So, it’s not at all surprising your accounting clients are worried about the recession. It’s up to you then to understand and persuade your clients why your accounting business is even more crucial to their company’s survival.

Watch Over and Protect Them

In times of economic stress, your clients need you more than ever. Although you may encounter some resistance from clients busy trying to keep their businesses afloat, it’s important your post COVID marketing efforts stress how vital accounting services are at this time.

Key points should include how accounting experts can help:

• Point out areas to cut costs
• Point out areas where costs should not be reduced
• Provide advice on employee benefits and employee tax deductions
• Create financial documents for possible loan applications
• Determine better sources of profits
• Manage working capital
• Consult on how clients can get paid faster

Some panicking business clients may start haphazardly cutting expenses and think accounting can be cut, but you need to show them why operating without the advice of an accountant or CPA is like driving blindly behind the wheel. You can provide vital resources, which is especially needed during a recession when every penny counts.

Solve Immediate Problems

As stated above, your clients are anxious and looking for immediate results. Help put them at ease by analyzing their financial situations looking for some expenses they can cut immediately. Suggest planned salary increases be postponed until the business improves. Some possible areas clients can cut back on:

• Recurring expenses. Every business has recurring expenses that have been forgotten, such as subscriptions and memberships that renew automatically.
• Insurance. From health insurance to business owner’s policies, your clients should assess their needs at least annually. In a year like this one, it pays to review their insurance needs and costs more often than that. Have they gone virtual or laid off employees? Do they no longer require certain types of insurance as a result?
• Staying virtual. If they have temporarily been operating remotely, can they save money by pivoting to becoming a virtual company permanently? Is it feasible to operate partially virtual, which could still save them money? Talk it over with your clients to see how to make it work.

While personalization is always key in your accounting business, it’s even more important now to show your clients you have their individual best interests at heart.

Offer Long-term Advice

Your clients want to look forward to happier days and your accounting firm can help them plan for that brighter future. In addition to offering advice on cutting expenses, show how your accounting firm recognizes the needs of a growing business by:

• Learning how their entire company operates so you can help your clients improve performance, reduce redundancy, and increase satisfaction. Suggest cross-training their employees to reduce the need to hire and to strengthen the company. A knowledgeable workforce makes companies more efficient, resilient, and productive.
• Bring your knowledge of the marketplace. Can your clients capitalize on market trends and create spin-off products or services? Is there enough capital to expand to a new location or create a new sales channel? See 4 Reasons Why a Recession Is a Good Time for Your Clients to Start a Business to learn more about excelling in uncertain times.
• Help your clients create long-term goals so they can be more proactive instead of reactive. Have regular meetings with clients (you don’t need to meet in person) to lay out the plans and steps they need to take to get their businesses through a possible recession.

Budgets, Taxes and More

Obviously, your accounting clients will need your insight and expertise even more now as they navigate the “new normal.” Some will need help navigating the government’s Economic Injury Disaster Relief (EIDL) and Paycheck Protection Program (PPP) funding and forgiveness options, disaster tax deductions, and changing IRS requirements. Many will need advice beyond the realm of normal accounting firm services.

CorpNet we can help you help your clients with any of their corporation compliance questions or filing needs. Connect us by joining the CorpNet Partner Program and start offering your clients:

• Incorporation and LLC formation
• Business licenses and permits
• National registered agent services
• Annual reports and compliance services in any state!

The program offers wholesale discounted pricing as a white label Reseller or become a Referral partner and refer your clients over to us and receive up to a 30% referral fee on each sale.

References:

https://www.newsweek.com/half-americans-are-worried-that-major-recession-coming-survey-1464387
https://www.npr.org/2020/06/08/872470104/economists-announce-the-u-s-economy-is-officially-in-a-recession

The post Are Your Accounting Clients Worried About a Recession? Why They Need You Now More Than Ever appeared first on CorpNet.

Here are five post-COVID marketing strategies for accountants to win and keep clients for the long-term.

Establish the Business as Post COVID-19 Experts

As the economy struggles to get back on track and clients have specific questions on how to file taxes, apply for relief funding and provide documentation for loan forgiveness, accountants need to secure their clients’ trust by providing quick answers. Accountants should be familiar with all aspects of the issues their clients will face and then use focused post COVID marketing strategies to position themselves as the experts, such as:

• Create a list of FAQs regarding coronavirus and accounting related issues, then post it on your websites and social media platforms and include it in your email marketing newsletters.
• Send personalized email reminders related to government-postponed filing deadlines and business compliance concerns.
• Offer to byline blog posts for other websites offering advice for post-COVID-19 issues and always link back to the business’ website and social media platforms.

By positioning the accounting business as experts, current customers will remain loyal and new customers will be attracted to come on board.

Pivot to a New Way of Doing Business

Most businesses in the pandemic were required to pivot their focus to stay afloat while consumers and businesses alike sheltered in place and scaled down operations. Accounting businesses with large staffs were also required to ask employees to work remotely to ensure safety. One thing that may not change as safer-at-home policies are lifted is the business/client comfort level with virtual consultations. People who hadn’t participated in online meetings before, quickly became familiar and comfortable with the technology and may want to continue to meet virtually—at least for a while.

Virtual capabilities are appealing for clients still feeling nervous about in-person meetings, which may last well into 2021. Accountants marketing their virtual services to new and old clients will likely do well and show they are making accommodations for all their clients’ needs.

Pivot to a New Clientele

Now is a good time to assess your clientele and determine if your accounting firm would be more successful focusing on working with a new type of client or clients in specific industries, such as restaurant owners or the gig entrepreneurs. To figure out whether the business should pivot to a new focus, ask the following questions:

• Are some customer relationships more lucrative than others?
• Do you already have a cluster of clients from a particular industry and will they refer their colleagues?
• Did your business acquire clients out of your immediate geographic area? Perhaps you can focus on attracting more out-of-town clients and transform into a virtual accounting business.

Keep in mind, the more focused the clientele, the more focused your marketing strategy needs to be to cover key points important to the industry of your clients.

Strategize and Bootstrap

As business starts ramping up again it’s important to develop an effective and cost-smart marketing strategy. Fortunately, there are many free or low-cost ways to get the message out about your accounting services.

• Social Media – Social media’s contribution to brand awareness cannot be discounted. Besides the business’s own Facebook or LinkedIn pages, accountants could stand out by answering questions on other people’s social pages. You should also look into joining group social media pages with like-minded businesses to make connections and find new sources of clients.
• Community Involvement – People like to do business with companies that give back to their communities. Although volunteering in person may not be possible for a while, accountants can still offer their services for free or at a discounted fee to customers or organizations in need.
• Referral Program – Offering clients a reward or discount for referrals is a great way to increase your clientele without having to spend a lot of money. Also, it’s important to ask satisfied clients to give your business a positive review on referral websites like Yelp. Finally, consider joining a business referral group, also called a business referral network or lead club. Basically, these groups are networking organizations with an emphasis on giving and getting referrals.

Be the Solution

Customers in the wake of the pandemic crisis are looking for reassurance and stability. Yes, everyone wants to get back to business, but what the new normal will look like is anyone’s guess. That’s why it’s important for accounting business owners to be a consistent presence in the lives of their clients.

Think of all the ways customers currently communicate with their accountants and then think of new innovative ways. In addition to phone calls and email, the “always-online” world is communicating through chatbots, chat boxes, Facebook messages, Twitter direct messages, Zoom meetings and Google Hangouts (just to name a few). When customers have problems, they want solutions and they want them fast. Be the solution.

Become a One-Stop Shop

Accountants who want to grow their practices should consider broadening their service offerings. Many of your current and potential clients are looking for more than just accounting advice.

