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Future Success of Your Firm?: Interview with Jennifer Warawa

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Meet one of today’s leaders in the accounting software world, Jennifer Warawa. As the Vice President, Partner Programs and Channel Sales at Sage North America, Jennifer has a wealth of experience working with accounting professionals. Enjoy this insightful, educational and entertaining Q&A…

Q: The world of accounting marketing has obviously changed dramatically in recent years. What has surprised you in terms of what public accounting firms have done (or not done)–both positively and negatively?
A: Every year we do a membership study for the Sage Accountants Network and when we ask accountants what keeps them up at night, the #1 response for many years now is how they can get new clients. What I find very interesting is that although this continues to be a top challenge, we still haven’t seen the profession really change their approach to how they get new clients. In fact, I spend a great deal of time visiting accountants all over North America and quite often when I ask about their marketing strategy, I find they often don’t have one at all. In our recent research of U.S. accounting firms, 65% say they actually don’t even have a website. In order to grow their firms and attract new clients, there will need to be a shift in the profession’s approach to marketing which needs to include embracing new marketing methodologies such as digital marketing and social media. On a positive note, we are starting to see more and more of the “next gen” mindset emerging in public accounting. I believe next gen is unrelated to age but is more in how someone embraces change and new ideas. We’re seeing professionals of all different ages step up with a great deal of passion, ready to transform their firms, and we love working with those individuals as they create their new future.

Q: If you had to jump on a time machine and go forward 20 years, what would you tell CPAs?
A: Innovation isn’t about technology alone. Change is happening at an unprecedented rate and we don’t see any signs of it slowing down in the near future. Few people have taken time to really think about what “being innovative” means to their firm or business. Many view innovation as technology alone but I challenge that thinking because I believe innovation in how you run your business or firm is equally as important. From the services you offer, to your customer and employee strategies, to how you brand yourself; this all should be thought of as innovation. If a firm sees picking up the latest and greatest technology as their key to being innovative, they are missing a large component in their future success.

Q: How has your role at Sage evolved over the last couple of years?
A: When I started with Sage almost five and a half years ago, I was solely focused on the Canadian market and about three years ago added the U.S. accountant business to my responsibilities which has made for a very exciting time in my career. I love the North American outlook and there are so many learnings each market can take away from the other.

Overall, I think my role has evolved and changed as Sage itself has evolved and changed. Over the last few years Sage has become increasingly focused on its core solutions, has made some tough but necessary decisions, and has restructured its product names and focus to a unified Sage brand. All of these changes require everyone at Sage to reinvent ourselves in many ways and it keeps us learning, growing, and challenging the status quo. I love it!

Q: What have been some of the key things you’ve learned throughout your career? What might you do differently if you had it do to all over again?
A: Wow – that’s a big question!

First, I would say that sometimes your biggest roadblock is your own opinion. You think you know something but quite often, it’s really just your perspective, and the ability to be able to set your opinion aside and be open to new ideas and alternate solutions is critical to success.

Second, the outcome is always proportionate to the effort you put in and nothing good just falls in your lap. There is no replacement for hard work, commitment, and dedication.

Third, it’s all about the people. It goes back to that saying that no one will remember what you said, but they will remember how you made them feel. Treating people with respect and maintaining your integrity are so important through all circumstances and situations.

As far as what I’d do differently, I can honestly say nothing immediately comes to mind. I grew up with entrepreneurial parents who owned their own businesses and learned many lessons about business before I even learned how to drive. I then spent a wonderful (and adventurous) 12 years starting, growing, and then selling a small business. Entrepreneurship taught me an incredible amount – lessons I still use every day. Now I am working for a global company with endless opportunities. I have been very fortunate!

Q: You travel a lot. How about sharing an interesting travel story?
A: There is certainly no shortage of interesting travel stories – I think I have one from almost every week I’ve spent on the road! One of the most memorable was when I was traveling to Vancouver from Atlanta with a connection in Seattle. Our flight out of Atlanta was delayed and as a result, I missed my connection which happened to be the last flight of the day. The airline put us up in a hotel in Seattle and after a very long day of travel, I arrived at the hotel just after 1:00 am. There was a lady on my flight that was on the same shuttle bus as I was and when we arrived at the hotel she was informed she had mistakenly gone to the wrong hotel and was told to go back to the airport and catch a different shuttle bus to the correct hotel. She almost started crying realizing she would get minimal sleep as it was literally the middle of the night and her new flight was before 7:00 am. I felt her pain and after confirming my room had two beds, I offered her my second bed which she gratefully accepted. The funny part is as we were lying there dozing off to sleep, she quietly asks “Um… what is your name?” I was happy to wake up after my brief 3.5 hour “nap” and see that my purse had not disappeared!

