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should bookkeepers provide tax preparation services

Published on: December 6 2022 by FeedbackWrench

should bookkeepers provide tax preparation services

should bookkeepers provide tax preparation services

so that's the big question
should bookkeepers provide tax
preparation services
do they need to do taxes as an
accountant or bookkeeper or can they
just stik to the bookkeeping
now i get calls all the time for
bookkeepers that were helping with their
accounting and bookkeeping
websites and they're asking me whether
or not they need to provide these tax
preparation services because they're
kind of scared about it now i'm going to
make the case for why i believe the most
valuable financial service to a business
owner
is a one-stop shop accountant that i
call
the outsourced accounting model now in
order to become an outsourced accountant
you'll need to perform tax returns which
for the most part are going to result in
a bigger retainer
the goal is to determine how you could
be the most valuable asset to this
business owner
and to make the biggest impact in their
operations within your efficiency's
passions and scope of work
if bookkeepers provide a full gamut of
valuable services for a single monthly
fee
they can create massive efficiencies for
the clients their businesses
and they're going to be able to charge a
much more substantial monthly retainer
now
what services should be included in this
outsourced accounting model
now first off you got to realize there's
two parts to this the first
is the upfront project and then you have
the accounting services right
the upfront project is usually backup
bookkeeping and the creation of a tax
plan
you'll want to protect yourself a bit
with an upfront project fee because
you'll see that onboarding new clients
takes a lot of time and effort and your
cleanup represents months of services
that they should have been performing
but they have not
now besides that you need to account for
backup bookkeeping as well
so here's the services that in the
outsourced account model you'll want to
include
first of all you have catch-up
bookkeeping then you have ongoing
bookkeeping services keep bookkeeping
software itself the monthly
the monthly financial reporting payroll
software
running payroll creation of a tax plan
paying in tax estimates according to
that tax plan
business advisory services personal tax
returns business tax returns and then
personal wealth coaching almost being
like a financial advisor right
now these services are all predicated on
a couple of meetings throughout the year
and then the accountant performing
monthly bookkeeping
reporting and then updating a simple tax
plan i'm not just recommending that you
prepare taxes i'm actually recommending
that you serve as this outsourced
accountant because that's what they
really deserve and that's what creates
the best service for you as an
accountant
i found that bookkeeping on its own and
taxes on their own are not very valuable
to business owners
the services rolled together though they
create a synergy of efficiency
and it increases the quality of the
advice that you're gonna give
and bottom line is there's a ton of
benefits to it right
plus bookkeeping is kind of a commodity
if you're looking for an easy job
bookkeeping
probably isn't it especially because
it's a little bit low paying now
there's all these promises across the
internet that you can travel the world
and have tremendous freedom while you
provide a bookkeeping service to
business owners
but you need to remember that it's
becoming a commodity india in partikular
has a highly competent accountant
workforce
and they all have serious credentials
and they have slowly been becoming the
solution to high prices in the
bookkeeping services
and even quickbooks will do your
bookkeeping for a couple hundred dollars
a month
there are hordes of bookkeepers across
the nation and the world
eager to reconcile transactions and
perform the universal language of
accounting
bookkeeping is slowly becoming cheap and
commoditized
but it's still valuable and if you do it
right it can be huge
and there's really a strange dynamic on
one hand it's a commoditized service
right
but on the other it serves as the
foundation for all great tax planning
and all the great accounting services
that i want you to perform in this model
so it's important
for the outsourced account to provide
great
tax planning and give excellent advice
and make the business owners lives easy
bookkeeping is the foundation of that
accounting wisdom
everything is predicated on great
bookkeeping the bottom line is that i
believe there's a strong case to be made
for bookkeepers to also provide tax
services
and here's seven specific points to
highlight to uh just
bring this to mind right now number one
tax returns are the primary reason why
you want good books
that sounds kind of silly but the one
main reason why you want good books is
so that you can get the taxes done
correctly right
most small businesses are at a point
where their accounting is really
there to account for taxes because they
haven't progressed to where they're
projecting their business financials or
analyzing their ratios and reports
they'll eventually grow to that point
but most of these guys they just need to
make sure that their taxes
are done right now number two is that
the business
taxes cause action in fact nothing spurs
business owners to action like the tax
deadline right
google searches alone can show us how
important tax season
and business taxes are and this is great
because if you add tax preparation to
your google my business and your website
toks about it
you'll rank in the local search results
for searches like tax prep near me
business tax near me tax accountants
near me and in a way
it's kind of cheating the irs deadlines
force business owners to deal with this
every single year so they kind of churn
you and if they don't they're going to
lose everything and even end up in jail