For example, you can target people who may be considering starting a business—or growing their current companies. You can help them do that by adding corporate compliance services, such as incorporation guidance, trademark research, and documentation filings—services that can make your accounting practice a one-stop partner.

To make adding incorporation services seamless and cost effective, accountants can sign up with the CorpNet Partner program. CorpNet acts as a “silent partner” and takes care of clients’ compliance issues, so your business can focus on other important tasks.

As I just said, here at CorpNet we want to be your solution. We understand how stressful and challenging it is for so many small business owners today. We are here to help so you don’t get overwhelmed. Call our business consultants at 888.449.2638 for help with starting a business, obtaining business licenses, or staying in compliance.

The post Post-COVID Marketing Strategies for Accountants appeared first on CorpNet.

Starting an accounting business offers an opportunity to chart your own professional course and enjoy the flexibility and control of self-employment. Of course, there’s plenty of research and work involved in the process. You’ll want to be thorough and well-informed as you make decisions while taking steps to start your accounting business.

Seven Steps to Start an Accounting Business

1. Choose a Business Name

This sounds like an easy-breezy decision to make, but a lot rides on your choice of a business name. It’s what clients will associate with your brand, and it will be on every piece of marketing content and communications that you produce. Some business owners choose to include their first and last name in their business name (for example, “Amelia Torres, CPA”). Or, they decide to get a little more creative and choose a trade name (e.g., “Horizons Accounting Services”). I recommend doing a corporate name search to ensure no other business is already using the desired name. Knowing this as soon as possible allows you to rethink your name before you’ve spent money on registering the name and creating your marketing materials. A trademark search is also a smart move if you expect to expand your business into other states sometime.

After you’ve decided on your name and verified that it’s available, CorpNet can help you do a business name reservation or register your business name as you form your business entity (more on that in Step Number 2).

2. Choose a Business Entity Type and Register Your Accounting Business

The business structure has legal and tax implications for an accounting business. One-person accounting businesses and small firms often choose to form either an LLC (Limited Liability Company),  PLLC (Professional Limited Liability Company), or PC (Professional Corporation). If starting an accounting business with more than one owner, accountants often consider the LLP (Limited Liability Partnership) structure. All of these offer some degree of liability protection for the business owner because they are considered a separate legal entity. So, unlike operating an accounting business as a sole proprietorship or general partnership, the accounting firm owner’s personal assets aren’t typically at risk in the event of lawsuits or financial hardships of the business. However, note that business owners are personally responsible for their own acts of wrongdoing or negligence.

Business entities are state constructs, so the requirements and costs to create them vary from state to state. Also, realize that some states will restrict which types of business structures an accounting firm may be. For example, California does not allow accountants to form an LLC. It’s important to review your state’s specific rules. Ways to do that are by looking at the appropriate state agency websites (such as the Secretary of State office) and talking with an attorney.

After you’ve made an informed decision about the legal entity you want for your business, CorpNet can assist you. We can serve as your registered agent (a requirement for LLCs and corporations) and file your business registration paperwork with your state as you start your accounting business.

3. Apply for an Employer Identification Number

An Employer Identification Number (EIN), also called a Federal Tax ID Number, identifies your business for tax filing and reporting purposes. Businesses that have employees or that operate as a corporation or partnership must obtain an EIN. Most banks will require that a business has an EIN before they will open a business bank account for the company.

4. Get the Necessary Business Licenses and Permits

Certified Public Accountants must pass a CPA exam to qualify for a CPA certificate and license to practice. Also, states have their own set of education and experience requirements before they will allow someone to provide services as a CPA. The State Board of Accountancy in your state can provide details about the professional requirements.

State and local municipalities might also require other licenses and permits, too. Possibilities include the following items and others:

• General business operation license
• Signage permit
• Home occupation permit (if operating a business from home)

CorpNet can help you identify your business license and business permit requirements, or you can check with your local government office.

5. Open a Business Bank Account

As an accounting professional, you know this already, but I think it’s worth repeating the importance of keeping personal and business finances separate for both legal and tax purposes. For LLCs and corporations, separation of personal and business financial assets is required to uphold the “corporate veil” that protects business owners from the liabilities of the business. After a company is registered with the state and has obtained its EIN, it should have all the information required to open a business bank account and credit accounts.

6. Protect Your Business with Insurance

Forming an official business entity (LLC, LLP, PLLC, PC) limits an owner’s liability related to business debt and lawsuits, but it will not protect personal assets if action is brought against the business owner as a result of that individual’s own actions. An insurance policy can provide additional protection and deliver peace of mind. A knowledgeable and reputable insurance agent who understands the needs of businesses in the financial services industry can help guide you in the types of policies that may be a good fit. Here are some policies that they might discuss:

• Business Owner’s Policy (BOP)
• Professional Liability Insurance
• Data Breach Coverage

7. Put Your Business Compliance Responsibilities on Your Calendar

After starting an accounting business, there are ongoing requirements to fulfill to stay in good standing with the state and local governments. For example, LLCs, PLLCs, and PCs in most states must file an annual report each year and show proof of a valid certification. An accounting business registered as a corporation will have more compliance obligations than an LLC. Besides annual reports, they must hold annual meetings, prepare meeting minutes, uphold bylaws, and follow other rules. The business compliance requirements for each entity type vary by state. To take the mystery out of what needs to be completed and the deadlines by which filings are due, consider using the CorpNet’s Compliance Portal. It’s a free monitoring tool designed to help you keep track of your upcoming state filings and fees.

Other compliance duties that most accounting businesses must complete include:

• Renew business licenses and permits.
• Keep business and personal finances separate.
• Maintaining a registered agent in every state where the business is registered.
• Renew business insurance policies.
• Formally record major company changes via Articles of Amendment.

Five Mistakes to Avoid When Starting an Accounting Business

As you navigate how to start an accounting business, you may be wondering about the potential pitfalls that come with the territory. Here are a few snafus that have tripped up other business owners.

1. Rushing into Choosing a Business Entity Type

A hasty decision may have negative legal and financial effects on the company. Therefore, it’s important to get expert guidance from an attorney and research all the pros and cons. Review our Business Structure Chart for a nice comparison table of options.

2. Underestimating Funds Needed to Get Through Slow Times

Accounting businesses have uptimes and downtimes, just like other businesses. As you know, the industry is rather cyclical (think tax time!). Starting an accounting business comes with no guarantees of success. It may take some time to build a base of clients and gain a consistent flow of work. To minimize the stress of money issues, have enough funds available to fall back on when business is slow or you encounter unexpected expenses. The amount you need will depend on various factors (e.g., ongoing operating expenses, loan payments, etc.). Use your financial expertise to crunch the numbers and determine how much of a cushion you’ll need to get through slow periods.

3. Having a Build-It-and-They-Will-Come Mindset

Competing within a crowded field of accounting companies requires more than just existing. Your level of service and expertise may be superior to others in your area, but you will need to find ways to communicate that and raise awareness of your value. Find opportunities to build relationships with other business leaders and community members. Involvement in organizations such as local chambers of commerce, Rotary Clubs, and other networking groups can help you establish a name for yourself and build trust. Another way to demonstrate your industry expertise is to look for volunteer opportunities with business nonprofits, like SCORE, that might welcome presentations on tax tips and other finance subjects.

Leveraging the word-of-mouth power of the internet can help build your brand, too.

• A mobile-friendly website that follows best practices in local SEO for accountants
• Social media (LinkedIn, Facebook, Twitter, etc.)
• Review websites (Yelp, CitySearch, Google My Business, etc. — Just be sure you read sites’ terms of use before encouraging clients to leave reviews. Some sites, like Yelp, explicitly prohibit asking for reviews.)

