How Live Events Can Turbo-Charge Your Freelance Bookkeeping Business

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What’s the single most powerful way to grow your business?

Based on my experience over the last 20+ years?

It’s attending live seminars and conferences.

What Makes Attending a Live Events So Powerful?

Most people attend seminars and live events because they want the education the event has to offer. They feel the new information they learn will help grow their business.

The knowledge you gain is one important benefit, no question.

As freelance bookkeepers, we have a need to stay on top of the fast-moving technology changes to work efficiently (and more and more virtually) with our clients, as well as keeping up with the growing list of software our clients are now using on their computers AND in the clouds (with a variety of devices!).

Along those lines, the two most notable annual conferences (surrounding QuickBooks and accounting technology) are:

The Sleeter Conference

Scaling New Heights

If you specialize in a particular niche, you may want to attend other seminars and conferences specific to the type of clients you serve There, you’ll gain valuable training to position yourself as THE expert bookkeeper in a particular industry.

For example, if you love doing the books for professional speakers, trainers, authors and consultants, then you might want to attend the annual convention held by the National Speakers Association.

Another choice is to attend events for entrepreneurs surrounding specific aspects of your business, such as how to market your services more effectively.

Personally, I tend to favor online marketing events, since, as a virtual bookkeeper and consultant, ALL of my promotional efforts are done using the Internet.

But there is another, even MORE VALUABLE reason to attend live seminars than for the educational content!

What Makes Live Seminars Incredibly Valuable?

The people you meet and the connections you can forge. These are what will ultimately grow your business and potentially explode your bottom line.

In-person networking helps you to build strategic alliances and stimulate new ideas that can have a HUGE impact on your business. When you look for ways that you can complement other businesses, build strategic alliances, and make friends in the process, that’s a powerful way to build your business that you just can’t do any other way.

This is true both at events you attend with your peers and those where you will be mingling with potential clients and referral partners.

An example of this for me this year was that I attended the IVAA conference, since there is a definite overlap of virtual bookkeeping with virtual assistance. The connections I made there were both with peers and complementing virtual professionals!

Personally, I’m now “addicted” to attending live events several times a year for the simple reason that I want to re-connect face-to-face with the powerful friends and business partners I’ve made at these events (and continue to build new ones, too!)

In fact, just this year alone I’ll make more than $28,000 from just one client as a direct result of a connection I made at a live seminar!

I can’t promise you’ll get that kind of tangible result immediately from attending just one live seminar. But I can tell you that I have consistently reaped HUGE benefits because of attending seminars and conferences. They have boosted my business in totally unexpected ways that would be impossible otherwise.

How To Get Results from Attending Live Events

While the sad reality is, only the top 10% (or less!) of freelance bookkeepers will make the investment to attend a live conference or seminar, it’s not just attending them that will really boost your business. It’s what you do AFTER the event that is the true “secret to success.”

(By the way, the fact that only about 10% or less of most industries will attend live events is a GREAT reason why you should be one of them! You will be rubbing shoulders and making connections with the best in the field!)

Based on the two main benefits of attending seminars – education and making connections – to maximize your return on investment, you’ll need to…

1.  Implement what you’ve learned

2.  Follow up with the people you connected with

To make that simple, you can use my own cheat sheet, which I created for myself a few years ago.

=> Live Seminar Tips Sheet

Which seminar(s) should you attend?

Here are two coming up that I’ll be attending this fall:

The Sleeter Group’s Accounting Technology Conference – this is all about the cutting edge of technology for the accounting industry. Primarily attended by CPAs, accounting IT professionals and QuickBooks ProAdvisors. Best pricing is by June 30th (TOMORROW!), but even after that date, if it’s your first time attending, let them know I recommended you and save $100

The Jim Boat – though it’s specifically geared toward information marketers, this fun-filled and educational seminar – held on a cruise ship! – is extremely beneficial for virtual professionals who market their business using a website!

If you will be attending either or both of these events, let me know so we can get together in person! I’ll introduce you to my contacts at each of these events, so you’ll be surrounded by friends. Then we can learn new skills and build our businesses together! 

Tagged As: conference, convention, in-person, live event, national event, seminar

How New Technology is Changing the Role of Bookkeepers

Technology is changing WHAT we do for our clients, along with HOW we do it.

If you are working with your clients virtually… or headed in that direction, your role is in the process of some major changes.

A large part of the bookkeeping role has been to do “intelligent” data entry so that financial records are accurate. But with the improvements in electronic information processing, much of this is being done by computer programs via the web instead.