Q: Outside of your work duties, what else do you like to do? How do you spend your down time?
A: I am married and with all the travel I do, when I finally get some down time it’s great to just hang out with my husband and our “fur babies” and stay relatively close to home. I love reading, writing (I have various blogs I contribute to), and just getting outside. I have been told I am “solar powered” and it’s true – I love being outside on sunny days!

Q: What’s in the future for Jennifer Warawa?
A: The future is truly an endless list of opportunities. Five years ago if you would have told me I’d move from my small, hometown of Kelowna, BC, Canada to Atlanta, GA I would have laughed and wondered how on earth that would happen, but here I am. It proved to me that if you’re open, there are all kinds of opportunities out there and the future is limitless (and excitingly unknown!).

Jennifer Warawa

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Shake, Rattle and Roll: The Latest from iShade

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Sure, there have been quite a few of those “Harlem Shake“ viral videos going around, but before the shake settles down completely, we thought we would give it a spin. So many characters in green…bringing back memories of a St. Patrick’s Day parade that steered off course. Or does it? You be the judge.

Along the way, see and hear what’s in the works at iShade. You’ve probably been reading our comprehensive and dynamic news section on the site and have also been taking part in our free Ask The Expert sessions. If you haven’t done these things, then make it a priority. We won’t make you wear green or dance, we promise.

Click on the iShade logo below to view the short “Harlem Shake” press conference!

i-green circle only

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The Best Accounting Joke In The History of The World? Well, Maybe Not…

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We’re almost to April 15. In that spirit, enjoy this fine accounting joke! Pass the link around to your co-workers, clients and referral sources.

A local bar was so sure that its bartender was the strongest man around that they offered a standing $1,000 bet. The bartender would squeeze a lemon until all the juice ran into a glass, and then give the lemon to a patron.

Anyone who could squeeze another drop of juice out would win the money. Many people tried, but no one could do it.

One day a scrawny little man came in, wearing thick glasses and a polyester suit. He said in a squeaky voice, “I’d like to try the bet.” After the laughter died down, the bartender grabbed a lemon and squeezed it. Then he handed the wrinkled remains of the rind to the little man who clenched it in his small fist.

Soon the crowd’s laughter turned to total silence as six drops of juice fell into the glass. As the crowd cheered, the bartender paid the $1,000 and asked the little man, “What do you do for a living?”  The little man replied with a winning smile, “I work for The IRS.”

Lemon Drink

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Life’s A Sale — Living Is Selling

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The Curator offers this insightful article by Bill Kistner. It’s interesting. Enjoy.

“No, that can’t be true I’m a professional,” you are thinking. So, let me help you get a handle on this by asking you a couple of questions.

> Is any part of your daily work or personal-life involved in getting others?
to understand or accept your concepts?

> How often do you find yourself trying to influence, persuade, encourage or
change others?

I believe the odds are high that you answered “yes” to one of the two questions. Your “yes” answer, clearly says you are in the business of selling.

It is easy to understand why you dislike selling or the idea of it because from childhood most of us were conditioned to dislike it. We heard tales about:  door-to-door peddlers, used car and aluminum siding salesmen. Their images produced feelings of gloom, trickery and that selling is degrading.

However, let’s change that negative picture by showing you why life’s a sale. To begin lets count the sales you made as a child. Gathering courage, you persuaded your parents to increase your curfew or stay overnight at a friend’s house. You sold Mom and Dad on getting a better bike. When older you made your best sale getting your parent’s approval to drive the family car.

Childhood sales successes groomed you for adulthood when you convinced a manager to hire you and the car dealer to drop the price on the car you wanted. Now you sell your friends, family, co-workers, and clients on 1001 things.

I rest my case for you can see that no matter who we are or what we do we are all salespeople. The question then is how can you become more effective. Because becoming a better salesperson increases your skills to help people fulfill their needs.

To help prospects and clients what tools will increase your effectiveness as a salesperson. Here are three easy to use tools that will strengthen your selling skills.

