Accountant – Page 2 – Beck & Company

Personal Principles that Relieve Accountant Stress

For accountant stress management to be effective over the long haul, the key is to not only learn and use certain stress management tips that we discussed last week but to also learn to live your life and see your world in a way that makes distress less likely. Stress management is a process that includes more than just healthy living tips but honing and applying personal principles to your overall life as well. If you find the main sources of your stress come from current accounting practices that could use an overhaul or adjustment, Beck and Company Certified Public Accountants and Business Advisors are here to help. Please contact us for a consultation about your accounting needs.

Here are some principles that, when practiced consistently, can help you manage your stress and keep your distress at a minimum:

Take responsibility for yourself, your life, your behavior, and your stress.

Consciously or sub-consciously, if you don’t take responsibility, you effectively delegate it to someone or something else. This means you are handing over control of your life and your stress level to someone or something else.

Identify your principles, values, and goals. Live by them, too.

Decide what’s important to you and what you want out of life, and make your behavior consistent with this. For example, if a strong family life is most important to you yet you repeatedly take on tasks that make it impossible for you to be with your family, you will feel distress. The more your behavior matches your values and principles, the less distress you will experience.

Make sure your principles, values, and goals apply to you and your behavior. If your values are centered on everyone else in your life acting fairly and appropriately, you set yourself up for frustration. People will not always act in accordance with your goals. Make sure your principles, values, and goals are flexible enough to allow you to still be human. If it is important to you to be perfect and never make mistakes, you will live your life in a constant state of distress.

Learn to practice a measure of acceptance in your life.

Things will not always go the way you want them to. Focus more of your attention where you have influence and less of your attention where you have little or no control.

Don’t take yourself too seriously all the time.

At least once a day, do something just because you enjoy it no matter how small or ridiculous it may be. Find some humor in your day, and in the process, get a change in perspective.

Conduct an inventory of yourself and identify your own personal internal stressors.

Identification is half the battle to resolution. Are you a people pleaser? Do you have a hard time saying “no” to people or opportunities? Are you a perfectionist? Does every mistake take another notch out of your self-worth? If you need help dealing with these issues, get it.

Identify your own personal cues that signal when you are distressed. Do you tense up? Do you get headaches? Do you become irritable, angry, or defensive? Do you feel confused? Do you have a more difficult time than usual making decisions? Create strategies to lessen or eliminate these tendencies all together.

Think outside of yourself, and give back to others.

One of the quickest and easiest ways to put stress in perspective is to walk a mile in someone else’s shoes and realize that your life might not be so bad after all. By serving and giving away time and resources to others, you get fulfillment in the process of fulfilling the needs of others. Decide how you want to give back, and go do it!

Although you won’t always do all of these things right, stay focused on the daily process of stress management and living by your personal principles. Over time, you will begin to notice that the times of distress become fewer and further between. Even though the accountant responsibilities and pressures of your accounting job still exist, you will be able to cope better with them. If it is your accounting practices that are causing you the most stress, contact us here at Beck and Company CPAs so we can assist you with these.

Accountant Stress Management Tips

Addressing accountant stress requires a holistic approach to deal with the overarching impacts it has on many facets of life. Last week, we took a look at factors that cause stress in the workplace. Once those are identified, it is important to deal with each stressor individually. Unfortunately, those can be mitigated to some degree but will likely not be solved completely nor will they stay isolated to the workplace alone. Therefore, stress management must also address physical, psychological, social, and environmental factors both now and for the longer term. Beck and Company Certified Public Accountants and Business Advisors personally understand accountant stress and can help you alleviate them through assistance in improving accounting practices. Let us help you address your specific accounting needs.

Here are a variety of tips for holistically managing accountant stress both at the workplace and outside the workplace:

Have a personal and professional social support network

Developing a good social support network and spending time with friends and family away from work is helpful for managing stress. Work teams need to spend time doing other things like team building every so often to develop some social bonds and not just associate each other with work and its stressors.