Think about how banking transactions can be downloaded directly into QuickBooks Online. Or services like ShoeBoxed can scan paper receipts and categorize expenses for you. Even Bill.com has a feature where they will seamlessly get your faxed or emailed vendor bills entered into QuickBooks for you.

And finally, there are new programs emerging that bring all the financial data together, using the Internet, to feed into the bookkeeping records automatically… from banks, vendors and client sales, using online accounting programs like Xero.com.

What does this mean?

Entering data into bookkeeping software is something that will eventually be nearly eliminated (or at least greatly reduced). Does that mean the role of the bookkeeper will also be eliminated?

No. But WHAT we actually do for our clients… and the value we provide… is starting to shift dramatically. We are moving from entering financial information efficiently and intelligently to get it into the bookkeeping records to managing the financial data flow and interpretation of it. We are facing a unique opportunity to assist our clients with getting the real VALUE from what their financial information means for their business. This prepares them for more productive meetings with their accountants for tax and business planning.

In other words, we are growing into the role of assistant / consultant with our clients to help them get the BENEFIT of their financial information for managing business. This is MUCH more valuable than simply doing the clerical work of keeping records updated after the fact so taxes can be filed. Our services are becoming more present and future focused.

and THAT is a VERY good thing for both you and your clients… if you’re willing to step up into this revised role. Of course, with a promotion to higher value for clients comes higher fees, too. It will likely also mean the TYPE of clients you serve will begin to change (improve), too.

So what do these changes mean for you right now?

Be aware that they are coming, and they are taking hold rapidly. You need to pay attention to how your existing clients are reacting to and embracing new mobile / online technology. You also need to choose the changes that you want to support for the future of your own business and the services you provide.

Of course, there will be some clients (and bookkeepers) who will dig in their heels, resist change altogether, and want to keep handling their financial records the same way they always have. If you are one of them, there will continue to be that “old fashioned” business owner who will still need your help… for a while. But know that those clients will be left behind in their market and eventually struggle, and possibly go out of business. How long that will take remains to be seen.

Small businesses are changing HOW they operate because of the major advancements in mobile and online technology coupled with affordable applications… this includes how they get their bookkeeping done.

So the question is, if these changes are coming – whether we like them or not – what will you do to prepare for it now, and how will it affect the way you provide YOUR bookkeeping services in the near future?

I’d love to hear your thoughts, complaints, excitement, or any other reactions you have to where our services are headed and how it is changing our role as bookkeepers with our clients in the months and years ahead.

Please leave your thoughts and comments below.

Tagged As: cloud computing, data entry, online bookkeeping, virtual, virtual bookkeeping

Cool New Tool for Working With QuickBooks Clients

Typical Problem: Need to access to your clients’ QuickBooks financial information when you are in your office and they are in theirs.

Assuming they are not using a hosted desktop solution, right now you have several choices, including…

* Remote access
* Using an Accountant’s Copy (you must be using the Accountant’s Edition to access it)
* Using a Portable Company File or Full Backup
* Using QuickBooks Online Edition instead of the desktop versions

Each one of these choices has its limitations.

A better choice may be on the way…

Intuit is working on a new, very cool tool. It’s still in the testing and development stage, but it’s a promising solution – especially for virtual bookkeepers – if it really will work the way it’s being designed to work.

QuickBooks SharedBooks, as they’re calling it now, is an advanced way to share copies of a QuickBooks company file (PC desktop versions) between you and your clients.

It uses a central storage area “in the clouds” to synchronize the client’s company file with a copy of the file that you work on on. There is only one company file, but using the hosted synchronization technology in the clouds, it makes sure both you and your client always have the latest changes. You and your client both have access to the QuickBooks file, but only one of you can work on it at any given moment.

This is similar in concept to remote access, but streamlined because of using a central storage area where both you and your client can “check in” to work on the most up-to-date information. While you cannot work on the file simultaneously, you can “chat” in real time with your client if they are working on the file.

If your client has the QuickBooks file open, but has left their computer, you are not stuck either. You will be able to “force” a safe save-and-close of the customer’s session in order to get access to the QuickBooks file.

Sweet.

Also, the client doesn’t need to leave his / her computer on all the time in order for you to access the company file, and the file is only unavailable when someone is working on it.

The idea is similar to using a hosted desktop, in that you log into the clouds to access the data file. But this solution promises to be streamlined and more cost effective than current hosted desktop services for QuickBooks. You will also be able to use the File Manager program (which comes with Quickbooks Accountant Edition) to see at a glance if your client’s file is available for access.

