In This Issue
CD on Practice Development
Call Lost - Keeping Connected
Speech Recognition
Getting Paid on Time
Newsletter Options
New CD on Practice Development coming this week 

Practice Developmet Cover
 
Chris Frederiksen, CPA
Charles Hylan, CPA

1 CD is being mailed to every Member Firm on March 15
Call Lost :
Why Leaders Lose Connection with Those They Lead

Wireless technology has forever altered the way we communicate. These days, payphones are practically nonexistent, and landlines seem headed for obsolescence, too. It's hard even to remember how we lived before the advent of the mobile phones.

However, as wonderful as cell phones can be, we have to put up with the nuisance of dropped calls. From time to time, we get cut off in the middle of a sentence or realize that we've spent the last two minutes speaking into nothingness due to a dropped signal. Losing connection can be maddening, especially when it happens during an important conversation.

Leaders, like mobile phone users, experience the occasional frustration of losing connection with those around them. One moment it seems as if everyone is on the same page, and then suddenly there's disconnection. People aren't getting the message. They're unresponsive. And, no matter how loud we shout, they don't hear us. What accounts for leaders losing connection with the people on their teams? Let's examine a few of the causes, staying with the mobile phone analogy.

For the entire article click here.

Upcoming Events
 
Spring Members' Morning

Thursday May 27
9am - 1pm EDT

(Lunch Included)
The Old Mill Inn
Toronto

Main Topic
New Laws for Harassment and Violence Workplace Policies in Ontario
Speech Recognition Hits New Heights

Most people speak over 120 words per minute but type less than 40 words per minute. What if you could create email, documents and spreadsheets simply by speaking? What if you could control your PC just by talking to it, starting programs, using menus, surfing the web?

Dragon

Dragon NaturallySpeaking 10 Professional is the ideal solution for busy accountants to create documents and emails, fill out forms, and streamline workflow tasks - all by speaking. It's three times faster than most people type, with accuracy rates of up to 99% right out of the box. Dictate into a handheld device when you're away from your PC, or use a Bluetooth microphone. Create custom commands to automate repetitive tasks you perform that involve multiple keystrokes or mouse clicks.

Contact Peggy for more information or go to the Dragon Naturally Speaking website.

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2020 International LogoThe 
Canadian Innovator
Greetings!
 
pot of gold

Tax Time Can Be Your Pot of Gold

The rush is on for your busiest time of the year getting the Personal Tax returns in for the end of April. While there is so much to do in the next 6 weeks, don't let go of the opportunity to market your other services, future tax planning, retirement planning or wealth management to your personal clients. Review the returns for the indicators where your clients may need some additional services after Tax Season.

Make your 'pot o' gold" grow in this season and throughout the year.
 
There will be much more detail on what we will be doing in the months to come but we are committed to run three regional conferences in addition to our national conference. These regional conferences will be held in Winnipeg (now in September), Calgary or Edmonton and Vancouver in September in addition to the National Conference.

Peggy (Molloy) Tyers
Erin Go Bragh!
How to Get Paid on Time
This Tax Season
Chris Frederiksen, Chairman, 2020 Group

Chris F - shirt
In the last flash we talked about the importance of engagement letters.  Among other things we pointed out that the engagement letter must explain the fee, terms and method of payment. 

Given the strain on credit and to avoid ballooning A/R, I thought it might be worthwhile sharing how we get paid on time; sometimes even early.
  • Prepayment discounts - Offer a 10-15% discount if your client pays when they give you their tax information
  • Offer half now, the remainder on delivery
  • Expect cash on delivery - Have the refund check sent to your office.  When it arrives call them to arrange pick up and payment.
  • Accept credit cards, Paypal and direct deposits - Make it easy for your clients to pay you.  Can your clients pay you via your website?
  • Appoint an office Rottweiler.  After 30 days the payment is late and the Rottweiler is on the phone.  A call every couple of days might be in order.  Sometimes a call every day.  Maybe even offer to come by to pick up the payment.
Here's what other firms are doing (heard at the January Focus Groups):

"In our firm, all invoices are sent out by the administrative group - when it was up to the partners, the invoices would sit around for a week before they were posted.  We're also emailing some of our invoices as it gets our invoices into the payment cycle more quickly."


"If a client doesn't pay by the end of 4 months, the full amount is charged to the respective partner's drawings account until they sort it out!"

 

"We have our partners sign the invoices before they go out.  This cuts the number of queries from clients, since they know the partner has looked at it."


"In our engagement letter, we write: Relative to fees and payment please see attached sheet.  Then the attached sheet has in bold Terms of Engagement Fees and Collection. Importantly there's a line for the client to initial in the bottom right corner to acknowledge they've read it."


If your clients already have an outstanding balance draw a line in the sand and offer them to pay with post-dated checks.  From now on however they must pay COD.  You can also convert that amount to a note and bring their account current.  Make sure the note explains:
  • The total amount owing
  • The monthly payments
  • The rate of interest AND
  • Make sure the note confirms that the services were completed to the clients satisfaction.
As always check with your legal counsel and/or liability insurance provider.

And remember to get that engagement letter signed.
 

As always we're here to help if you need.  We can answer your questions and put you in touch with the right people.  Our toll free number is 800 788 0190. 

Good luck for tax season.

Best Personal Regards,

Chris Frederiksen
Newsletter Options for your Clients

A number of members have approached us about a newsletter option for their clients .Newsletters are a great way to keep in touch with all of your clients, to advise them of changes in the financial and tax landscape, new services that you may provide, news about changes in the office. However, newsletters take time, and time is short to begin with. So often firms begin with one and then let it slide as no-one takes responsibility for it, no-one writes the articles and it just fizzles out.

One way to balance the needs of staying in touch with your clients and the demands of creating your newsletter is to use 

  bizactions


Bizactions creates newsletters for the Accounting Industry which firms can personalize to their own look.

Although it is based in the USA, they do provide a newsletter for Canadian Accountants with Canadian content.  This is a newsletter model that provides you with options to add your own articles to the newsletter provided and to determine the delivery schedule (bi weekly, monthly, etc.).

Several Canadian accounting firms already subscribe to this service and are extremely happy with the content and delivery.  Please visit the links below for pertinent information on BizActions and mention to them that you are a 2020 Canada Member for discounts or call Peggy. Please download their brochure here or visit the BizAction Website.

I was so excited to watch the Olympics hosted by Vancouver at the end of February. The performance of  our athletes, the city and the organizing committe made us all proud to be Canadians.

I came across this Thank You note written by Brian Williams, who was the anchor on NBC throughout the Olympics. It has  heart-warming accolades for our country and our fellow Canadians and I appreciated reading it.

Take a few moments to read this Thank You Note and over the tax season, remember to thank every one around you, staff, clients and your family for being important partners in your life and business.

peggytyers

Thank You

Sincerely,


Peggy Tyers
2020 Canada

905-891-8546