Maintain a healthy diet

This is so much more than simply watching your portions and intake. It also means intentionally not indulging in unhealthy foods thinking they will relieve stress and reducing the intake of things link caffeine, alcohol, and unnecessary over-the-counter medications.

Exercise regularly

Exercise is a great stress management technique that also has endless health benefits. Non-competitive forms involving mindfulness are especially beneficial. Exercises that are done outside and in nature, such as golf and hiking, are great, too.

Sleep well and get sufficient sleep

It may be common sense, but getting enough sleep benefits stress levels. You can’t cheat your own biological system and get away with it long term. Although it seems like having more time in your day may be beneficial, less is not more when it comes to sleep.

Practice deep breathing and use relaxation techniques in moments when stress hits hard

Tense your stomach muscles, shoulders, fists, eyes, jaw, and all the other muscles of your body while holding your breath. Release and relax. Put your hand on your stomach just below your belly button and breathe slowly and deeply so your hand moves out as you breathe in. Breathe in through the nose and out through the mouth. Repeat.

Laugh and play more

Laughter is something we can all afford to engage in more regularly. The most stressful professions often use humor as a healthy coping mechanism. Additionally, a little playfulness even in the workplace will actually boost productivity and help staff stay happy and healthy. By lightening up you will not only live longer but, contrary to fears, get more done.

Reframe your thinking and attitude

Often just changing the way you think about something will make it less stressful because stress really results from perceived difficulty. You can always change your own viewpoint to a more effective one and find ways to stay positive.

Now that we have addressed many tips to help any accountant holistically deal with accountant stress, we will take a look next week at the personal side of managing stress. We will address personal principles that, when practiced on a daily basis, can help you personally manage your stress and keep your distress at a minimum. If you need more assistance with increasing your accounting practice efficiency or other factors that may be influencing your stress, contact Beck and Company CPAs.

Workplace Factors that Cause Accountant Stress

It is a universal problem that comes with the territory. Yes, all accountants experience stress. Hopefully this gives you hope that you are not alone. Although this fact of universal stress is known, the common causes might be less known and a bit more subtle. To manage stress well, it is important to know specifically where it originates from first. Only then can those factors be dealt with effectively because they can be addressed individually. It is much more meaningful and productive to deal with individual stressors instead of simply seeing stress at a collective level and therefore be overwhelmed by it all. Beck and Company Certified Public Accountants and Business Advisors know all about accountant stress that impacts all of us and can assist you with this and with your specific accounting needs that may be one of the factors causing you worry.

What are the factors causing accountant stress in the workplace, and how can they be dealt with?

Role Ambiguity

This stress is created because an individual does not clearly understand what is expected on the job. It might be worth a conversation to get this sorted out or to ask for a list of responsibilities complete with deadlines and explanations of each.

Role Conflict

This stress is created because an individual is presented with conflicting demands or an unclear chain of command. Most organizations likely have organizational charts detailing who reports to who and who should be doing what. Ask for this document for clarification purposes or find a time to meet and clarify things with the co-workers who may be requiring opposing responsibilities without even realizing it.

Overload—Quantitative

This stress is created by the perception of too great a volume of work to accomplish in the allocated time or the job scope and depth. Figure out what your focus should be and prioritize tasks accordingly. Set time frames and parameters for yourself so you don’t get bogged down by menial tasks instead of essential ones.

Overload—Qualitative

This stress is created by job requirements which exceed the individual’s ability or skill level. Albeit awkward, have a conversation with your boss if you feel some of the expectations put in front of you are not correlated well to your expertise. You likely won’t be able to hand off all of that work to someone else, but you can educate your boss on your skills so future assignments are more aligned to your skills.

Career Progress

This stress is created by not having enough perceived opportunities to advance or learn new skills and techniques. Just like educating your boss on what skills don’t suit you, also inform him or her about your interests and ways you would like to grow as an accountant.