Right now Intuit is working with Beta testers who are using QuickBooks 2011 Pro and Premier in single user mode. At this stage, it does not support multi-user client setups, Mac, or Enterprise versions. Ultimately, though, the goal is to support multi-user scenarios, as well.

I first got a glimpse of this concept using cloud technology with a third party QuickBooks add-on called Method Integration. It’s main purpose is not for this use, but I tried it on a client project because it used the “cloud” synchronization with the data file still housed on the client’s computer.

The concept was good and almost exactly how SharedBooks promises to work. But Method wasn’t designed for that purpose, it was more expensive than I would have liked for our purposes, and ultimately it didn’t work the way we were trying to use it (nor was it designed to do this).

On the other hand, this is exactly what QuickBooks SharedBooks is designed for! If it comes to market (and there is a HUGE amount of interest in this succeeding), it will be an easy, streamlined solution that promises be both cost-effective and convenient for working with clients, no matter where they are located.

Keep your ears open for further developments on this one. It will be a valued tool to add to your Virtual Bookkeeper’s toolbox.

If you want to hear the gory techie details right from the Intuit product development manager, Howard Shen, listen to the discussion from earlier this month on Radio Free QuickBooks starting at the 52-minute point.

Tagged As: new QuickBooks technology, QuickBooks, remote access

The Pros and Cons of Going Paperless

It seems we are constantly hearing about how we need to “go green” and cut down on paper. They say, we “should” be turning to digital or paperless ways of handling documents. It’s just good for the planet (supposedly). But there really is more to it than that.

If you’re working virtually with any of your clients (meaning, you work from your office instead of theirs), using electronic documents becomes even more important.

Despite this, and the fact that my own business has been 100% virtual since 2003, I have a confession to make.

I’m only currently about 75% paperless at this point. Getting closer to 95% has not been as easy as I had hoped. That’s mostly due to my own internal resistance.

As necessary as it has been to use paperless methods to work with my clients, I’ve found that most of my own business procedures are still quite paper-based.

So I decided to sit down and come up with both the Pros and Cons of going paperless internally to determine whether I really need to push myself to get closer to that 100% paperless ideal.

Here’s what I came up with:

Pros for going paperless:

• Easier to work with your clients virtually – I’ve mostly got this one handled since the benefits are nearly a necessity and go straight to the bottom line. They include…
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  • More flexible schedule – that’s because I work in my office not in theirs
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  • More efficient – can handle more work in the same amount of time, which means more billable hours
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  • Increased geographical service reach – my clients can be located anywhere, not just my local area
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  • Travel cost savings – rarely do I need to travel to see my clients face to face, and when I do, it’s a real treat to visit with one another
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• Saves money on office supplies – I recently compared my costs over the past few years when I’ve started using more scanning and a dual monitor set up, and the cost savings related to paper and toner have been significant, especially during tax season. These savings will only increase by using more scanning and PDF documents for my internal operations
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• More secure – all my digital files are stored (at least in backup form) online. That is far more secure than paperwork with sensitive data, even if stored in locked file cabinets (which could be destroyed by flood or fire). Digital documentation also can be attached to bookkeeping records for bullet-proof documentation if ever audited.
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• Space saving and convenient access – This one is significant, since over time accumulated paperwork can take up a lot of space and it’s a pain in the butt to have years of old documentation shredded. Finding needed records in digital form is also much more convenient and fast, since they can be searched if “misplaced” and, at least for me, my digital organization is better than how I’ve been organizing my paper files.
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• It’s Green – Although I know the real motivation when my banks nag me to get email statements instead of paper copies (it saves them money on paper and postage costs), the more paperless I’ve become the less trash is coming out of my office. And the less trash we all produce definitely makes a difference to the waste load on our planet.
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So, if all this powerful evidence is FOR going paperless, why have I still felt some internal resistance to changing over more of my internal operations?