4. Ignoring Opportunities to Leverage Synergies with Other Businesses

Although it can be tempting to go into a “survival of the fittest” mentality, accountants can benefit from leveraging partnerships with businesses in complementary areas of focus—and even with direct competitors. Attorneys, bookkeepers, office furniture consultants, business coaches, and other accountants may be viable sources of referrals. You may be thinking, “Nellie, why would I ask for clients or refer clients to other accountants?” Great question! Perhaps you and the other accountant have different specialties or prefer working with clients in diverse industries. And what if either of you is too busy to take on new clients? Wouldn’t it be nice to have a trusted resource to direct prospects to?

Also, consider free CorpNet’s Partner Program as a way to expand your revenue stream. By either signing up as a Referral Partner or a CorpNet Reseller, you will provide additional value to your clients while adding income to your bottom line. You get a commission, and your clients get expert business formation and compliance filing services at great rates.

5. Submitting Compliance Paperwork That Has Errors or Is Late

As I mentioned earlier, ongoing compliance filings and other responsibilities must happen accurately and on time to keep a business in good standing. When business owners fail to pay attention to detail or drag their feet in submitting filings, they may face fines, penalties, and even suspension of their businesses. That’s a less than ideal situation! Don’t let it happen to you. Sign up for the free CorpNet online monitoring tool so that you’re always on top of upcoming requirements and their deadlines. And, to ensure that your paperwork is completed correctly and submitted to the correct agency, ask us about our business filing services.

Other Resources for Getting Started

Some other authoritative websites and organizations that offer insight into different aspects of how to start an accounting business and how to be successful include:

• American Institute of CPAs (AICPA)
• Accountex® Report
• AccountingWEB
• Accounting Today
• CPA Practice Advisor
• Insightful Accountant
• Internal Revenue Service (IRS)
• Latino Tax Pro
• Professional Association of Small Business Accountants (PASBA)
• SCORE
• Small Business Administration (SBA)

Let CorpNet Help Set Your Business Up for Success

Contact CorpNet for help with all of your business formation and compliance needs. Our expert staff has experience in assisting businesses in all 50 states with business registration paperwork, registered agent requirements, EIN applications, business licenses and permits, and more.

The post How to Start an Accounting Business appeared first on CorpNet.

You need to be ultra-careful in advising customers about this because it’s unlawful to offer legal advice without a license to practice law.

However, you can give insight that’s pertinent to your certified area of expertise and credentials—and, of course, direct clients to the right resources for legal guidance.

Also, after a client has decided on a business structure, you can help them make the transition by assisting them in completing and submitting the necessary forms.

It is NOT considered the practice of law to file business registration and compliance paperwork for clients. And by doing so, you can increase revenue for your business and provide additional value to your customers.

Later in this article, I’ll get into how you can easily add business document filing services into your suite of offerings by enrolling for free to participate in CorpNet’s Partner Program.

But first, let’s take a quick look at some of the considerations that will come into play as your clients contemplate what is the best business structure. 

Factors that Affect Decisions

Owners’ Liability Risks

How much personal legal and financial risk an owner is willing to assume will influence which legal entity type to choose. Keep in mind that some types of business have a greater potential to run into litigious situations and significant debt than others. Formally registering a company as an entity that’s separate from its owners offers greater personal liability protection than operating an unincorporated business.

Tax Impact

The IRS (states and other tax authorities) will apply taxes to business profits according to a company’s legal structure. Some structures are set up to have taxes flow through to the business owners’ personal tax returns while others result in the business paying as its own tax-paying entity. Under some structures, business owners pay a bigger percentage of their earnings for Social Security and Medicare taxes. Your clients will want to weigh their options carefully to determine which scenario will offer them the best tax outcomes.

Ownership and Management Flexibility

Different business structures have different ownership structures to consider. When more than one owner is involved, things can get complicated, so it’s critical for clients to understand the advantages and disadvantages of their options.

Growth Potential

Some structures are better suited than others for entrepreneurs who foresee needing to raise capital to fuel growth and expansion. In addition to considering the opportunity to sell stock, some structures generate more confidence and credibility when approaching investors and lenders.

Costs and Complexity

Another detail business owners will want to keep top of mind is how much it will cost to file formation paperwork and fulfill ongoing compliance requirements. Some structures have simple and few obligations, while others come with more complicated (and costly) formalities.

Succession Plan

Hopefully, your clients are also thinking about their business in the long term. What will happen to the business after they die? What if a business partner decides to leave the company? Some business structure types cease to exist after an owner passes away, while others live in perpetuity.

Without a doubt, there’s a lot for your clients to think about when selecting what is the best business structure. Now that I’ve set the stage for what clients should consider, let’s take a look at a few of the most popular business entity types to give you more insight into each.

Types of Business Structures Your Clients Might Consider

I’ve listed the most popular business entity types below and will share more details about each one.

Sole Proprietorship

A one-person (or married couple’s) business will automatically be considered a sole proprietorship if it’s engaged in commercial activities but not registered as another business structure. A sole proprietorship doesn’t have to file formation paperwork with the state, nor does it have any formal compliance requirements to fulfill. (However, it may need licenses and permits depending on the type of business and where it’s located. Also, if the owner chooses to use a fictitious name, it must file a DBA.)

A sole proprietorship is legally and financially considered the same entity as its owner. This means the owner is personally held liable for debts and legal obligations of the business. So, if the business can’t pay its bills or someone sues the company, the owner’s house, vehicles, bank accounts, and other property could be at risk. Another drawback of a sole proprietorship is limited financing opportunities. The company may not sell shares of stock, and lenders may not have an interest in funding the business. So, sole proprietors may need to depend on their savings account, home equity loans, and assistance from family to fund big-ticket purchases like property, equipment, etc.

As an unincorporated business, a sole proprietorship reports its business profits on the owner’s individual income tax return. Because all income and losses flow through to the individual level, the owner must also pay 15.3 percent in self-employment taxes (total Social Security and Medicare taxes) on the business’s profits.

Partnership

When two or more people own a business, a partnership is an attractive option for entrepreneurs who want minimal compliance formalities. Like a sole proprietorship, a partnership is an unincorporated business. Owners (partners) divide profits and report them on their individual income tax returns. Partners must also pay self-employment taxes on their share of the profits.

Partners typically work with an attorney to create a Partnership Agreement that sets forth how profits get divided and details about what happens if any of them retires, wants to get out of the business, declare bankruptcy, or dies. Some partnerships have a buy-sell agreement in place, as well, to ensure that the business can continue to operate if something happens to one of its partners or if a partner decides to leave.

Partnerships come in several varieties:

• General Partnership – The partners in a general partnership manage the company and assume personal responsibility for the business’s finances and legal obligations.
• Limited Partnership (LP) – In a limited partnership, there are general and limited partners. While general partners own and operate the business, limited partners act as investors and don’t manage the business’s activities. The general partners are the owners that assume personal liability for the business. 
• Limited Liability Partnership (LLP) – An LLP is very similar to a limited partnership. The primary difference is that every partner has limited liability and is personally protected from the debts and legal issues of the business.

Limited Liability Company (LLC)

An LLC offers the benefit of limited liability to its owners (called “members”) while maintaining compliance simplicity. Some refer to it as a hybrid between a sole proprietorship and a corporation.

A limited liability company may be a single-member or a multi-member LLC (if more than one member). Multi-member LLCs can have an unlimited number of members.