Time Pressures

This stress is caused by the perception of unreasonable deadlines and time demands. Although some of this is just the nature of accounting work, see if any work can be shared or if there is a way to spread tasks out more evenly. Consider ways to organize yourself better so deadlines don’t sneak up on you.

Personnel Tensions

Stress resulting from lack of trust in co-workers or dealing with challenging differences in opinion and/or work style. For more information on this and to help in developing strategies for coping with difficult staff member situations, visit here. The article details how to establish trust in the workplace, tips for communicating with others, recommendations on avoiding the troublemakers, and the importance of verifying rumors.

Take a look back through the list, and do a quick personal assessment of what the top accountant stress factors are for you personally. Take small steps in trying to alleviate what you can. Stay tuned over the next few weeks to discover or refresh yourself on some important stress management tips that go beyond the workplace. In the meantime, if you have realized there is one or more factors from above that you could use some help in addressing or for more assistance with your accounting practices, Beck and Company CPAs can help. Please contact us for a free consultation to find out how we can help you address your accounting needs.

Is it Time to Hire an Accountant for My Business or Nonprofit Organization?

Running a business or not-for-profit organization is hard work. Not only do you have to effectively manage the day-to-day operation, but you also have to effectively manage and maintain your business and organization’s finances (which is no small feat). Many businesses and not-for-profits choose to handle their finances on their own in an effort to save money; however, the stress of managing these financial responsibilities on their own often leads to frustration and unintentional errors.

Businesses and not-for-profit organizations are not always aware of federal regulations and changing laws, and managing their finances on their own can become cumbersome as they have to commit more time to researching ever-evolving accounting regulations to maintain full compliance. Hiring an accountant or CPA would be beneficial in this aspect, as they have full knowledge of business and not-for-profit accounting regulations. Whether you decide to hire someone full-time or part-time, the help of a CPA can ease your business stress (at least where your accounting and finances are concerned).

If you are unable to keep up with the financial demands required of running your business or not-for-profit, it may be time to hire an accountant. If your answer to any of the following questions is “yes”, it’s time to actively look for a CPA or accountant to handle your finances:

Are you deciding on a business entity or trying to determine 501(c)(3) status?
Do you need help with your taxes?
Could you use some help with your financial reporting?
Are you being audited?
Do you need help differentiating between business and personal expenses for tax purposes?
Are you having a hard time comprehending your financial statements?
Do you need help determining which expenses are tax deductible?
Do you need advice about large purchases, such as buying or leasing a property for business use?

An accountant or CPA is qualified to help in the areas listed above. Whether you need help filing your taxes, determining an entity or not-for-profit status, or creating financial reports, an accountant is a wise investment. If your business or not-for-profit organization is searching for a CPA, give us a call today at (703) 834-0776. Our team of accountants and CPAs are more than qualified to help you with both your small and large accounting tasks.

Want to learn more about our client accounting services? Visit our Accounting Services page to learn how our experienced CPA’s can help you make sense of your company’s or nonprofit’s financials.

What Makes a Good CPA or Accountant?

A good CPA or accountant is hard to find. When it comes to entrusting your business’ important financial information to someone else, you ought to have high expectations. After all, the CPA or accountant you choose to manage your business will have access to all of your financial records and will provide you with insight into your financial decisions. This person should be chosen carefully.

While many business owners attempt to “handle it all themselves”, the reality is most business owners cannot manage their businesses successfully and handle the financial side of things at the same time. As a result, they look to outside help (usually in the form of a CPA or accountant). While we cannot pick your CPA for you, we can offer you some insightful tips to help guide you to the right CPA for your business or organization. We believe the following traits characterize a good CPA or accountant:

They must have a basic understanding of your industry.
This one should be a given. Your CPA or accountant needs to be familiar with your business’ industry in order to give you the advice you need and manage your accounts properly. While they do not need to be an expert, they do need to have a clear understanding of what sets your industry apart (particularly in the area of accounting). It’s possible to work with an accountant who is unfamiliar with your industry; however, it will be easier on both you and them if you choose an accountant who knows a little about your particular industry. Each industry has different terms and insider information that can only be learned on the job, so be sure to look for someone who knows the terminology.
They must be attentive to details.
An accountant or CPA needs to be detail-oriented in order to properly manage your finances. They must be aware of every tiny detail and change that occurs within your organization. You won’t have time to update your accountant on every single financial detail; that is something he or she will have to do for themselves. Make sure that the accountant you choose can take charge of your business’ finances and take care of the little things when it comes to your basic financial situation.
Good communication skills are a necessity.
You will be communicating with your CPA frequently, so make sure that you feel comfortable with your CPA or accountant. If he or she does not understand something, they have to be willing to ask for clarification or help. Communication is absolutely essential to the success of your accountant-business relationship, so make sure that your CPA possesses the skills they need to communicate effectively.
They need to know how to work a computer.
In this day and age, this may seem like a ridiculous request; however, there are many accountants and CPAs out there who have limited knowledge when it comes to computers and various software programs. In order to get quality reports, you need to have a computerized accounting system in place. Make sure that your CPA or accountant is familiar with the system and knows the basic workings of Word, Excel, email and the Internet.
They must always be striving to learn something new.
The accounting field is always changing. New regulations are passed, new laws are instated, and new industries emerge. Your accountant or CPA should be committed to learning more about the laws and regulations of the field. Some CPAs will acquire new skills through attending classes, while others will join groups to help them learn new tips and tools. Whatever they choose, make sure that they are committed to furthering their knowledge about accounting and preparing your business for success.
They need to understand the big picture.
A good accountant or CPA will not focus only on the accounting; they will take a look at the business as a whole and offer suggestions for improvement. A good accountant understands that the financial aspect of the business is simply one part of a whole, and he or she understands that one financial error can affect the entire business.Before hiring an accountant or CPA, give them an overview of your business and what you do. In order to accomplish the work you need, your accountant will need to understand the work you do. By providing them with an overview of your business, you are helping your accountant keep the big picture in mind as they focus on the little things.
They must be willing to follow through.
You want someone who will be reliable and who will finish projects through to completion. As you are interviewing accountants and CPAs, check their references and current clients. Are they happy with the accountant’s work? Does the CPA follow through on all of their projects? How does he or she respond in the case of a project delay? Find out how reliable they are before you hire them, or you could be faced with many incomplete (or late) projects.
They must understand how to do proper job costing.
Your accountant or CPA must understand how to do job costing properly. This includes tracking all costs by item and job detail. This will help you gain a better understanding of how much your projects are costing you, so you must depend upon their information to be accurate.
They must be willing to commit to your business.
This is the most important trait in a good accountant or CPA. He or she must be able to fully commit to your business. Without his or her full commitment, you might as well be doing the job yourself. You want someone who is committed to your vision and will make your business a priority. Don’t be squeezed into their schedule. If you are considering hiring an accountant who cannot meet the commitment level you desire, look elsewhere. You need to be sure that your accountant is doing everything possible to ensure the success of your business.

As you can see, there are certain characteristics that make up a good CPA or accountant. If you have any traits to add to the list, please leave your comments below. If you are looking for a CPA or accountant to take care of your business, contact us today. Our Beck and Company CPAs provide many services to help your business achieve the success you desire.

For a look at how a Beck and Company CPA can help your business, read our CPA client stories. Discover more tips for choosing the right CPA or accountant.

Maintain Proper Financial Records with the Help of an Accountant

Maintaining accurate financial records is crucial to your company’s financial success. Without the proper financial records, your company could be put at great risk. Many small business owners do not have the time to sift through their financial records and ensure that they have the proper financial reports. However, because their business needs to run smoothly and efficiently, certain accounting tasks need to be done. Many businesses could benefit from the help of an accountant in these crucial areas.

