Firm Can Have Fixed-Fee Accounting Outsourcing Staff Working for Only a 50 Hour a Month Commitment 

Take QuickFee as an example. They specialise in fee funding for accounting and law firms, and it costs the firm an initial joining fee to access their services, after which there are no more fees for using the fee funding service. You can then offer their services to select clients, creating a repayment agreement that suits your client’s needs, i.e. a monthly repayment over 6 months. Upon approval, QuickFee credits your account with the full invoice amount, and will direct debit the agreed amount from your clients’ nominated bank account until the invoice is paid in full to them. It’s a cash flow solution for you and your client.

Have you heard of BOSS’ accounting outsourcing Freedom Service?

Cash flow problems have potentially huge knock-on effects; growth can be impeded and revenue opportunities lost. Time is wasted chasing late payments and it causes a lot of stress. For some companies cash flow issues can simply mean the business goes under. So if your cash flow could be better, do yourself a favour and do something about it now!

The End

No hidden fees EVER with BOSS accounting outsourcing services… and no killer start-up fees either!

BOSS (Back Office Shared Services Pty Ltd) is Australia’s premium accounting outsourcing provider supplying well-trained high-quality accountants and bookkeepers. To discuss your needs and how we can help, Book a Consultation NOW!

Subscribe to BOSS - Receive monthly articles and special white papers

Sign up to receive monthly articles and special white papers and learn:

  • Tips to Market Your Business
  • How to Increase Your Profit
  • And More!

BOSS, BACK OFFICE SHARED SERVICES PTY LTD.
Suite 2, 345 Pacific Highway,
LINDFIELD, NSW 2070
1800 889 232
www.boz.com.au
@2019 ALL RIGHTS RESERVED.
Liability Limited By a Scheme Approved

July 9, 2019

How Value-Based Pricing Works For You Part ½


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How Value-Based Pricing Works For You Part ½

Value-based pricing is rapidly becoming the pricing method of choice for professional service firms from law firms to chartered accountants.

The premise of value-based pricing is that you set prices based on the value the client perceives they are receiving. “Value is in the eye of the beholder. For any transaction to take place, both the buyer and the seller must profit from the exchange and receive more value – in their subjective perception – than what they are giving up,” says Ron Baker, author of Pricing On Purpose: How To Implement Value Pricing in Your Firm.

Your Firm Can Have Fixed-Fee Outsourced Accounting Staff Working for Only a 50 Hour a Month Commitment

For example, a client calls with an urgent problem that you, with all your experience, can fix in a half hour. Do you charge the client for half an hour, or do you charge based on the value you are creating for your client? This concept is difficult for many accounting firms to come to terms with…charge the client for a value perception? Isn’t this deceptive? Isn’t it unfair? Won’t charging the client less make them happier?

In fact, pricing for the value you are creating for a client has farther-reaching benefits than just increasing of the worth of your work. This is primarily because to establish a value-based price, you need to involve the client in working out that price. You need complete information from the client, which necessitates greater interaction with the client, which in turn builds a stronger relationship with the client.

Outsourced Accounting saves you in-house time and money

Here is a scenario that most of you will have come across. Its tax time and you have a returning client from the previous year. They are expecting the tax return will cost the same as it did last year, but the work has taken much longer than it did last year, and so the client gets a shock at the bill. They call, upset, trying to negotiate their invoice. You are under pressure to keep the client for repeat business, so you cave, losing money. During the negotiation there is no cash coming in for the work done, so your cash flow suffers; worst of all, your client relationship suffers.

Visit BOSS for a fixed-fee outsourced accounting program designed to suit YOUR needs!

Now consider this. Its tax time and you have a return client from the previous year. You arrange a meeting to discuss their tax return, giving them a list of all the documents you will need to complete the tax return and ask them to bring it to the meeting. You spend a little time going through this with them, and then provide them with a value-based quote for the job. They might say that this is more than last year, at which point you can explain that there is more work in this year’s tax return, and can show them where. You might request upfront payment, or maybe bill for half upfront, half upon completion. You and the client are on the same page at the beginning, you have everything you need to complete the job quickly, and your cash flow is not impinged and your relationship is stronger.

Continued in Part 2/2 How Value-Based Pricing Works For You

Outsourced Accounting that gives you direct contact with your virtual staff – BOSS

BOSS (Back Office Shared Services Pty Ltd) is Australia’s premium outsourced accounting provider - helping you maintain quality and control while outsourcing accounting work. To discuss your needs and how we can help, Book a Consultation NOW!