The business structure offers choices in how it’s managed. An LLC may be member-managed (its owners run the day to day operations) or manager-managed (the owners hire someone to manage it or appoint one or more of its members to handle business operations). LLC members usually draw up an operating agreement that defines individuals’ roles and responsibilities.

From a tax perspective, the IRS will view an LLC as a pass-through entity. As such, its profits and losses get passed through to its members rather than the company paying corporate taxes. Just like owners of sole proprietorships and partnerships, LLC members must pay self-employment taxes on business profits.

However, an LLC has some tax flexibility. Members can instead elect to be taxed as an S Corporation. I’ll explain more about S Corp tax treatment later in this article, so keep reading!

With a single-member LLC, the business dies with the owner. Multi-member LLCs may have a limited life, as well, if any members leave or die. Some states will require members to dissolve the LLC and form a new one with new membership if there isn’t a buy-sell agreement that establishes the rules for transferring ownership.

C Corporation

A corporation, sometimes called a C corporation, is a legal entity that’s separate from its owners and provides the most personal liability protection for its owners (called “shareholders”). C Corps also may take some deductions that other business entity types may not. It costs more to incorporate than to form other business structures, and corporations have more oversight, record-keeping, and reporting responsibilities to stay in good standing and operate legally. Some of the compliance requirements that C Corps must fulfill include designating a board of directors, holding directors’ meetings and shareholders’ meetings, adopting bylaws, etc.

Corporations may sell stock to raise funds, and, because they are independent entities, they can remain active even when individual shareholders leave or sell their shares of stock.

A C Corporation pays tax on its profits, files its own income tax return, and it is legally liable. In many cases, corporate profits get taxed twice—something referred to as “double taxation.” When the company makes a profit, the corporation pays tax at the corporate income tax rate, and then the profits paid as dividends to shareholders are taxed again on shareholders’ personal tax returns at the applicable income tax rates. If a C Corp meets the eligibility requirements, it can elect S Corp tax treatment to avoid double taxation. In addition to the C Corp, other forms of corporations may be an option depending on the state where a company is registered:

• Benefit Corporation (B Corp) – A for-profit corporation that exists for serving a mission to contribute to the good of the public.
• Closed Corporation – A corporation usually run by a small group of shareholders with no board of directors. Rules vary by state, but typically, a Closed Corporation, may not participate in public trading of stock
• Nonprofit Corporation – A corporation organized for charitable, religious, educational, scientific, or literary work. Nonprofit corporations may apply with the IRS and state to be exempt from paying federal and state income taxes on their profits.

S Corporation 

C Corporations and LLCs, if they meet the eligibility requirements, can elect to be treated as an S Corporation for tax purposes. An S Corp is a tax election option (IRS Form 2553) rather than business structure per se.

Federal income tax obligations for an S Corp pass-through its owners. Therefore, C Corps that choose S Corp election avoid double taxation because profits are taxed only at the shareholders’ personal level. The advantage for LLCs that elect S Corp tax treatment is that not all business profit is subject to self-employment taxes. Instead, members pay themselves wages through the company payroll and only pay self-employment tax on that income. Profits paid to members as distributions are not subject to those taxes. State rules for how taxes are applied to S Corp profits vary.

S Corps can have a maximum of 100 shareholders (or members in the case of an LLC), and other restrictions also apply. An LLC or C Corp that choose an S Corporation election must continue to follow its underlying structure’s filing and operational processes.

How to Help Your Clients Register Their Business Structure

Now that you have a basic understanding of your clients’ options, let’s explore how you can help them— and open a new revenue stream for your business—after they’ve decided what is the best business structure for them.

As I mentioned earlier, it’s not considered the practice of law to file business documents for your clients. And fortunately, CorpNet has a program in place to allow you to assist your clients without adding costs and with minimal effort on your part.

You can enroll for free in the CorpNet Partner Program as either a reseller or referral partner. As a Reseller Partner, you can private label our services and offer incorporation, LLC formation, and corporate compliance filings in all 50 states. Our online portal makes it easy for you to submit requests and CorpNet takes care of all the rest behind the scenes. You get discounted pricing (up to 30 percent) on our services and then set your pricing to your clients as you wish. As a Referral Partner, you refer your customers to CorpNet, and we work with them on their filings directly. For referring clients to CorpNet, you get a referral fee of up to 30 percent.

Here’s a shortlist of some of the filings you can help your clients’ complete through the CorpNet Partner Program:

• Incorporation (Articles of Incorporation)
• LLC formation (Articles of Organization)
• Fictitious Name Registration (DBA)
• Business License and Permit Applications
• Foreign Qualification (to conduct business in other states)
• S Corp Tax Election
• EIN (Employer Identification Number – IRS Form SS-4)
• Initial and Annual Reports
• Articles of Amendment (changes in company name, address, etc.)
• Annual Meeting Minutes
• Conversions (when changing from one business entity type to another)
• Certificates of Good Standing

We also provide Registered Agent services in all 50 states, something your LLC and incorporated clients will need in whichever states they conduct business.

Contact us today to find out more about the CorpNet Partner Program and the powerful way it will help you help your clients while boosting your business’s bottom line!

The post Help Clients Choose What Is the Best Business Structure Without Fear of Unauthorized Practice of Law appeared first on CorpNet.

But, you may be thinking, you’re so busy running your accounting business, you don’t have the time to create and maintain a blog. Why not hire a ghostwriter to write some—or most—of your posts? By choosing the right ghostwriter to outsource your accounting blog to, you can multiply its effectiveness while saving yourself time.

Getting Started With Your New Blog

Professional services businesses, like your accounting company, have a specific set of challenges when it comes to marketing and content creation for your website. Unlike retailers selling a product, your accounting business is a knowledge-based service and burdened with selling the intangible, according to the Content Marketing Institute. Attracting clients to your accounting business requires close communication and engagement, plus there are multitudes of competitors offering comparable services. So how can you make your website content stand out?

Before you can look for the perfect ghostwriter (or ghostwriters), you need to decide what you want your blog posts to be like, such as frequency, length, and some possible topics. Content expert and author Jonathan Kranz advises professionals to focus on the people and processes in your business and not the “what” of your expertise.

To show clients how your team can help them, it’s important to display your content in a variety of ways. Include case studies from real clients, as well as client testimonials. You can also create videos, podcasts, and how-to blog posts featuring your in-house experts.

The tone of your content is important because it conveys your personality and the way your firm treats clients. If you want to be the down-to-earth, neighborly accountant, make sure you highlight that aspect of your personality in your posts (especially videos and podcasts). If you want to portray more of a professional and business-like personality, you should take a more formal tone.

Here are five essentials of quality website content:

1. Current. The best way to attract eyes to your content is to make your subject timely. Try tying your content to something recent in the news.
2. Relevant. Not every topic is relevant to all clients. To make sure you offer something for everyone, cover a wide range of topics. Regularly check your website’s analytics to see what topics get the most traffic, and write more on the same subjects.
3. Interesting. This is where a great ghostwriter can really make your content shine. It’s not always easy to make accounting topics interesting, so you’ll need a talented writer with a conversational touch.
4. Educational. Readers should always learn something from your content, whether it’s 10 mistakes not to make when filing taxes, or that you’ve hired a new associate with small-business expertise.
5. Call to action. Content exists in order to get a response from your reader. To help your content generate leads, offer them something of value in return for clicking on a link, or link to more information on your website.

Even if you hire a ghostwriter to handle the actual writing, you need to keep up-to-date on what’s working and what’s not in the world content marketing. Use these resources to keep an eye on content trends:

• Content Marketing Institute – On CMI you’ll find newsletters, articles, events and consulting. Download the annual report Content Marketing Benchmarks, Budgets, and Trends.
• Contently – The Contently website is a great resource for information and educational webinars. Subscribe to the newsletter so you don’t miss crucial advice.