1. Sell yourself
This is about building rapport. Rapport is establishing open communication and a harmonious connection with a person. This paves the way to finding common interests and collaborating.

Yes, your credentials, expertise, abilities are the key to helping clients. However, they are not the most powerful ability you have to sell.

The most powerful capability you can sell is yourself, your essence, integrity, and character. Why, because people like and buy optimism. People like optimist because they are positive, confident promote success and pleasurable company. Optimism is a critical characteristic in sales success. Interestingly, the only thing keeping most of us from being optimistic is our attitude.

Therefore, sell yourself first it will greatly expand the value of your credentials.

2. Develop Trust
Nothing happens between people without trust, because trust is the foundation for all interpersonal relations. Trust, is the binder between people when they feel no threat to each other and understand the benefits of being connected.

To help you build trust here is a proven formula to follow.

One (1) over (RF) risk & fear = T (Trust). The one (1) is for the critical elements: Believability, Integrity and Intimacy. The more of these three elements you substitute for the one (1) over the RF – (Risk and Fear) you drive down risk and fear and increase trust.

Trust creates confidence and reliability, which opens the door to building, long-lasting relationships.

3. Ask Questions
Questions are the backbone, rhythm of all conversations. We ask questions in selling because they help us discover customer needs, gain information and build rapport.

The writer Rudyard Kipling gave us six questions that can assist us in asking questions. Those questions are: who, what, when, where, why and how.

Kipling’s questions fit the question formula called, “10 – 10 – 10”. The first ten questions are those you need to ask the prospect. The second ten questions are ones you brainstorm regarding what client’s want and needs answered. The third element provides answers to the questions you brainstormed that the prospect/customer needs, wants answered.

There is no magic in the number ten because in most industries there is the 24 to 36 questions prospects/ customers always ask. The 10-10-10-formula increases your confidence when you meet with clients/prospects.

Now you are aware of two valuable things. First, you are a salesperson and it’s not terrible or awful. Second, you now have three proven tools that can increase your effectiveness as a salesperson.

Think of all the famous people in history and consider how different things would be if Columbus had not sold the king and queen of Spain on his idea. Reflect on all the products Thomas Edison invented and sold. In short, you are in good company as a salesperson.

Bill Kistner & Company LLC
Helping You Discover & Satisfy Customer Needs
740-549-1980 — Cell: 614-795-1916 — E-mail: billkistner@mac.com
3225 Arctic Ave. Suite: 101 — Lewis Center, OH 43035

Unlock Opportunity

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The Foggy Crystal Ball of Early April

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Every once in a blue moon a public accounting firm’s post-April 15 celebration party gets a little out of hand or it results in someone making a very bad error in judgment. Fortunately, that scenario doesn’t happen very often. When I worked at an accounting firm I think the most out-of-character thing that ever happened was someone having an extra beer or two (or far too much sausage and sauerkraut the one year we had the festivities at a German restaurant). What will the crystal ball see this year for the evening of April 15?

One of the latest trends in food marketing is to slap the word “protein” on the packaging, which apparently is driving such products to sell faster than vitamin-stoked hotcakes. I wonder what the crystal ball sees next in the food world? For instance, did anyone see this Greek yogurt wave coming? Fantastic yogurt, but it’s out of control, brother.

Of course, what we really care about is the next big trend in the accounting profession. What does the crystal ball see for the rest of this year and next year? So many people were banking on this being a huge M&A year in public accounting. Will that be how it plays out?

What do you think is behind the fog in that mystical future-telling window to the accounting world?

??????????

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IRS Concludes Open-Air Parking Garages are Buildings

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The Curator offers this insightful article by Kreig Mitchell. It’s interesting. Enjoy.

IRS Concludes Open-Air Parking Garages are Buildings
By Kreig Mitchell

In recent Chief Counsel Memo #20125201F, the IRS concludes that open-air parking garages are considered buildings rather than land improvements for tax purposes and that a taxpayer’s conclusion to the contrary warrants the assessment of a negligence penalty.

Classification as a building or land improvement presents a timing issue. A building generally has a 39-year recovery period for depreciation purposes, whereas a land improvement generally has a 15-year recovery period. The shorter recovery period for property classified as a land improvement generally produces a larger depreciation deduction in the current tax year.