Accountants do more than file tax returns. If your business does not have the capacity to hire a full-time financial staff, accountants can perform the critical tasks required to maintain the proper financial records. This frees up the business owner from the complicated task of sifting through financial data and allows them to focus on running the business more effectively.

The primary task of an outsourced accountant is to monitor and keep record of a company’s financial data and information. This includes bookkeeping tasks, tax preparation, and business consulting services. An accountant can look at your financial information and bookkeeping procedures and suggest ways for improvement. They can help you implement new financial strategies, manage the accounting tasks business owners do not have time for, and help businesses stay in control of their financial records.

Knowing where your company stands financially is critical when you are developing new business plans and strategies. An accountant can help you through this process by providing you with instant access to accurate financial reports and summaries. Having an accountant handle your financial records also gives your business more credibility among creditors, auditors, and the public.

If your company needs help maintaining the proper financial records or simply needs accounting advice, contact us today. Our accountants are specialized to help your company maintain the proper records needed to help you achieve success.

7 Questions to Ask Your Accountant After Year-End

By now your accountant should have logged your last Business Activity Statement and sent you your business’ year-end financial statements. Generally, you will receive two statements – the profit and loss (P&L) statement and the balance sheet. Take the time to thoroughly peruse these two documents; don’t just look at the bottom line of the P&L to see how much money you made. These statements can tell you a lot about your company – from its performance last year to the adjustments you will need to make this year.

Many companies have questions after examining their P&L and balance sheets. If you know what to look for and have the right questions to ask your accountant, you may be able to increase your profit and surpass last year. Take a look at the 7 questions to ask your accountant after year-end financial statements are distributed:

1. How did my business compare with competitors (or others in the industry)?

Don’t be afraid to ask your accountant to show you business benchmarks relevant to your industry. These are quick and easy ways to compare the performance of your business with the industry average. Is your company’s profit better than the industry average? Are you spending too much on wages or marketing? Business benchmarks will help you identify both the areas in which your business may need some work or in which it currently excels.

2. What is my business’ gross profit (gross margin) percentage?

Gross profit is the difference between the value of your sales and the actual cost of your sales. As a business owner or manager, it is crucial to understand this figure and what it means for your business. Consider the following formula used to calculate gross profit:

Gross Profit Percentage = Gross Profit ÷ Sales x 100%

To increase your gross profit margin, you must increase your selling price or reduce your cost of sales. After calculating your company’s percentage, ask yourself (and your accountant) what you can do to increase your gross profit margin in the next year.

3. How can I reduce my expenses without compromising quality or service?

This is actually a quite common question and in order to answer it, you have to know where your money is going. If you don’t know where exactly it is going, you will never know where to start controlling expenses. Take a close look at each expense and determine its importance. If the expense does not affect the way your business runs right now, then it can be reduced or eliminated completely.

4. What is my “breakeven” point?

Your “breakeven” point is the point at which your business makes neither a profit nor a loss. Knowing this point is critical to the success of your business, as it lets you know at what point you will begin making a profit. The breakeven point can be calculated for any period of time, be it yearly, quarterly, monthly, weekly or daily.

5. Which of my products and services are making me the most profit?

Take a look at the profit margin of each product and service your company provides. Keep the products and services that are giving you the highest return for the least effort and discontinue the products and services that have a low profit margin and take more effort to provide.

6. How can I improve my cashflow?

A surefire way of improving your cashflow is to examine how long it takes your customers to pay you for your products and services. Make it a mission to collect your money on time; after all, it is rightfully yours! Make sure that your customers are aware of your company’s payment terms and designate a short amount of time each week to personally contact clients whose accounts are due.

7. In its current financial position, will my business be able to survive an economic decline?

As you know, the economy affects your business directly. Is your company in a strong enough position to weather a tough economic storm? Ask your accountant about your debt to equity ratio (the proportion of the capital invested by the business owner to the funds provided by external lenders). This ratio gives a comparison of how much of the business was financed by the owner’s equity and how much was financed through debt. An acceptable debt to equity ratio is generally within the range of 1:1 to 4:1 (i.e. a maximum of $4 debt for $1 of equity); however, it will ultimately depend on the individual business and industry circumstances.