Once you have your blog style and content planned out, you’ll need to explain your goals for the blog to your potential ghostwriters. Yes, SEO is important for lead generation, but you also want to portray your thought leadership and problem-solving skills.

Finally, make sure the ghostwriter understands your target audience. If your accounting business specializes in a certain industry or client demographic, for example, make sure you have background materials or buyer personas to share with your writer.

Choosing a Ghostwriter for Your Accounting Blog

Now it’s time to find a ghostwriter. Don’t try to rush this process. After all, this person (or people) will be writing under your name and/or the names of your staff. It’s essential to make sure the person’s writing fits with your company culture and your blog style.

There are thousands and thousands of freelance writers looking for opportunities to write for your blog. To find some, ask other business owners for recommendations, or take a look at freelancer marketplace websites, such as Upwork and Freelancer.

You can also reach out to bloggers you enjoy reading who have the tone and style you seek. Find out their rates and see if they’re interested in writing for your blog. Most blogs have contact information for their bloggers, or you can reach out to them on social media.

While financial or accounting knowledge is a plus, it’s not necessarily essential. Plenty of people who understand accounting can’t write about it—but a good writer can learn about, and write about, any topic.

Tip #1: Ask for Writing Samples

Once you have some possible bloggers in mind, ask for writing samples or places you can find their work online. Ask your candidates to write a sample blog post for you, either on spec or for a low rate, as a test.

Give the blogger all the information you can on what you want to see, such as:

• Tone
• Word count
• Links to include
• Important points to make
• Keywords to use
• Other style guidelines such as subheads, meta descriptions and more

A test run is important to find out if the freelancer can write—and if they can follow direction and meet deadlines. You never know if the samples you were given were heavily edited until you assign an original topic. You don’t want to have to edit every piece before it gets posted, so look for someone with strong self-editing skills.

Tip #2: Establish a Budget

Set a budget for your blog before you start looking for a ghostwriter. Content costs range from the very cheap (usually poor-quality content from “content farms”) to $1 to $2 per word for more experienced writers.

If you like a writer but their price is too high, perhaps they can do fewer, but better quality blogs for you. If the price you’re willing to pay is below their usual rate, some bloggers will reduce their prices in exchange for steady work.

Tip #3: Set Clear Expectations

Once you find the right person (or people), set up a schedule for turning in posts. Will you give them access to your blog CMS? Or will someone internally manage, edit and post the blogs? Will the writer provide photos, or will you do it? (Either way, make sure you are licensed to use any photos that run on your site and that you credit the photographers properly.)  Before working with a ghostwriter, always create a contract specifying that you own the content they write. Don’t forget to keep a keen eye on everything content related. Your content represents you and your business.

Over time you’ll likely develop a relationship with your ghostwriter/s. As they become more familiar with you and your business, they’ll become more like a partner, and be able to suggest topics, as well.

Expanding Your Reach

Finding partners is key to your accounting firm’s success. One of the reasons outsourcing your content makes good fiscal sense is that it frees you up to do what you do best—taking care of your client. Teaming up with CorpNet, which offers incorporation services (and more) in all 50 states, enables you to take better care of your clients—offering them more services.

For instance, if you become a CorpNet Reseller you get wholesale discounted pricing on CorpNet’s extensive lineup of services, such as:

• Creation and Filing of Articles
• Federal Tax ID Obtainment (Form SS-4)
• Tax Elections (Form 2553 and 8832)
• Registered Agent Services
• Customized Record Book/Kit
• Bylaws, Meeting Minutes, and Resolutions
• Business Licenses and Permits
• Annual Filings and Business Compliance

Once you sign up for the program, CorpNet manages (securely, of course) your clients’ compliance documents, alerts you to important compliance deadlines and makes filing an annual report or renewing a registered agent so much easier and less time-consuming

You can offer some or all of these to your clients, serving them and making more money, all at the same time.

If you prefer, you can become a CorpNet Referral partner and refer clients to CorpNet, and get up to a 30% referral fee on each sale.

As you grow your accounting firm, don’t be afraid to turn some of your responsibilities over to others. It’ll give you more time—and accountants of all people know that time is indeed money.

The post How to Hire a Ghostwriter for Your Accounting Blog appeared first on CorpNet.

If you’re just starting out or, like us, tired of paying for office space, there is another option: Become a virtual bookkeeper.

With the right business technology, attention to legal compliance and marketing savvy, you could become a virtual bookkeeper and make your entrepreneurial dreams come true—right from your own home.

All the Right Tools to Become a Virtual Bookkeeper

As a virtual business owner myself, I know both the pleasures and the frustrations of working at home. According to a survey by Endurance International Group, the biggest challenges that entrepreneurs face when working from home are:

• Time management (41%)
• Attracting new clients or customers (34%)
• Family or friends interrupting my workday (32%)
• Limited resources (26%)
• Scaling my business (23%)
• No time for my personal life and interests (22%)

Fortunately, there are plenty of tech solutions to help. To become a successful virtual bookkeeper, effective time management is a crucial skill. Working from home, it’s easy to get distracted by home projects or even the refrigerator. Start by tracking your time with an app like Toggl. Simply create an account and connect the Toggl timer to your computer’s apps. Just click to start the timer whenever you begin a task and then click again to stop when you’ve ended the task or whenever you take a break.

It also helps to have a project management app you can use to keep projects on track, as well as a customer relationship management (CRM) program to track progress on leads and keep notes on clients’ personal and business details. HubSpot CRM is a popular option that’s free for multiple users. Nimble is a simple solution, offering contact management, sales and marketing automation, business intelligence, social listening and engagement and mobile/browser apps.

You’ll also want to store your business data in the cloud so you can easily access your files and get work done wherever you are, making you more efficient.

Because you’re most likely on a budget, you don’t want to overspend on equipment when you’re just starting out. On the other hand, outdated technology could slow your growth and hinder your productivity. Consider leasing office equipment instead of buying it outright. This can save you money, and you’ll get the most current technology, plus the support you need to keep the equipment running smoothly.

Compliance and More

Starting a virtual bookkeeping business, like starting any business, requires adhering to the rules and regulations established by the state in which you do business. A good first step in starting a successful bookkeeping business is choosing your legal form of business.

Sole proprietorships are the most prevalent form of business for solo entrepreneurs but provide no protection for your personal assets. If you want to shield your personal assets (and enjoy some other benefits), you can register your business as a corporation or limited liability company (LLC). Be sure to learn the differences between the various business structures before you commit. The business structure you choose affects everything from your tax filings to your legal status and more, so it’s important to do your homework. Check CorpNet to get help understanding your state’s compliance requirements and choosing your business structure.

To learn your city’s regulations on virtual home-based businesses, you need to check with your city’s business development office. Your city not only wants to ensure you’re running a legitimate business, it also wants to be sure you’re not violating the rights of the other residents in your neighborhood. All cities and towns have specific zoning laws concerning physical changes, traffic restrictions, and nuisances that could affect how you run your business.

Restrictions on physical changes might include prohibiting exterior physical changes to the home for the purposes of conducting business and prohibiting business signage on your home. There may also be traffic restrictions such as limiting the numbers of visitors to your home, where visitors can park, or whether or not you can have employees working in your home.