Let’s take a look at the arguments against going paperless:

Cons against going paperless:

• Dependent on third party internet services – There is some loss of control when using any web-based services. If your Internet access goes down, or your service provider has server problems (like Intuit has had more often than you’d expect), you may not be able to get access to your documents 100% of the time. The actual percentage of time this happens is not high, but it does happen and can cause frustration. I know this from first-hand experience with some of the SaaS (software as a service) solutions I use regularly.
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• Changing habits – handling documents and procedures in a new way means workflow needs have to be updated and new habits formed. This has probably been my biggest resistance factor. Despite the fact that I’m often teaching my clients the latest high-tech ways to use QuickBooks software, the “if it ain’t broke, why fix it” mentality still nags at me, too.
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• New Costs – While going paperless creates some very significant cost savings, as noted above, there are some costs involved in changing how we deal with digital documents. That includes dual monitors (I could not live without dual monitors now), a scanner (if you don’t already have one), and a document management solution for storing and managing your digital documents (highly recommended). In reality, these costs are quite low compared to the BIG savings in the Pros section.
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My conclusion: The Pros far outweigh the Cons by a long shot.

My New Goal: From this point forward, convert my own “back office” operations to digital format, starting immediately.

This includes using my favorite document management system for all my own business operations.

Document Management Using SmartVault

This coming Thursday, March 31st at 8:00 p.m. Eastern Time I’ll be holding a brand new online training surrounding the use of SmartVault.

This FREE webinar training is designed especially for freelance bookkeepers who want to go paperless using this must-have online service for working with your clients on a virtual basis. But you can also try out this amazing and versatile tool for your own business for free for as long as you like.

Click Here to Get all the Details
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Tagged As: digital document, document management, paperless, smart vault, smartvault, virtual bookkeeping

How To Keep Your Bookkeeping Clients Forever

What’s the next most important action to take for your business success after you find enough clients?

Holding onto them!

In a tough economy, when cash flow is tight, clients look for ways to cut costs. They may “forget” how important it is to have up-to-date financial records and view you as an overhead expense they can cut back on to save money.

Any clients who are struggling will make their decision to continue working with you based on the real value you bring to them – value they can recognize immediately.

So, how valuable would your clients say you are? Do they feel that they cannot afford to lose you?

The Secret Sauce to Client Loyalty…especially in tough times

When a client wants to cut overhead expenses, what is their motive?

Usually it’s nothing personal. It’s just that they are having a cash flow issue and need to…
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1. Maximize sales to pull in more cash
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2. Minimize expenses to hold onto what they do have
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Guess which one they usually aim at first? Yep, they usually start cutting expenses because it seems more immediate.

Bookkeeping work is considered administrative overhead that does not contribute to cash flow, but drains it.

The only time that bookkeeping becomes something of high importance to the vast majority of small business owners is when tax time rolls around and they need to report their income and expenses to the IRS. And getting the books done represents a HUGE, painful expense if they have neglected their bookkeeping over the previous year.

Some of your existing clients may have hired you initially because of such a time-crunched, painful situation. But once the deadline and pain go away, they may start to again forget the value you have to offer and start flaking out on you.

But in reality, that’s not their fault….it’s YOURS!

Huh?

In order for your clients to KNOW beyond a shadow of a doubt that you are one of the most valuable players on their business success team, YOU have to demonstrate your worth every time you provide services for them; at least on a monthly basis.

How?

By recognizing what they REALLY want most – a profitable business with plenty of cash. They don’t care about keeping up-to-date books, unless they can see how that information helps them pull in more sales.

Now before you complain that you have no control over the success or failure of your client’s business, especially if you’re doing after-the-fact bookkeeping, take another look.

The true value you could provide – from your client’s standpoint – has little to do with reconciling the bank accounts each month, running payroll checks, or getting the books organized so their CPA can prepare tax returns.

If you want your clients to sing your praises and feel that they could not survive without you, show them how they can USE the information provided in the bookkeeping records and reports to increase their sales, cash flow and give a substantial boost to the bottom line.

Now THAT’S value they can take to the bank!

Proactively caring about the success of your clients’ businesses and showing it by rolling up your sleeves and making suggestions that will affect their bank account in a hurry will lock you in for life. It is extremely rare for bookkeepers…or even CPAs for that matter… to take the initiative to give clients what they really long for…
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1. Someone who knows and understands their business from the inside
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2. Someone who can advise them on how to be more profitable
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You are in the perfect position to do both! All it takes is the use of your analytical skills to review the trends revealed in the financial reports and suggest possible ways to maximize sales and minimize expenses.

Also, pay attention to what’s working best for sales promotions, or the most profitable products or services, and brainstorm with your client ways he or she can maximize those offerings and drop the least profitable products / services to cut associated expenses.

When you are willing to take on the informal role of trusted business confidant, the result is more profit and better cash flow for your clients, and you get clients who won’t be able to live without you!

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Tagged As: client service, consullting, customer service, referrals