Subscribe to BOSS - Receive monthly articles and special white papers

Sign up to receive monthly articles and special white papers and learn:

  • Tips to Market Your Business
  • How to Increase Your Profit
  • And More!

BOSS, BACK OFFICE SHARED SERVICES PTY LTD.
Suite 2, 345 Pacific Highway,
LINDFIELD, NSW 2070
1800 889 232
www.boz.com.au
@2019 ALL RIGHTS RESERVED.
Liability Limited By a Scheme Approved

July 8, 2019

How to Lead the Technology Wave Part ½


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How to Lead the Technology Wave Part ½

Are you ready to be at the head of the change in a world of virtual accounting?

Cell phones became mobile devices. Classic office procedures are in the midst of evolving into a paperless endeavour as we speak. Tablets were something to goof on only four or five years ago – but 4.8 million of them were sold in Australia in 2013.

Want to get started on our Freedom Service’s outsourcing accounting work?

By far the greatest changes to the way accounting services are performed is coming from the world of technology.

 

Clients and their Virtual Accountants

We’ve been in the midst of a switch to a paperless system for some time now – people file their income tax returns online, goods and services are bought and sold internationally with no paper money ever entering the equation. In December of 2013 alone an estimated 3.4 million Aussies conducted an e-commerce transaction via a mobile device.

Outsourcing accounting work is much easier when you can speak directly with your BOSS accounting staff

Where once an accounting firm would have a representative sit down with a client and go through their options in a process that could potentially eat up hours, an entire plan can be laid out and virtually signed off on in a fraction of the time.

Software firms with specialized accounting cloud software like Xero and Saasu are becoming more dominant. As a sign of things to come, international concern Deloitte are pushing into the “private client” sector with a focus on SMEs and entrepreneurs with the Deloitte Private division and notably utilizing the Deloitte Private Connect technology. This system offers leading edge cloud goodies like up-to the minute management reports, alerts, online payment authorisation and queries all via one portal.

Outsourcing accounting work on a fixed fee plan means no more budget overruns for good!

The financial world is already trading in their binders and paperclips for cloud-based databases. Are you keeping pace with your competition?

 

The Benefits of Virtual Accounting

The benefits for clients are fairly obvious – ease and speed. They no longer have to get everything ready for their trusty accountant come tax time – transactions are electronically registered and merely need to be pulled up.

It they’re a business, their bookkeeping can be continuously shared with their accounting firm so that they have ongoing and up-to-the-minute financial information at their fingertips.

But the benefits aren’t merely client-centric. A paperless office requires less overhead and less staff. Outsourcing accounting can further reduce both of these costs by almost half. Your lowered costs allow you to trumpet lower service fees to potential clients. A professional firm can now be run from home – you can eradicate expensive office rentals – and a handful of new firms are doing just that.

Plus in a virtual world, you’re no longer a Sydney firm or a Melbourne firm, a Christchurch firm or an Auckland firm, you’re an Australian firm or a New Zealand firm – your reach can be stretching from one end of the country to the other to snag new clients.

Be sure to check out BOSS’ new Freedom Service’s outsourcing accounting work

Continued in Part 2/2 – How to Lead the Technology Wave

BOSS (Back Office Shared Services Pty Ltd) is Australia’s premium outsourced accounting provider - helping you maintain quality and control while outsourcing accounting work. To discuss your needs and how we can help, Book a Consultation NOW!

Subscribe to BOSS - Receive monthly articles and special white papers

Sign up to receive monthly articles and special white papers and learn:

  • Tips to Market Your Business
  • How to Increase Your Profit
  • And More!

BOSS, BACK OFFICE SHARED SERVICES PTY LTD.
Suite 2, 345 Pacific Highway,
LINDFIELD, NSW 2070
1800 889 232
www.boz.com.au
@2019 ALL RIGHTS RESERVED.
Liability Limited By a Scheme Approved

July 4, 2019

Joining Good Groups (Continued….)


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Joining Good Groups (Continued….)

Part 7a

Writing an Enticing LinkedIn Connection Invitation

So we’re gathering a bunch of relevant possible connections. What can we say to them to get them to want to become our (complete strangers) connections?

Get direct contact with your outsource accounting work professional anytime Monday to Friday….

Pro Tip – Do not hit the simplified “Connect” button. This just sends an impersonal message requesting a connection which almost nobody will trust or want to connect with.

Instead, click on the person’s name or the option to view their profile. From here we can send out a more personalized request. Keep in mind we only get about 300 characters in a connection request message, which is not a lot of space to convey value.