Marketing Savvy for the Virtual Bookkeeper

If marketing skills are not one of your strengths, it’s wise to outsource these important tasks to someone else. In fact, since starting a business takes a lot of your time, getting expert help with marketing is a good way to becoming a successful virtual bookkeeper Although getting referrals from happy customers is one of the best ways for a bookkeeper to get new clients, you also need to develop a well-planned marketing strategy so you have multiple ways to attract customers, including social media and direct mail.

To keep costs down, look for a freelance marketing person who can handle everything from website SEO to social media campaigns. Outsourcing doesn’t mean you can completely let go of the responsibility for your own marketing. After all, you want to make sure your marketing efforts truly represent your business. Make sure your marketing person sets you up to get reports on the progress of marketing campaigns, social media activity, and website analytics. Because search engine optimization (SEO) algorithms are always changing, staying on top of what works for your industry is not always possible. There are plenty of programs available to keep track of SEO trends if you want to do it yourself, but most small business owners quickly realize their efforts are better spent elsewhere. If you choose to outsource, make sure your marketing person understands SEO for the bookkeeping industry and your particular target market.

Once your business grows and you need to hire employees, you don’t necessarily have to leave the virtual business world behind. Today’s workers appreciate and sometimes expect to be allowed to work remotely, assuring your virtual bookkeeping business can stay virtual and still be successful.

The post How to Become a Virtual Bookkeeper appeared first on CorpNet.

I know in my business, bandwidth can be a barrier to growth—but not bandwidth in the technical sense. Instead, we’re sometimes limited by our own bandwidth and how much our team can accomplish with the time and resources we have. Sometimes we manage our bandwidth well, and sometimes we don’t.

There were times we tried to take on a task we should have outsourced, or skimped when a tech upgrade would have done the trick. Management can make or break your business growth. Is there room for improvement in your accounting firm management?

According to Karbon, a resource for accountants, accounting practices of all types are stifled by nearly identical barriers. Here are five of the most common:

1. How to acquire new clients
2. Setting the right prices
3. Standardizing processes
4. Marketing for growth
5. Maintaining a healthy work-life balance

We’re here to help eradicate these barriers to growth—or at least offer some accounting firm management tips that will make them manageable enough to surmount.

How to Acquire New Clients

The best advice I can give any business owner seeking to acquire new clients is this: work your connections. Your current client base can be your “in” to boost your client list. There’s no shame in asking for referrals. Money is such an important area of consumers’ and business owners’ lives that they almost always seek out referrals and reviews before making a decision on what company to trust with their finances.

According to the most recent BrightLocal survey, seven out of 10 consumers will leave a review for a business if they’re asked to, and 84 percent of people trust online reviews as much as a personal recommendation. Bottom line: You need to ask for referrals and reviews and then act on them. Once you’ve completed a service, let clients know you’d appreciate it if they would recommend your business to their friends, family members, and business peers. Make sure to promote your social media platforms on your website and in your email correspondence. Finally, don’t forget to add a quick note on each invoice thanking the client for their business and asking them to put in a good word for you on Yelp, Facebook, LinkedIn or anywhere else your business has a presence.

Setting the Right Prices

Deciding how to price your services is always a tricky task, but it’s one of the most important things accounting firm management should concern itself with. First, take some time to analyze and list your services and what makes your accounting business stand out from others. Then consider your pricing model. Are you still charging by the hour? Billing by the hour has long been the standard in the accounting industry, but it’s not necessarily the most profitable route.

More and more accounting firms are making the switch to a value-based pricing model. For many, determining your price based on the value provided to your clients makes more sense. Now you just need to convince your clients.

Value pricing is not a set-in-stone price. It requires constant review and adjustment, and you must know what’s important to your clients. One way you can add value: Look for extra services you can outsource that bring in money for your accounting firm. For example, if you join the CorpNet Partner program, you can offer your clients business formation and compliance services. CorpNet handles the work and your firm makes money.

Standardizing Processes

Even if you have only one employee, having an employee handbook for him or her to read and sign is essential to good accounting firm management. Written workplace policies can help prevent disagreements and lawsuits. In addition, an employee handbook is vital to spell out procedures and systems involved in different aspects of your business. Making the effort to standardize processes can save you a ton of time, since you won’t have to explain certain procedures over and over or reinvent the wheel. Better yet, standardization ensures all your clients get the same level of service from your firm. For more help on what to include in an employee handbook, check the Small Business Administration (SBA) website.

Marketing for Growth

The key to marketing for growth is attracting and retaining targeted leads. Leads that fit your specific target market are more likely to become clients, which means those leads are worth spending a little more time and money to get.

Study your best clients and look for similarities in gender, income, occupation and other characteristics. Jot down how you acquired these clients and determine whether you’re currently doing enough of that type of marketing. Finally, brainstorm to come up with new ways you can sell more to your existing customers. The probability of selling to an existing client is up to 14 times higher than the probability of selling to a new client.

Maintaining a Healthy Work-life Balance

I need to be honest here: I don’t believe attaining work-life balance is possible for small business owners. Well, at least not an equal balance. You may not be able to “turn off work” completely at the end of the day, but there are a few things you can do to keep some sanity in your life (and have a part of your life that doesn’t involve work).

Who or what in your life is most important other than your business? Now think about how you can put that person, people, or passion into your daily life. It might be as simple as setting aside time for dinner with your significant other a few nights a week, reading bedtime stories to your children every night, or having a monthly brunch or golf date with your best friends.

If you’ve got a passion outside your business, like fitness or spirituality, figure out how to make that part of your life every day. For example, meditating in the mornings or going for a run four days a week can help keep your business from completely taking over your life.

Getting Over the Growth Hurdles

Which of these five barriers are hampering the efforts of your accounting firm management and ultimate growth? What tactics have you used to overcome them?

The post Don’t Let Poor Accounting Firm Management Stifle Your Growth appeared first on CorpNet.

There are a number of accounting franchises available, some of which you may have heard of and some you likely haven’t. The decision to start an accounting business on your own or with the support of a franchise system depends on what kind of operation and lifestyle you want to have.

Let me explain further:

As a franchisee for one of the accounting franchises, you pay an initial fee to buy into the system, plus ongoing royalties to a franchisor during the operation of your franchise. In return, you get the right to the use of the franchise’s trademark, ongoing support from the franchisor, and the right to use its proven operational system plus any products or services specific to that franchise. For example, as one of the system’s accounting franchises, you’d most likely be supplied with proprietary software, marketing assistance, ad templates, and more.

Starting from scratch means going about all of that on your own, which is harder but also gives you more freedom. In this post, we’ll look at the pros and cons of buying an accounting franchise.

Pros of Accounting Franchises

According to the Franchise Business Economic Outlook for 2018, the franchise sector grew faster than the overall economy in 2017 and is set to do so again in 2018. The number of franchise establishments increased by 1.6 percent in 2017 and is expected to increase another 1.9 percent in 2018 to 759,000. In addition, franchise employment is forecast to grow 3.7 percent in 2018 and employment in the franchise industry as a whole will continue to outpace economy-wide employment growth. Finally, the economic output from franchise businesses is estimated to increase by 6.2 percent in 2018.

Buying an accounting franchise doesn’t mean you’ll achieve instant business success right immediately. But it can give you a significant head start in terms of the following:

Location: A good franchise company will have already researched market trends and demographics to find potential new locations, which increases your odds of success. Market research is one of the most important tasks a new entrepreneur must do, and buying an accounting franchise in an area with potential for growth can give you an edge that an independent startup doesn’t have. A franchisor may also be able to give you information on your competition in the area and building lease costs.

Financing: While independent small business owners must find their own resources for startup funds (such as family and friends, bank financing, crowdsourcing), franchisees frequently reap the benefits of in-house financing from the franchisor and access to third-party financing from partner resources. Financing helps with startup costs, equipment, inventory, accounts receivable, and payroll.

