Concierge CPA November 2018

Concierge CPA November 2018

November 2018

8221 Brecksville Rd, STE 205 Brecksville, OH 44141

[email protected]

(440) 340-1030

ConciergeCPAs.com

What Does Your Brand Say About Your Business? We often use the term “brand” to mean the name or logo of a business. But a brand is so much more than that. It is your business’s identity, the collection of emotional and psychological associations that your clients make with you and your services. It includes your mission statement and reflects your values and goals.

This year marked the fourth year we exhibited at the annual Small and Solo Expo of the Cleveland Metropolitan Bar Association. The first year we came up with the idea of hosting a chocolate and candy bar at the event, which was well-received by the 150 or so attendees. Since then, every year we had to up our game a little. So this year, we not only had a chocolate bar with a variety of Lindor and Ferrero Rocher chocolates, as well as macaroons of nine different flavors, but we also provided iced Starbucks coffee, San Pellegrino, and Perrier! Some would say we looked like a French bistro instead of a CPA firm… (But there was a method to the madness!) Amy and Lingfan from our staff handed out complimentary copies of our book to all attendees, along with our high-end pen and a printout collection of helpful articles we’ve written. At the end of the day, we raffled off a valuable gift basket full of delicious European delicatessen items and drinks. Year after year, attendees remember our “brand,” therefore remembering our company. Many have become clients. And the clients we’ve been attracting share our values and stand for similar causes. This makes our work easier and definitely more enjoyable! We’ve become known in our community as an upscale boutique firmwith Midwestern prices. A“not your father’s CPAs” firm— a firm that not only takes care of your compliance, but is heavy on proactively and strategically advising you year-round. We strive to take care of our clients concierge-style, in a confidential manner and with a nonjudgmental attitude. We want to go above and beyond your expectations, to look outside the box and find you the best possible outcome. So why did we go all out and do this?

A recognizable and loved brand is one of the most valuable assets a business can own. And believe me, it doesn’t happen overnight, or even in a few months. It is definitely a process. In our case, it led to a steady increase in the number of clients, more valuable projects, word-of-mouth referrals, and a loyal following. What does YOUR brand reflect about you and your business? Do you have a defined mission and purpose that you stand up for no matter what? How do you convey your brand to your clients? Share with us your journey to building your brand!

–Borbala Banto, CPA

P.S. As Thanksgiving is around the corner, we’d like to express our special thanks and sincere appreciation for your confidence and loyalty. We are deeply thankful for your support and extend to you our best wishes for a happy and healthy Thanksgiving!

1 (440) 340-1030

BORBALA’S SCHEDULE

Weekly Live Roundtable Calls

SEMINARS AND EVENTS Nov. 9: Women’s Leadership Summit, Akron, Ohio Nov. 14: Akron Bar Assoc. LRIS Appreciation Event Nov. 15: Think Tank Thursday, Women Business Center Nov. 15: EOA Learning Day Nov. 27: EOA Accountability Group Meeting Nov. 28: Full-Day Tax Seminar in Strongsville, Ohio

Register at BeyondTheNumbers.Club Thursdays at 2 p.m. EDT: • Nov. 1 • Nov. 8 • Nov. 29 Client Advising and Coaching Days

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Nov. 7 Nov. 14

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Nov. 21 Nov. 29

Schedule at Borbala.AcuityScheduling.com Prospective client inquiries: [email protected]

PERSON OF THE MONTH

Q: What is your take on high vs. low deductibles and how do they affect the premiums? A: A high-deductible plan will obviously lower your premiums, but we have to look at the issue from all angles. Sometimes it makes sense to go with the low deductibles. Q: Gayle, I know you always try to push your clients to fill out and turn in their applications at least 2–3 months ahead of the application date. Why is that? A: If we get in an application early, there is enough time for me to run a marketing campaign for you and get multiple quotes and the best pricing. Otherwise, you’ll most likely get the standard rate, or you just have to renew without negotiating. Q: Tell me a typical situation about professional liability claims. A: On average, about 10–20 percent of all claims submitted are nuisance or frivolous claims and ultimately won’t end up being paid, but they still need defense by your insurance company. Sometimes you use your insurance for subpoena or grievance coverage, so make sure that’s something you have. Q: Gayle, how can our readers reach you if they have questions or if they want a policy review? A: I can be reached directly at (216) 447-5001 or via email at [email protected] . More info can be found at www.attorneysliability.com .

I have the privilege of introducing you to Gayle Haase from Professional Liability Services, Inc. Gayle is a professional liability insurance advocate, better known as a broker,

and has over 15 years of experience working with lawyers, CPAs, and business owners throughout the country. Q: Gayle, what are the advantages of working with a broker vs. directly with a specific insurance company? A: A lot of insurance companies do not even work directly with clients, so you do have to go through a broker to get a quote. Also, we can help you negotiate price and help you choose the right policy for you. Sometimes professionals do not even know what type of insurance they have — they think they have all the bells and whistles, but the reality is they only have a basic one that might not be sufficient. Q: Everybody wants to avoid having claims, but sometimes life happens. I heard that you regularly help professionals transition from a high-risk policy to a standard or preferred market. A: If you have had claims and were put in a high-risk market, there are ways to pull you out of that and move you back into the standard or preferred market as soon as we can. I help my clients put together a game plan for that.

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It Came From Under the Ground!

