Are there restructuring companies that can help small accounting firms/sole proprietors?
I am currently trying to grow my tax and accounting business. I am a sole proprietor and have had clients who pay very low for my services. Additionally they don't pay on time and sometimes not at all. I have a strong knowledge for bookkeeping and tax preparation but when it comes to setting pricing and business policies I am afraid I am not very good at it. I know for larger companies there are consulting companies such as Alvarez and Marsal that basically take over a business and turn it around and make it profitable, but i am not big enough by far for a consulting company that size. For a small sole proprietor who wants to do a turn around and start making her business profitable, are there companies that can help a small accounting firm such as mine? I am looking for it online and finding some but not sure I am finding the right ones. I live in NJ so I would want to find one that is within the state I operate out of. I'd like them to basically take over the operations and pricing of my business to set me up as well as get me leads and I would be willing to enter into a contract with them so they get paid as I get paid. Any ideas?
- EvaLv 71 month agoFavourite answer
I don't know of one that will generate leads in exchange for a share of the fee. That basically makes you an employee and I don't think that's what you want. To generate leads, you need to get out there and network. Join your local Chamber of Commerce. Contact your local small business development center to help you find other networking groups and do the research to set your fees properly. I've stumbled on an online continuing education group that also does management courses. They're about to start a new one in a week or two. Based in NYS, but they have trainers from all over the US. Google Tax Practice Pro. They also have a Facebook page. I too priced my services too low, mostly because I didn't do enough research when I started. I've had my practice since 2002 and still struggle with setting prices. I rarely have people that don't pay, however. Don't return work to clients until they've paid. You have to give them back their source documents, but you don't have to give them your work. When I first started, I took anybody and everybody, but now my practice is big enough that I can choose who I work for. If I get a bad feeling at the initial interview, I don't take them. I check out any new bookkeeping clients on my county's records database to see if they have any judgments or liens. If they do, I won't take them. If they're coming to you from another accountant, make sure to ask them why they left.
- JayLv 61 month ago
You didn't pay attention in school...did you?
Either THAT or you bought a few copies of Turbo Tax and Quicken and thought you'd set yourself up as a tax pro.
If you KNEW what you were doing - and this only applies to YOUR accounting and tax business, you would have people knocking down your doors to get you to do work.....
....instead you are undercharging for your services and people are not paying you.
....and the very sad thing is...IF you were qualified and IF you knew what you were doing...other accounting firms would be sending you their extra clients.
:::SIGH::: Go to the Fiverr site and hire a good marketing person....
- SuccessLv 61 month ago
If you are doing Tax Accounting and Tax Returns professionally, then you should have at least a 2 year degree...and covered in that is supposed to be how to run your business.
So, your clients are low balling you because you do not quite know what you are doing.
Basically you are training to be a Bookkeeper at their expense.
I wonder what will happen as your clients get audited and come back to you so you ...as the person who PREPARED their tax returns...you can go visit the IRS and explain what you did.
I sincerely hope you have a good professional insurance policy.
- davidLv 41 month ago
Call around. Pretend to be a business of the size and scope that you normally serve and ask other CPAs what their rates are to ....
As for the slow (and especially the no) payers. You're an accountant. You know how their books read. Go to their competition and burn them. "Pay me what you owe (not a penny more or less) or die.
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- DevorealLv 61 month ago
Part of getting your accounting degree involves a certain basic knowledge of how business works.
Basically...the consulting firms that come in and 'turn the business around' do it by USING ACCOUNTING!
So, go back to your text books and re-read them, please.
Next increase your fees. Your clients do not respect you because you charge too little. Because you charge too little they think you do not know what you are doing.
Stop doing work for people who do not pay. ADDITIONALLY - do not email them give them or in any way had over the results of your work until you are paid.
Finally you said this:
" I'd like them to basically take over the operations and pricing of my business to set me up as well as get me leads and I would be willing to enter into a contract with them so they get paid as I get paid. Any ideas? "
YES: Do you realize what you are saying is : "I want to work for someone else. I want someone to handle all of the advertising, collections etc so all I have to do is accounting, and get a pay check at the end of the week"?
What you do is you take your list of clients and you go to the other accounting firms near you and say: "I have this list of XYZ regular customers, and I will bring them to your firm if you hire me on."