Proven operational systems: New business owners often make a ton of mistakes during the startup phase. However, as the owner of an accounting franchise, all the kinks have been worked out for you. Daily routine operations have been fine-tuned so you’re getting a proven operating system and the training to keep it running smoothly. Even though you have the skills to be an excellent accountant, you may lack the skills to actually run an office, such as managing human resource issues, obtaining business licenses, and more. Investing in a franchise offers you support in areas you may be weak in.

Brand recognition: No matter how well known you are in your community, as a franchisee you’ll benefit from hanging out your shingle with a recognizable brand name with years of a solid reputation behind the name. For consumers seeking out accounting services, the power of a brand name can help you attract clients you might never have attracted otherwise.

Strength in numbers: Being a part of a franchise system also means you have the power of the franchisor behind you when you’re negotiating terms with partner businesses, buying materials and supplies and more. Other businesses are more likely to trust you as a new business owner when you have a well-known brand name behind you.

Are Accounting Franchises Worth It?

You started your business in order to be your own boss. By buying a franchise, are you giving up control? Not altogether, but you may find some of the rules and restrictions of being a franchisee a drawback.

Fees: First, although most franchises offer help with financing, the fees involved in buying into the system can be hefty. In Item 7 of the Franchise Disclosure Document (FDD) required by federal and state franchise law‚ states franchisors must disclose the initial investment amount to potential franchisees. The initial investment could be $10,000, $80,000 or more depending on the franchisor, but the amount stated must include:

• The initial franchise fee;
• Training expenses;
• Real property whether purchased or leased;
• Equipment‚ fixtures‚ construction‚ and decorating costs‚ whether purchased or leased;
• Initial inventory;
• Security deposits‚ business licenses‚ and other prepaid expenses; and
• Additional funds required by the franchisee before operations begin and during the initial phase of the franchise business.

In addition, you can expect to pay ongoing franchise fees, an ongoing royalty fee, and an ad royalty fee. Most likely the franchisor will also have minimum requirements for net worth and liquid cash. All of this can be a huge detriment for startup entrepreneurs considering going the franchise route.

Restrictions: If you don’t think you can follow the accounting franchise’s rules, think twice about buying a franchise. Most franchises have strict rules on everything from how customers are greeted to how and where you can publicize your business. If you’re the type to want to forge your own path and make your own decisions, franchising might not be the best route for you.

Do Your Homework

The franchise option is worth investigating if you think you’d like the support and guidance accounting franchises provide. Here are some resources to help:

• International Franchise Association (IFA) Start here with your franchise research. The IFA reports the latest news in franchising, holds events around the country, and provides information on over 1,200 franchises in its online directory. Check out the IFA’s special programs for veteran, women and minority franchisees.
• The Franchise King Joel Libava is a franchise guru, advisor and author of Become a Franchise Owner!: The Start-Up Guide to Lowering Risk, Making Money, and Owning What you Libava also has a website with information about franchising, including a blog, and a franchise quiz to help you determine if franchising is the right path for you.
• Franchisedirect.com Franchises are categorized by industry and by business type on this directory site; you can click directly from FranchiseDirect to request more information.
• SBA’s Introduction to Franchising This self-paced training exercise from the Small Business Administration (SBA) presents an overview of franchising, as well as how to determine if franchising is right for you, and how to choose the right one.

You can’t build a business overnight, so take the time to investigate if investing in accounting franchises are a good fit for you.

The post Accounting Franchises: Are They Really Worth the Money? appeared first on CorpNet.

I might be just a little bit biased since I’ve been working with SEO for fifteen years. But I am with good reason. I have experienced the benefits of SEO first hand and I know SEO can be a game-changer for an accounting practice or single accountant office.

An accounting SEO strategy is similar to that of regular SEO, although there is one important nuance to remember. Since most accountants service a local area, local search becomes critical. The importance of local SEO has grown even greater since Google has been making shifts into mobile first indexing and voice search. The world searches Google for answers and most people (over 50%) are using their smartphones to find solutions to their problems.

Today I’d like to walk you through the important elements of accounting SEO and put an emphasis on the local aspect of this marketing channel. I’ll cover what local search is and how accountants and CPA firms can use it to grow their prospect list, sales, and the ever-important bottom line.

What Local Search Means to Accountants

Local search refers to an individual accessing Google to find a website that is within their geographic area. This could be a city, county, or state. The difference is the search intent is not a national based search. In these scenarios, the user wants and expects results related to their physical location.

There are four types of local searches results that occur within Google’s search engine results page (SERPs):

1. The User Searches for Keyword Only – Keywords without a city name rely more heavily on traditional organic ranking factors, although in some cases they can still include local results. Examples of this would be an accounting office or divorce attorney. These types of searches are shifting more and more to a locally focused list of results.
2. The User Searches for Keyword + Location – Keywords that include a city name rely more heavily on true local ranking factors and will most likely pull from local listings like Google My Business. An example of this would be Michigan CPA spots or Detroit accountant.
3. Near Me Searches – In this situation, the user starts to type a phrase Google assumes is local and Google will suggest the addition of near me. When the user accepts, Google returns local results based on the user’s physical location. An example of this is the search for accountant. Google suggests adding near me to it and the search now becomes accountant near me.
4. Mobile Based Searches – Keyword searches performed on mobile devices can produce very different results than that of desktop computers. A desktop and a mobile phone search can have completely different results for the exact same phrase which confuses and frustrates a lot of marketers. Such search inquiries and results can occur with or without a geographical phrase added to the search term.

Regardless of the type of search, local search dominates the results and accountants want to be on this list. To be here, accounting SEO needs to be a priority and it needs to include a focus on local.

How to Find Great Keywords

If you want to win at accounting SEO and local search, you have to start with keywords. These are the phrases people search for to find answers to their problems. If I’ve learned anything over the last fifteen years it’s this – you don’t know what the average Joe searches for online. You may think you know, but really you don’t. You have to use tools to help you find the right phrases to target.

My favorite tools for finding great keywords are KW Finder and SEMrush. As an SEO consultant, I use these daily and I couldn’t live without them. Here is why I love them.

SEO Tool #1: SEMrush

This tool will allow me to data-mine my website or that of my competitors. I can look up any local accounting firm and find out exactly what keywords they are ranking for, what keywords they are using for advertising in PPC (pay per click), and I can even see their top website content.

SEMrush: Local Accounting Terms

SEO Tools #2: KW Finder

In this tool, I can put in one phrase and receive hundreds of alternate or similar search terms. I’ll see monthly search volumes, the difficulty level, and even who is ranking on page one of Google. It’s a great tool for building a comprehensive list of keywords.

KW Finder: Keyword Options for Accounting Firm SEO

As you can see, there is a lot of great information available for helping accounting firms boost their SEO efforts and expand their reach online. If you are looking for some good data for your accounting SEO efforts, I encourage you to review KW Finder and SEMrush.

What Matters in Local Search

As I said above, local SEO has a few more nuances than regular SEO. This is because Google will take into account additional ranking factors in deciding who to place on page one of the search engine results page.

Here are the ranking factors you need to think about:

• Website Optimization – The presence of NAP (name, address and phone number) contact information on the website is absolutely critical. This information should be placed in the header or footer so it displays on all content pages and posts. When doing this, it is important to use a phone number that includes a local area code so the search engines can associate this area code with a given website’s local area.
• Structured Data – Structured data is more advanced coding that is applied to a website. It uses Schema properties and it helps search engines better understand a website and view it more like a human. The use and importance of Structured Data are growing rapidly with Google. If you use WordPress, there are a number of plugins that can help implement Structured Data at the local level.
• Inbound Links to the Website – The web is made up of content and links. Local SEO relies on these links to rank in search. You need both a good quantity of links coming from quality websites.
• Google My Business Profile – This social media profile must have accurate, have optimized categories, and relevant keywords in business description.
  
