Pete’s Blog

Happy New Year!

From the desk of Peter Margaritis

2013-happy-new-year-wallpapers-15For many accounting professionals tax season marks the end of one year and the beginning of another. Let’s bring the new year with a few resolutions that will help drive your business.

A big obstacle to ongoing business development is networking with purpose. Here are a few ideas that may help you and your team focus on business development as a positive part of your life, not a chore.

Set goals:  What are your objectives when you go to an event or a meeting or interact with clients? It should be more than passing out your business card. Plan to meet 2 people, ask 2 people about their work, learn more about 2 people’s hobbies. Meet, ask, learn, and listen.

Make a difference: Rather than passive networking events, be strategic about how and where you spend your time.  Get involved with organizations that you believe in – share your expertise with your community, offer valuable advice to a charity or join a service organization that shares your values. You can help others and grow your network.

Stay in touch: Deepening relationships with acquaintances and clients is more valuable than meeting new potential clients. Just as in other service industries, excellent customer service counts. Make a phone call, send a note or email, whichever you prefer…get connected, stay connected.

The C-Suite Is Getting Smaller

From the desk of Peter Margaritis

ON24-C-suite-communications-300x200There is a trend at Fortune 500 and S&P 500 companies that impacts the career path for some financial professionals. A recent study shows that only 35% of those companies had a COO on staff last year, a drop of 13% since 2000.

According to Chris Baysden’s article in CGMA Magazine, the reduction in payroll (or at least positions) at the top could mean that CFOs and other aspiring finance professionals need to expand their horizons, broaden their networking skills and develop a less linear career trajectory. Competition for top jobs will be even more fierce, responsibilities broader.

If you are an ambitious CFO aspiring to a big COO job, you may want to rethink your career goals. With fewer COO positions out there, more companies are looking for talented CFOs who understand both their financial world and the full scope of the company’s business, from strategy to supply chain, human resources to operations. Soft skills training is becoming more critical, too. No longer are professional acumen and aptitude the final determination points for promotion. It is a who you know, what you’ve done and the depth of your experiences that matter.

Networking for all professionals is not just about meeting new people, garnering interesting connections and collecting business cards. In this case, the real value is reaching into your own organization, learning about diverse business groups where you work and delving into initiatives and projects outside of the realm of finance.

Agency In Crisis

From the desk of Peter Margaritis

imagesThe IRS has been struggling for years to keep up with their workload. Because of budget cuts some say the IRS is in crisis. With an 87% drop in funding, the IRS is not able to answers about 40% of the phones received, cannot answer written correspondence within its own 45 day deadline and is making refund errors at an alarming rate. A recent Boston Globe article is both alarming and illuminating.

What is not good news for taxpayers may be important news for your firm. Differentiating the level of service you give clients is a big marketing opportunity for tax preparers and firms of all sizes.

There were 32 million returns submitted in 2011 by preparers who are regulated in their own field, such as accountants and tax lawyers. But there were 42 million returns in 2011 that were submitted to the IRS by preparers who are not formally licensed and regulated, according to the IRS. That’s right…more returns completed by “preparers” who had no formal training.

“Right now anybody can say they are a preparer,” John Koskinen, the IRS commissioner, said in an interview. “There are a lot of people hanging out a shingle and you can do it without any qualifications at all.”

Under federal law, a person can call him or herself a tax preparer as long as an identification number is obtained from the IRS. Getting such a number is easy. The main requirements are that an applicant pay the $64.25 fee, provide personal information and a recent tax return, and give “explanations for felony convictions (if any),” according to the IRS website.

Professional, trained tax-preparers can use this information to help clients understand why there may be a disparity in fees. The level of service and expertise you provide are not available from ill-trained tax preparers or even the IRS.

 

The Global Entry Trusted Traveler Program

From the desk of Peter Margaritis

logo-geIf you who travel a lot, like I do, you’re probably tired of standing in long TSA lines. The Global Entry Trusted Traveler program may be just the help you need. This must-have for weary travelers has two main benefits: you are automatically enrolled in the TSA pre-check, and you receive expedited customs processing.  I looked into this and want to share what I learned.

The first step is submitting an online application Once your application has been conditionally approved (pending a thorough background check) you must schedule a one-on-one interview at one of 40 U.S. Customs and border protection offices in the United States.

This interview process takes less than 15 minutes and you’re required to answer a few questions, be photographed and have your fingerprints taken. Once this has been completed and approved you are given a known traveler number that you input into your profile at the airlines that you travel with and when you make your next reservation you are automatically  given TSA pre-check status.

The cost of this program is $100. Some of you may be wondering what’s the difference between the Global Entry program and TSA pre-check program.  The TSA pre-check program only cost $75, however, currently the only application site is in Indianapolis (future locations in New York, Washington DC, and Los Angeles are being considered).

For me the extra 25 bucks was well worth the expedited processing, and I’m glad to be part of the Global Entry Trusted Traveler network.

Less time in lines. It’s a good thing!

Write What You Mean

From the desk of Peter Margaritis

imagesRecently I read Jennifer Elder’s article Has effective writing become extinct? on the Business Learning Institute blog and it made me think about all the times I have not said, or rather written, what I meant. We write in a hurry, we use industry-speak, we confuse our audience.

If you use the written word to communicate with clients, you should consider the Six Simple Rules offered up in the article

 

1. Decide on your point
2. Analyze your audience
3. Answer all of the questions
4. Use the KISS principle
5. Pick the right tone
6. Write once, check twice

That last one – Write once, check twice – holds the key to effective communication. If what you’ve written fails to make sense to you, it won’t make sense to others.