According to field advice handed down by the IRS, a taxpayer made several arguments as to why his open-air parking garages were land improvements and not buildings.  The taxpayer argued that:

  • The applicable regulations are invalid as they depart from the legislative history;
  • The garages are not buildings because they do not have floor-to-ceiling walls, a conventional roof, and they do not share supporting structural elements; they offer only minimal shelter from the elements or protection from vandalism and theft and their primary purpose is storage of vehicles; and
  • The garages are land improvements because they are merely parking lots stacked one on top of another and not “garages” as that term is commonly understood.

The IRS field advice rejects each of these arguments based largely on a literal reading of the applicable regulations and certain concessions in the taxpayer’s submissions. This is consistent with Coordinated Issue Paper LMSB4-0709-029, which the IRS made public in 2009.

Despite assertions from the IRS, it is not altogether clear that the taxpayer’s position is incorrect or whether the taxpayer’s facts warrant the imposition of a negligence penalty. It is also not clear whether the IRS would reach the same conclusion if the facts were slightly different, such as if the parking garage was designed in a way that no one floor functioned as a roof for a lower floor, if the parking garage was situated entirely underground, or if the parking garage had an additional primary function–such as storage for supplies, tools, or other equipment.

If anything, this field advice serves as another warning to taxpayers that a contrary position will be challenged by IRS examiners and may have to be resolved by the IRS Appeals Office or the courts.

About the Author
Kreig Mitchell serves on the advisory board of Engineered Tax Services and is tax attorney focused on federal and state research tax credits and incentives and tax controversies. During his career, Kreig has worked as a tax attorney in private practice, a tax consultant for a research tax credit firm, and an attorney and appeals officer for the IRS. He is also the author of Research Tax Credits, a book published by the American Law Institute-American Bar Association and his research tax credit articles are in a number of well-respected tax publications.

ETS Disclaimer
The article is designed to provide authoritative information on the subject matter covered. However, it is distributed with the understanding that the publisher, editors, and authors are not engaged in rendering legal, accounting, or other related professional services for your client base. Consequently, it is your responsibility to exercise all of the necessary measures to ensure proper tax preparation and tax advisory services for your client base.

Circular 230 Disclaimer
Circular 230 Notice: In compliance with U.S. Treasury Regulations, the information included herein (or in any attachment) is not intended or written to be used, and it cannot be used, by any taxpayer for the purpose of i) avoiding penalties the IRS and others may impose on the taxpayer or ii) promoting, marketing, or recommending to another party any tax related matters.

Parking Garage

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Freedom of Choice: It’s What You Want

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Does excessive executive pay make your blood boil? Should a CEO of a big public company make $30 million a year? In Switzerland, there’s a new law that requires shareholder approval of executive compensation at all publicly traded companies. Good idea?

In the U.S., we regularly read about huge bonuses paid to top executives of large public companies—with the chief criteria for these bonus amounts being tied to stock price performance. With such incentives based on that primary goal, how can a company’s foundation be built soundly and without shortcuts and cracks?

As with most everything else in our free market society, the power lies with the people. Fortunately, we not only can vote at the polls, but we can also vote with our wallets and purses every day. Freedom of choice—it’s a wonderful privilege. If you don’t like what’s going on at a certain company, well, then don’t buy their stock, their products or their services. That’s the most powerful message that anyone can send.

Freedom

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Top Ten Things to Do Immediately After Busy Season

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In recent conversations with CPAs and Enrolled Agents, one of them mentioned that he, thus far, is “working five percent less and is one-hundred percent happier” this busy season. Hopefully that will continue for him down the stretch of the final month.

Here’s a collection of what these hard-working CPAs and EAs mentioned they’re going to do after busy season concludes. If you’re in the same boat, consider making your own list!

10. Get back to cooking

9. Fall asleep in the backyard hammock and be in no hurry to get up

8. Disconnect from all devices for a while

7. Go watch some baseball games

6. Tackle the home improvement list and love it

5. Volunteer at church

4. Spend time in some museums and national parks

3. See all Oscar-nominated films

2. Finally start the banjo lessons I’ve wanted to do

…and the #1 Thing to Do Immediately After Busy Season…

1. Enjoy time with the family and friends I’ve ignored since January!

Lan 1283

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“Compound Marketing”

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With accounting services marketing, there’s always something to be learned. I offer this block of information from Craig Weeks, CPA. Soak it up.