• External Directory References – The availability and consistency of NAP (name, address, phone number) on other third-party local business directories is also important. Example business directories for local searches would include Yelp, Angie’s List, Manta, Foursquare, Merchant Circle, TripAdvisor, and Internet Yellow Pages.
• User Behavioral & Mobile Usage – User behavioral and mobile usage are also considerations. Examples of such factors include user click-through rates from search, check-ins, and user calls to a business via search.
• Search Personalization – Search personalization includes results provided to users based on what is most relevant to their interests or located closest to their physical location.
  
• Reviews – The quantity and diversity of online reviews and rankings will also influence local search optimization efforts. These user reviews would be positive reviews from real users on legitimate websites.

How to Improve Your Search Results

Local SEO does not require you to insert your location throughout your content. That is old school SEO and just wrong in today’s world of search. Today’s local search optimization focuses more on accuracy and outreach.

Here are the steps you actually need to do to rank in search:

1. Add your address and phone number in the footer or header of your website so Google can associate your individual content pieces with your local area.
2. Use your local area code and not just an 800.
3. Sign up for a Google My Business account.
4. Use other social media where applicable. Facebook is always good for local SEO.
5. Encourage your clients and customers to check-in and leave reviews on Google and Facebook.
6. Use a consistent format for your address and information.
7. Use keywords within your business descriptions.
8. Check your existing listings to see if they are accurate. You can use Moz Local for this task.
9. Add your business to other local directories.

Common Mistakes in Accounting SEO

Mistakes happen because website owners and marketers are only human. That said, it is important to limit such mistakes as they will reduce your local search optimization efforts.

Here are some very common user mistakes that hamper local SEO for accountants and CPAs:

• Online business listings different than the actual physical address of the business
• Duplicate listings exist in local search directories
• Inconsistencies with the business name, address, or phone number (NAP) in online directories
• Incorrect categories used in local directories such as Google My Business
• Unverified listings in local directories

These common mistakes are easy to prevent and/or fix. Knowing what matters is the biggest advantage in correcting or avoiding the issues.

It’s Time to Dig into Local SEO!

You’ve been given a lot of information but you are now empowered to rock search, improve your search ranking, and bring in more business leads. While SEO is just one marketing channel available to accountants, I believe it is an important one.

I’ve been a long believer in the fact that anyone can learn SEO. It’s not a matter of it being possible to learn SEO, it’s just a question of whether or not you want to dig in and get your hands dirty. I’m hoping you do because I know the benefits it brings to small businesses.

The post Accounting SEO: Local Search Optimization You Need to Know appeared first on CorpNet.

Just as with your clients, wearing all the hats in your bookkeeping business is not the best use of your skills. When does hiring expert help make more sense for your needs and your bottom line? Here are seven areas of business you can outsource either completely or partially, depending on your needs and your budget.

Seven Business Areas to Outsource

1) Legal Issues

You will most likely need legal advice or representation at some point in your entrepreneurial career. Don’t wait until a problem arises to search for a good attorney. Have one involved in your bookkeeping business from the beginning and keep them informed of what’s going on in your company. That way, when you need them to create or look over a contract, they’ll be ready to go.

Do you have ongoing or recurring legal tasks such as business filings, licenses, permits and such? You can save time by outsourcing these complicated corporate compliance issues to an online service such as CorpNet. CorpNet will stay on top of all the deadlines and requirements in the state where your bookkeeping business is located and make the appropriate filings for you.

2) Human Resources

If you have just one or two employees, you might think your business’s HR responsibilities can be managed in-house. In reality, an outside HR company can actually oversee a whole range of human resources tasks you might otherwise have to outsource to multiple providers. Depending on your business’s size and needs, these functions could include:

• Payroll processing
• Employee benefit plan management and administration
• Employee recruiting
• Training new employees
• Employment law compliance such as safety (OSHA)
• Employee health insurance
• Coordinating virtual employees
• Hiring other freelancers

HR outsourcing companies generally charge a flat monthly fee or a percentage of each employee’s salary.

3) IT Help

All things tech is probably where you’ll want to outsource most of the tasks in your bookkeeping business. It’s always smart to learn how to handle a few IT functions yourself, but when it comes to the big jobs, like switching web hosts or fixing a virus-infected computer, it makes more sense to spend the money and outsource to an expert. You can save hours of frustration and lost productivity by turning the reins over to someone in the know.

If the tasks are something you can learn yourself, make sure to ask the IT person to show you how to do it. That way, you can handle the little stuff going forward and save the big jobs for them. According to Tech Pro Research, more than 31% of IT services were outsourced last year. Other commonly outsourced tech tasks include web and app development, AI and IoT, website design and quality assurance.

4) Search Engine Optimization

How good is your bookkeeping business’s SEO? To find out, try searching for “accounting business,” “bookkeeper,” “CPA,” or if you cater to a specific type of client, try searching specifically, such as “small business accountant” or “restaurant accountant.” Are you satisfied with the results you get? How far down the ranks does your local accounting business show up—if it does at all? Now, try Googling your exact business name. What pops up then? Obviously, the goal is to gain SEO superstar status—and that means getting your accounting business highly ranked in search engine results when potential customers are searching for accounting firms in your community.

Unfortunately for your bookkeeping business, SEO algorithms change all the time. SEO is a tricky game that takes lots of constant attention that you may not have to give. Find an SEO expert you can keep on retainer to help you keep your website up to date on what search engine algorithms are looking for, plus get you listed on all the search directories your bookkeeping business should be listed. Will the SEO expert be able to fill your website with valuable content or can they advise you on how to find the content? Then there’s video content, which can improve your SEO and draw more traffic to your website.

Because social media plays such a big part in SEO, make sure your expert knows which platforms your business needs representation on and can give advice on what you should be posting and how often.

5) Sales and Marketing

Probably the most time-consuming task for your bookkeeping business has to do with finding new clients. You might be your business’s best salesperson, which makes sense since you are the owner and the face behind the business. But when it comes to marketing, getting some expert help can really ramp up your business and bring in more new leads.

When you outsource your marketing efforts, you’ll have someone on your team keeping up with the latest trends in digital media and local campaigns. You can work with a freelance marketing person or a marketing communications company, depending on your budget. Either way, the marketing experts will most likely represent many different companies. Make sure they know your industry and do not represent any of your competitors.

6) Add-on Business Services

Offer your bookkeeping clients help with other aspects of their businesses. For example, you can add value for your clients (and profit for your business) by handling clients’ incorporation and business filings. Outsource this to a full-service partner who can handle all the details, and it will add extra income to your bank account without adding extra work to your plate.

7) Odds and Ends

You’d be surprised how many time-wasting little tasks pop up during the average day of a small business owner. Whether it’s putting together the new desk you got from Ikea or designing a new flyer for your bookkeeping business, websites like TaskRabbit and Fiverr can be the answer to your prayers. Visit these sites to put small “odds and ends” jobs up for bid to thousands of freelancers and get just about anything done on the cheap.

Where to Find Help

There are many places to find help for your business. Start by asking your fellow small business owners for recommendations. You can also check online directories and matchmaking sites for outsourcing possibilities in fields like technology, HR and business compliance. No matter where you find your outsourcing options, be sure to check references and always use a written agreement before starting any work with them.

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