tax returns all the ultimate needs-based
service
every business owner absolutely needs to
deal with their annual tax returns or
they go to jail
so now number three is that bookkeeping
on its own will lead to extra messing
around and i want you to hear
hear me on this it leads to messing
around if a business
has a bookkeeper and then a separate tax
person
the business owner has to mess around
coordinating between the two of you
and this happened to me and i absolutely
hated it you know sure you're paying two
different fees and that's kind of
frustrating
but the real pain is that i had to line
up two sets of meetings and coordinate
the back and forth between the
bookkeeper and the tax person
and at the end that wasn't like the end
of the world but
my time is important to me and it is for
your other business owners
when an accountant chooses to do both
taxes and bookkeeping
the business owner doesn't have to mess
around
they can just contact one person there's
more value to that than what you
understand
business owners love the outsourced
account model
that brings me to number four the
outsourced accounting model is just
valuable now this is kind of piling on a
little bit but business owners
like this one-stop shop they prefer it
and they'll pay more for it
and how do i know well i grew a firm
from zero to 150 small businesses and
plus from zero to two
to a million dollars in less than 24
months i handled dozens
of clients that would call in and say
that they thought their current solution
was too expensive at fifteen hundred
dollars for a tax return
and when i was done with them they were
ready to pay way more with us
because they understood how valuable it
was going to be
if you want to learn how to land more
accounting clients kind of like that
i want to give away all the experience
that i have you can get that sales
training
with my outsourced accounting uh
online course you just go to
feedbackgrinch.com and up at the top
you'll see there's an accountant link
and you can go there but just
the bottom line is is this is valuable
and people will pay more for it
now the other thing is it's just better
than this diy solution right
you need to realize the business owners
if they don't work with you they're
probably going to do it on their own
now you might not want to do taxes right
now because you're scared or you've
never done it but
you can do it you can learn how besides
that you should remember that if you
don't do the tax return for them
they're either going to do it themselves
or probably pay someone who's not very
good to do it
you can learn to do taxes and you'll be
great at it trust me
remember that year-round tax advice and
proactive tax planning is so crucial to
a business owner
that any and every solution without that
proactive advice is just
not good it's damaging and bad for the
business owner
you should take the charge get some
training and start preparing taxes
together
with this full outsourced accounting
model right the other thing is the
things
anxiety that business owners have is
super valuable that's number six
what you don't know is that at the end
of the year there's this giant paradigm
with business owners
business owners that don't have a good
outsourced accountant will be forced to
just pay in estimates from the
the previous year or paying according to
their own uh like whims
or paying according to some estimates
and at year end the business owner is
usually full of anxiety and stress and
and they're just dreading it because
they're waiting to find out if they have
a giant tax bill or if they're going to
get money back
it's incredibly stressful as business
owners to sit and wait to find out your
fate
but you can make this super stressful
dynamic disappear
outsourced accountants when providing
this proactive service throughout the
year
will help pay in tax estimates according
to a tax plan
which leads to a predictable year end
and makes
life manageable and takes away this
stress so
your end is easier for you as well so
you're going to take away stress you're
going to make their life easy
and because you're doing the bookkeeping
and accounting through the year you're
going to find that
life is better for you to do that tax
return it's actually quite easy so
number seven
you get better advice and real planning
by doing this
on top of all that you'll see that you
can actually give excellent tax advice
in quarter three and quarter four to
help them avoid tax bonds
and make better business decisions real
tax planning must be implemented before
the end of the year that's the bottom
line
we all know that everything meaningful
in the tax reduction world needs to be
done in a proactive way
before the end of the year you cannot be
reactive
at the end of the year you need to
manage your your your uh
salary you got to manage your business
entity type and you have to make
purchases
before the year end and that's where all
the the absolute
meaningful tax planning is going to be
done so to summarize
all of this i think that you should
absolutely avoid doing bookkeeping on
its own or even tax returns on its own
and instead focus on doing this
outsourced accountant model
that you can get training for and you
can learn how to do this for 500
for my online course for accountants go
to feedbackrench.com go up to the top
and you'll you'll see the little link
for accountants and we do
websites and advertising for accountants
but we also
have that course and i'm telling you
folks love it
it's going to help you be better it's
going to help you close more sales
you're going to understand what's
valuable i'm going to show you the
threads to pull
but i'm telling if you're if you're a
bookkeeper i would highly recommend
getting some training to do taxes
now like and subscribe if you enjoy this
good luck
god bless looking forward to an
opportunity to connect with you book a
call with us
and we can find out a way to generate
leads and sales and take all these value
propositions and put them on your
website
good luck god bless