When we try to connect with someone from their profile page we get this screen:

And here’s a message template we can try:

If they accept the invitation to connect, immediately (not the next day, but the very second you receive a confirmation – a delay means lost traction) shoot them an invite to the group you run.

If only outsourcing could offer companies outsource accounting work at a fixed fee rate for all the work…..

To do this select Interests, then Groups from the top homepage bar. Select the group management page.

From here do not select “Send Invitations” down the left hand side because this sends out a generic invitation again, which is connection poison.

Instead look for the curving arrow pointing to the right at the top right of the group management page.

This is the share button, which is where we would normally send out emails to all of the group’s members.

However in this case we’re only going to be sending our message (the group invite) out to the one person, our newest connection.

BOSS’ outsourcing services can offer companies outsource accounting work at a fixed fee rate for all the work…..

So deselect the checkbox marked “Share an update,” since this would post to the group’s timeline.

Make sure only the “Send to individuals” box is checked. This will allow us to put only that particular connection’s name in the recipient box.

Here’s a group invite template we can try:

And not that it really matters in this case since we only have one recipient, but uncheck the “Allow recipients to see each other’s names and email addresses” box just so it becomes a matter of habit.

Outsource accounting work … With a minimum of 50 hours per month only, you can have a dedicated professional accountant on a fixed-fee basis!

After all that, even if the person declines to join our group, we still have them in our non-exclusive leads (our connections as opposed to our group), so it’s not time wasted.

If we’re on our mobile and want to send out a personalized invite look for this symbol:

Then select “Customize invite.”

BOSS (Back Office Shared Services Pty Ltd) is Australia’s premium outsourced accounting provider - helping you maintain quality and control while outsourcing accounting work. To discuss your needs and how we can help, Book a Consultation NOW!

Subscribe to BOSS - Receive monthly articles and special white papers

Sign up to receive monthly articles and special white papers and learn:

  • Tips to Market Your Business
  • How to Increase Your Profit
  • And More!

BOSS, BACK OFFICE SHARED SERVICES PTY LTD.
Suite 2, 345 Pacific Highway,
LINDFIELD, NSW 2070
1800 889 232
www.boz.com.au
@2019 ALL RIGHTS RESERVED.
Liability Limited By a Scheme Approved

July 3, 2019

How Outsource Accounting Can Free Up Your Time and Turn You Into a Business Growth Professional


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How Outsource Accounting Can Free Up Your Time and Turn You Into a Business Growth Professional

Most companies look for an accounting practice when they need their tax done or when they need urgent help with something tax related, but wouldn’t it be nice to pick up clients during every part of the year and not just when they are “desperate”?

Index:

  • Making Yourselves Known as THE Accounting Firm to engage
  • Sell Your New Services Like You’re the Expert They Need
  • Which Companies Get You Excited About Working With?
  • What Skills do you Have to Help These Firms Grow?

Making Yourselves Known as THE Accounting Firm to engage

Rather than marketing your accounting firm to businesses that only need your services at certain times of the year, maybe it’s time to start picking up businesses who want to grow. Outsource accounting is your secret tactic in rallying your own new business (so that you will grow), while helping clients grow their own businesses at the same time. If a firm knows you offer much more that “just tax” they become more interested in you. Firms like to know their money is being handled by a professional, it makes them feel safe, but if you can also offer them the chance to grow their business (and remember you’re the professional who they trust) then their more likely to want to engage your firm rather than just a “bean-counter firm”.

All of your clients’ tax returns and other tax work can be taken care of by an outsource accounting provider whilst your firm frees up time to do the more exciting and more income producing work of helping a business exceed their own growth dreams and goals. And you also get the added bonus of having year round work. Forget about stressful end of financial year pressures whilst your outsource accounting provider takes care of the nitty-gritty, you can spread your time out over the year in a relaxed manner while you work on ways to improve your clients’ businesses.

Sell Your New Services Like You’re the Expert They Need

Rather than being just an ‘accounting firm’, you need to let prospects (and existing clients) know you are the expert they need. You are going to market your firm as a business growth consulting firm (who happens to do their taxes)! You’re the professional, make the most of that expertise!

Which Companies Get You Excited About Working With?

You could market your expertise to all kinds of firms but would you be excited working on a nursing home business if your passion is sports? Spend some time thinking about the types of firms you would get excited about when you wake in the morning and know you have to go into the office. Who are they? What size businesses do you prefer working with? Make sure you aim to work with companies that ignite your passions so the thought of work becomes joyful!

What Skills do you Have to Help These Firms Grow?