We just celebrated Halloween, but did you know that earlier this summer, archaeologists digging in Egypt unearthed a 2,000-year- old black granite sarcophagus 16 feet below the surface? Pretty cool, right? But then they announced they were going to open it. What a terrible idea! Have they never seen “The Mummy”? When the lid came off, they found three skeletons rotting in some dirty water that had probably leaked in from a nearby sewage trench. But that doesn’t necessarily mean an ancient undead presence didn’t manage to escape, too. It’s not like they could actually see it!

replace the current 1040- EZ (14 lines), 1040A (51 lines), and 1040 (79 lines). The new form is two half-sized pages, so it could theoretically fit on a postcard. But calling it a “return”may be fake news. If you have more than two kids, you’ll

Egyptologists aren’t the only ones facing an ancient spirit that refuses to die. The tax world has one, too, though not as evil. We’re talking about the eternal promise of the tax you can file on a postcard.

need to add another page to list them. If you report income from a business or real estate, you’ll need to attach Schedule 1. If you itemize, you’ll need to attach Schedule A. If you owe “other taxes,” like AMT, you’ll need to attach Schedule 4. Pretty soon that so- called postcard starts to look a bit like a phone book! The push for postcard taxes, along with the push for a so-called “flat tax,” are steps toward a bigger goal to eliminate the IRS entirely. But here’s a more uncomfortable reality — even if we did have a postcard-sized flat-tax form, we’d still need someone in Washington to administer it. We’d still need collections officers to chase down the people who don’t pay it. And we’d still need tax cops to catch the people who cheat on it. Much as we love to hate the IRS, it’s not going anywhere soon. Here’s something even scarier than unleashing an ancient mummy’s curse: wasting money on taxes you don’t have to pay! Fortunately, you don’t need to dig 16 feet down to discover the solution. All you need is a plan. So call us when you’re ready to stop running from the undead beast, and see howmuch you can save!

Back in 1972, the IRS released a Form 1040A

that would fit on both sides of a postcard. There were 27 lines, but unfortunately, you couldn’t use it if you ran your own business, made more than $200 in interest or dividends, or itemized deductions. Politicians since then have paid lip service to the idea of a postcard- sized form, even as they’ve made the actual preparation harder. Last year’s Tax Cuts and Jobs Act added several new twists for business owners. But these days, everything has to be sold as “simplification.” So, IRS officials gamely pledged to play along. And last month, they trotted out a draft of a single form designed to

A Simple Brine for Succulent Turkey

INGREDIENTS •

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2 bay leaves

3/4 cup plus 2 tablespoons kosher salt

1 tablespoon black peppercorns

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3/4 cup sugar

No matter how you cook your bird for Thanksgiving, it will taste better if you brine it beforehand. Break out your biggest cooler and some ice to ensure that your guests rave about your turkey.

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1/4 teaspoon crushed red pepper flakes 1/4 teaspoon fennel seeds (optional)

1 carrot, peeled and diced

1 large onion, peeled and diced 1/4 cup celery, diced 2 large sprigs thyme

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DIRECTIONS 1. In a large stock pot, bring salt, sugar, and 4 cups water to a boil. Stir until all ingredients are dissolved. 2. Turn off heat and add remaining ingredients. Place brine in the fridge, uncovered, until cold. 3. Add 6 quarts cold water to brine. Add turkey and submerge completely. Brine chilled for up to 72 hours.

Inspired by Bon Appétit magazine

3 (440) 340-1030

8221 Brecksville Rd, STE 205 Brecksville, OH 44141

PRST STD US POSTAGE PAID BOISE, ID PERMIT 411

(440) 340-1030

INSIDE What Does Your Brand Say About Your Business? Page 1 Borbala’s Schedule Page 2 Person of the Month Page 2 It Came From Under the Ground! Page 3 A Simple Brine for Succulent Turkey Page 3 What Are Companies Thankful For? Page 4

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Say Thank You Like You Mean It An Act of Gratitude or a Hollow Gesture?

Give the Gift of Food We all need to eat, so what better way to say thank you than with a sweet treat? You may not be aware of any unique dietary restrictions your client may have, so it’s best to play it safe. A tin of cookies or some peppermint bark will delight almost anyone, but if your client is a fitness company, they may prefer a healthier treat, like a fruit basket.

Thanksgiving is a time to express your gratitude to the people in your life. During this time of year, plenty of companies talk about how thankful they are for their clients. But more often than not, to those clients, words of thanks feel like just

another sales gimmick. If you want to show your clients how much they mean to you, here are a few ways you can express that thanks authentically. Send a Thank-You Note Getting a letter in the mail is a nice feeling. Taking the time to send a client a handwritten letter is the kind of pleasant surprise that really makes someone feel good. Obviously, a handwritten note will take more time to craft than an email, so it’s okay to send fewer notes in order to really make an impact. Find some tips for writing awesome thank-you notes at Helpscout.net/blog/how-to-write-a-killer- thank-you-note .

Donate to a Client’s Favorite Charity A great way to show that you care is by helping a client give to their favorite charity or cause. If you happen to know a charity near and dear to their heart, you can make a surprise donation in their name, or you can reach out and ask them directly. It’s the season of giving, after all! The best way to make your thank-you feel authentic is to genuinely be authentic. Yes, an unexpected gesture can reflect well on your company and encourage clients to talk you up to their friends and family, but potential referrals should be a perk of giving back, not the main goal. Practice genuine gratitude this Thanksgiving, and it will be well-received.

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