Too much debt could put your business at risk, and too little debt could mean that you are not taking advantage of crucial opportunities and allowing your business to reach its potential growth.

Social Media: Is it a Necessity for Accountants?

While many small businesses and nonprofit organizations have jumped on the social media bandwagon, accountants and accounting firms seem to be reluctant to embrace the new trend of communicating with their clients and prospects through social media avenues. According to a recent Resources Global Professionals survey of 261 accountants in and around the Toronto area, today’s accountants are hesitant to adopt social media strategies. The survey revealed the following:

62% do not trust the information posted on social networking sites
58% consider face-to-face to be the best use of time
39% currently have a social media strategy
66% are concerned about the security of their personal information on social networking sites
22% followed key industry leaders on social media sites
LinkedIn, out of every other social media site, is the most popular tool for professional accountants

The survey indicates that there is huge potential where accounting firms and social media are concerned. Social media can be extremely beneficial to accounting firms, if used correctly. As we discussed in a previous post, social media can establish trust with your clients, give you better control over your “brand” perception, lower your marketing costs, drive traffic to your website and improve your website’s search engine rankings. So, with all of those benefits, why are accountants still hesitant to embrace social media?

To be clear, there are many accountants and accounting firms on social media sites; however, a good majority of those accountants only use social media for professional networking rather than for business communications. Because they deal with sensitive information on a consistent basis, accountants want to maintain a trustworthy image with their clients at all times. Although they acknowledge that social media can bridge communications between clients and boost marketing strategies, accountants still have some concerns about the privacy and professionalism of using these sites.

Consider the following uses for social media and discover how to incorporate social media safely into your marketing strategy using the tips below:

What Social Media Sites Should I Use?

The social media discussions should begin with the types of social media networks you or your accounting firm plan on using. Many accounting firms ease their way into social media with LinkedIn, because the site helps accountants develop professional relationships that often result in more business and referrals. Facebook and Twitter are usually used to engage with current clients and prospects. Accounting firms can use each site (particularly Facebook and Twitter) to market to their followers. Many companies offer tax tips, answer questions, address concerns, and promote their specialty services on these sites. Many accounting firms find Twitter especially useful, enabling them to connect directly with industry thought leaders and obtain industry-specific education and information.

Prior to making your decision, give each social media site a try. Observe how other companies or accounting firms are using these sites and evaluate their results. Do you think their social media efforts are paying off? Once you gain a better understanding for how social media is used (or can be used), you can make the best-informed decision for your accounting firm.

Create Measurable Social Media Goals

As an accountant, it is your job to enter every engagement with a defined set of measurable objectives and goals, and social media should be no exception. Accountants who use social media wisely define measurable goals regarding their social media strategies. Sit down and figure out a strategy to effectively incorporate social media into your marketing program. Once your social media strategy has been created, establish measurable goals. For best results, accountants should establish and measure goals quarterly to gain a better idea of their social media impact.

Develop a Social Media Policy

After you have set and defined your measurable social media goals, your accounting firm needs to write a policy to govern social media efforts. These policies help employees understand how to use social media, how long to spend on social media sites during the workday, and the sensitivity associated with posting personal information. This policy is usually included in the employee manual so employees know the rules and regulations regarding social media on the job.

What Should I Look for in an Accountant?

Accountants do more than help you prepare your yearly taxes. They can advise you on important financial decisions, help you create and maintain your company’s budget and help you select (and implement) the right accounting system for your business. An accountant is a crucial part of your business team and should not be selected without careful consideration.