If you’re struggling at the idea of exactly how to help these firms or perhaps want help in putting together systems to get the most out of being a business growth professional for both your firm and your clients, have a look at the various firms around that are available to help accounting firms move from simple taxation work to business growth advice. There are some really great firms around that can help you implement everything you need and even give you great advice on turning your firm from billing per hour to billing per service, this step alone can help you bring in more dollars annually.

Summary: Outsource Accounting

Using an outsource accounting provider will give you the means to utilise your practice’s precious time to put packages together that will help your existing clients and new clients grow their businesses. As you position yourself as more than just a number cruncher and move into the business growth field you automatically attract new clients and maintain the existing clients you already have. By handing over your clients’ tax work to an outsource accounting provider you’re free time is put to a better and a more exciting use.

BOSS (Back Office Shared Services Pty Ltd) is Australia’s premium outsource accounting provider supplying well-trained high-quality accountants and bookkeepers. To discuss your needs and how we can help, Book a Consultation NOW!

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BOSS, BACK OFFICE SHARED SERVICES PTY LTD.
Suite 2, 345 Pacific Highway,
LINDFIELD, NSW 2070
1800 889 232
www.boz.com.au
@2019 ALL RIGHTS RESERVED.
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July 2, 2019

Costly Accounting Firm Choices That Outsource Accounting Can Help You Cure


Reduce Costs and Eliminate Staffing Headaches

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Costly Accounting Firm Choices That Outsource Accounting Can Help You Cure

Recruitment: Do you spend lots of money on recruitment in order to bring in the talent you need?

If you’re a small to medium sized firm you’re going to need to spend a small fortune to build your reputation to that of your larger-sized accounting firm competitors. The larger firms can afford to have that “come hither” attitude to bring in top candidates, but smaller firms in order to draw in the same calibre of candidates would need to build their brand and this can lead to thousands of dollars…… wasted! Larger firms already have their branding taken care of so why would you bother spending big money to improve your image just to employ new staff when you could by redirecting your focus? When you outsource accounting work to a firm that’s been outsourcing for years you also remove the need to hire in-house (or bother with very costly recruiting firms that only throw you subpar candidates), which means no need to tie up money in recruitment and no need to spend money on displaying your peacock feathers in order to get the best.

An excellent outsource accounting firm will take care of all your recruiting needs to place you with highly-qualified outsource accounting staff with a minimum of four years experience, including public practice experience. Your firm can do away with building an image, putting feelers out for the right candidate, interviewing and all the extra work involved with hiring staff. All work is guaranteed to be carried out at the same quality that you would expect from someone working in your own office.

Annual leave payments: Are your in-house staff costing you lots of money in annual leave and sick leave?

In-house staff can set back companies thousands of dollars in leave costs that every in-house employee is entitled to, but what if there were a way to save on those costs and increase your annual profit at the same time? If you choose the right outsource accounting provider you can wave all those costs and the headaches of looking for the best temporary replacements for staff when your current employees take extended breaks when the work is piling up. A good outsource accounting company should be able to source you with an excellent replacement within a week or less if need be and at no extra costs as well.

Budget blowouts: Are your budget blowouts causing tens of thousands of dollars in losses year after year?

When the time taken to complete a job is underestimated by a few hours over and over again it can lead to large plunges in profit. Accountants that seem to underperform because they are new and inexperienced can consequently add to big losses. But hey, the way most accountants charge their clients, on an hourly basis, means that if the time taken to complete a job is underestimated and the client is expecting a job to be done in a reasonable amount of time then these kinds of things will happen. Or do they have to? If you work with an outsource accounting provider that will offer you a fixed fee for every job, then you not only know exactly how much all the work is going to cost you before the job starts, but you benefit also from no budget blowouts. That feels like a good reason to try outsource accounting.

Bullet point summary:

  • No need to bother with recruiting firms or looking for staff yourself (and all further HR needs are covered)
  • Forget about all kinds of leave payments
  • Budget blowouts begone

BOSS (Back Office Shared Services Pty Ltd) is Australia’s premium outsourced accounting provider - helping you maintain quality and control while outsourcing accounting work. To discuss your needs and how we can help, Book a Consultation NOW!

Subscribe to BOSS - Receive monthly articles and special white papers

Sign up to receive monthly articles and special white papers and learn:

  • Tips to Market Your Business
  • How to Increase Your Profit
  • And More!

BOSS, BACK OFFICE SHARED SERVICES PTY LTD.
Suite 2, 345 Pacific Highway,
LINDFIELD, NSW 2070
1800 889 232
www.boz.com.au
@2019 ALL RIGHTS RESERVED.
Liability Limited By a Scheme Approved