This is the secret I’ve used for years to ensure my clients get an ROI that puts a smile on their faces.  2013 has the potential to be your most profitable ever if you put this concept to work for your practice.

The idea is that relatively small increases in marketing and conversion effectiveness, when combined, will produce a disproportionately large increase in new clients/revenue.  It’s the same principle as compound interest.

These modest increases are not difficult to achieve, and neatly avoid the necessity of major changes in behavior or modus operandi which, experiences teaches, are rarely successful in the real world.

Here’s an illustration of the effect:

1) Tina upgrades her marketing:

Tina upgrades her marketing effort and generates 24 desirable prospects in 2013.  This is a 20% increase over the 20 she experienced in the prior two years.  Tina’s average conversion rate (the percentage of these prospects who become clients) is 50%.  

Therefore, historically she has added 10 new clients, but in 2013 she adds 12, an improvement of 20%.  If Tina’s average desirable client generates $2,000 annual revenue, then her amped up marketing has added $4,000 to her top line. 

2) Tina embraces Compound Marketing and upgrades her marketing and conversion skills:

Once again, Tina’s upgraded marketing effort generates 24 desirable prospects in 2013; 20% more than her historic average of 20.  But, she also improves her conversion rate from 50% to 60%; a 20% increase.

The compounding effect generates 14.4 new clients vs. the historic average of 10; a 44% increase, or $8,800 in new revenue!

Improving your marketing effectiveness to attract 20% more desirable prospects is not difficult.   How?  For one, a relatively modest investment in the services of a marketing firm which has proven experience with accounting practices can easily accomplish this.  Or, you can initiate some of the personal marketing techniques we routinely explore in my blog on iShade to accomplish the same thing.  Or, you can simply upgrade what you are already doing, e.g. invest in a larger, more compelling sign in front of your office, upgrade and refine the SEO aspects of your web site, attend a few more local gatherings, pay a bit more attention to your referral network and solicit referrals from your existing clients.

Becoming 20% more effective converting prospects into clients is also readily within your grasp.  And, it’s a one-time thing … once you learn how, it’s yours forever.  The techniques we explore in the blog are a good start and they are free.  (Alert: the remainder of this paragraph is self-serving.)  Or, you can purchase the Accounting Practice Builder manual(s) and acquire the skills.  Or, you can buy a few hours of my time and I’ll teach you.  Or, you can go to CPELink and take their course  – which I authored and is closely based upon Accounting Practice Builder – and get 10 CE credits while you’re at it.

The bottom line is that this effect I call Compounding Marketing is incredibly powerful. 

Even if you’re already spending more time at the office than you’d like and don’t want more clients, Compound Marketing can be used for practice optimization, e.g. to populate your practice with a larger percentage of high margin clients, greatly increasing your bottom line.  Or, you could focus upon and eventually become dominant within a given niche.  Or, perhaps to narrow your practice focus so internal processes, personnel and technical knowledge can be employed more efficiently and productively.

The 20% improvement I’ve used as an illustration is easily attainable … many people achieve much higher percentages.  What could your practice look like after a few years of Compound Marketing? 

Marketing

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Paying It Back

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Easing the burden on military families during tax season…sounds like a great idea, doesn’t it? The Ohio Society of CPAs has an initiative that offers free tax preparation services to Ohio military families this tax season. Operation CPA is the name of the program; the intent is for Ohio CPAs to prepare tax returns free of charge for deployed troops. Regardless of where you live, whether you’re a CPA, EA or otherwise…is there anything you or your company/firm can do to assist America’s military personnel?

“Operation CPA has helped over 400 military families since it was launched in 2005,” said Amy Johnson, OSCPA’s Vice President, Communications. “This program is a way for CPAs to say thank you to the men and women serving our country.”

“I think that these families, not just the soldiers, give so much to protect me and my home. It’s the least I can do to repay their service,” said Operation CPA volunteer Elizabeth Kroll, CPA of Pease & Associates Inc. in Cleveland.

I love the idea of this program and others like it. As I sit here typing in my safe, dry, warm office enjoying life’s freedoms, I find myself feeling extremely grateful for the sacrifices made by those brave folks who serve in the military today–and for those who served in the past. We truly would not be here without them. Thank you.

Lane County Area Soldiers Reunite With Families

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