Prior to starting the accountant selection process, determine your reasons for hiring an accountant. Are you looking for someone to help your prepare your taxes? Is your financial system going through an overhaul? Do you need someone available to answer your financial questions or concerns? Determining your needs for an accountant will ensure that you select the right accountant for your business. Consider the following tips for choosing an able accountant:

Ask Around
Ask everyone you know who they use for their accounting services. When you attend any type of meeting (or meet other business owners), ask who they’ve used and recommend. Check with your local Chamber of Commerce for the names of accountants in your area. Get as many names as possible, for you will narrow down your search to the accountants who most fit your needs.
Consider Their Current Clients
Choose an accountant who has at least 60% of their businesses coming from businesses similar to yours. They will be more familiar with the laws pertaining to your type of business than other accountants. If you are a corporation, make sure that they specialize in corporate accounting and all that it entails.
Schedule Interviews
Prepare a list of questions for the accountant prior to your meeting. Ask each accountant about the services they provide for their clients, how long they’ve been in business, and for references. Also, ask to see their license and certifications before you leave.Make sure to bring any necessary records to the interview (such as last year’s tax return). Many accountants will be able to tell you the services they can provide your company (and what it will cost) by looking at your tax return.
Rates
Ask about their rates and what those rates include. Find out what their hourly rate is and what the cost would be if you have questions throughout the year. Many accountants will be able to provide you with a rate chart that thoroughly outlines all of their rates.
Ask about Their Preferred Software Program
Ask each accountant what accounting program they prefer their clients to use (if they have a preference) and why. If you do not currently use their preferred program, ask if it will affect the services (or rates) they can offer you.
Corporation or Individual?
Are you interested in hiring an accountant backed by a corporation, or would you rather hire an accountant that works individually? If you opt to go the corporation route, find out if you’ll be dealing with one particular person, or will it be whoever answers the phone when you call. It’s best to have one person to build a relationship with!
What are Their Hours of Operation?
When do they work? Find out their hours of operation and make sure that you can call or email them at hours that are convenient for you.

Interview at least 3 accountants before choosing your final accountant. While it may seem like a lot of work up front, you will reap the benefits in the end. Choosing the wrong accountant for your company’s needs will only end up in a costly mess. The proper accountant will transform your accounting processes and give you the guidance you need to remain successful. Discover the value an accountant can bring to your business here.

Why Accountants Should Use Social Media

Communication is an art form and, in this day and age, is a necessity in any business. While companies many years ago could succeed by pushing information and products onto prospects and customers, businesses today are finding that in order to keep their customers, they must learn to communicate with their customers. This means asking (and caring) about their customers’ wants and needs. The emergence of social media has provided an avenue through which companies can communicate with their customers and prospects.

If your company is not currently participating in social media networks, you should seriously consider it. Social media networks not only help you connect with others to share ideas, get customer feedback, and stay updated on industry news, but they also help you generate leads for your company. Accountants can benefit greatly from participating in social media. The following benefits will convince any accountant to take advantage of social media and its ability to improve the communication between companies and clients.

Build trust. Social media helps you establish and capitalize on the trust your company has worked to establish with your clients and partners. Use social media to maintain relationships with former colleagues and develop new relationships with potential clients. The more your clients hear from you, the more connected they will feel to your company.

Control your “brand” perception. Social media is all about making connections in your local area (and beyond). Connect with small business owners and learn how to further develop your company’s brand. Social media can help you control your company’s image by maintaining positive relationships with the companies and clients in your network.

Lower your marketing costs. When used properly, social media can lower the marketing costs of each new client over time. While the results may not be instantaneous, your marketing costs will be reduced as you continue to employ the use of social media.

Drive traffic to your website. Social media is one of the most guaranteed ways for building website traffic. Interact with your followers on a regular basis by posting questions and responding to posts from others. This will lead the recipients to visit your website to learn more about you and the services you provide.

Improve your search engine rankings. As Google continues to change the game on search engine marketing, a company’s use of social media is becoming more important than ever. Search engines now place a heavier emphasis on real-time, user-generated search results. Active participation in social media networks increases your chances of being ranked higher.