TaxTalkOnline was the guest speaker to a group of accounting professionals at Saint Thomas University in Miami Gardens Florida on February 23rd. The Topic was Recession Proof Your Accounting Practice.
The key to the discussion was that today accounting firms need to act like companies not sole proprietorships. The way that they do that is to compete in the market the same way that fortune 1000 companies do. Such a way changes the typical entrepreneur business model from doing 60% of the admininstrative work to 60% of time on strategic activities like growing your business.
During the lecture the company outlined several key factor that every company should do to be competitive and successful:
1) Develop an agile Enterprise (Concise business & Technology Strategy)
2) Have Industry specific solutions (Deep knowledge of business and solutions)
3) Empower Your Organization (In both services delivered and porfolio offered)
4) Create a flexible work force (Align skills, type of employees, provide training)
5) Know your Delivery Capacity (Local, regional, nationwide)
6) Develop Strong Ethics & Corporate Responsiblity (Support causes and organizations like TaxTalkOnline supports: http://www.success101forteens.com/
Tuesday, February 24, 2009
Tuesday, February 17, 2009
Why Not to Off-Shore Outsource
Although there are several reasons in favor of outsourcing, a company must also consider the disadvantages. There are risks that need to be analyzed whenever a company embarks on a new business venture like outsourcing. While it is a hot trend nowadays and seems an attractive option for many, by using low cost off-shore resources, a firm must consider and measure risks of using an off-shore versus on-shore partner. Data from off-shoring is finally being compiled and shared. The studies show that off-shore outsourcing while at first glance offers flexibility and low cost really provides headaches and higher costs. This can be seen from the various disadvantages that have been found:
· Off-shoring and utilizing different time zones while appearing to provide flexible and more working hours really creates a wider loss of managerial control, because it is more difficult to manage, contact and turnover work products.
· Off-shoring firms often have hidden costs are difficult to calculate or prepare for. These include legal costs related to putting together a contract between two companies, the time spent to coordinating the contract and then after contract terms to find that there are various other costs to consider.
· Off-shoring firms can be a threat to security and confidentiality. If your company is outsourcing processes like payroll, accounts receivable, accounts payable or other confidential information, a company must be very careful in “disclosing to it’s clients that it is using an off-shore firm.” If not the liability factor opens and could put your firm out of business.
· Off-shoring often leads to possible loss of flexibility in reacting to changing business conditions, lack of internal and external customer focus and is more concerned with cost than quality.
· Off-shoring often includes unfavorable contract lengths, loss of competitive edge, problems in contract renewal, and contractual misunderstandings.
Therefore, the concept of Off-shoring instead of just outsourcing has been criticized. The negative attitudes toward offshore outsourcing have been discussed amongst not only accounting and bookkeeping industry experts but also entrepreneurs, and small to medium sized businesses and the bottom line comes down to one simple statement: “Don’t cut-off your nose to spite your face.”
· Off-shoring and utilizing different time zones while appearing to provide flexible and more working hours really creates a wider loss of managerial control, because it is more difficult to manage, contact and turnover work products.
· Off-shoring firms often have hidden costs are difficult to calculate or prepare for. These include legal costs related to putting together a contract between two companies, the time spent to coordinating the contract and then after contract terms to find that there are various other costs to consider.
· Off-shoring firms can be a threat to security and confidentiality. If your company is outsourcing processes like payroll, accounts receivable, accounts payable or other confidential information, a company must be very careful in “disclosing to it’s clients that it is using an off-shore firm.” If not the liability factor opens and could put your firm out of business.
· Off-shoring often leads to possible loss of flexibility in reacting to changing business conditions, lack of internal and external customer focus and is more concerned with cost than quality.
· Off-shoring often includes unfavorable contract lengths, loss of competitive edge, problems in contract renewal, and contractual misunderstandings.
Therefore, the concept of Off-shoring instead of just outsourcing has been criticized. The negative attitudes toward offshore outsourcing have been discussed amongst not only accounting and bookkeeping industry experts but also entrepreneurs, and small to medium sized businesses and the bottom line comes down to one simple statement: “Don’t cut-off your nose to spite your face.”
Monday, February 16, 2009
Developing Leadership Confidence
Executive Team of TaxTalkOnline will be attending the 'Extreme Business Makeovers Conference in Orlando, Florida from April 24-26. Key speakers at this event include: Dr. Tom Barrett , Bob Burg, Thom Scott and Libby Gill. Some of the topics of this event include:
- Leadership in Real Time
- G0-Give your way past today's challenges
- 5 Strategies for creating a winning brand
- Creating an entrepreneurial energy bus
- Overcoming the challenges of change
- Tapping into your unique motivational DNA
To find out more about the conference go to: http://www.extremebusinessmakeovers.com/
- Leadership in Real Time
- G0-Give your way past today's challenges
- 5 Strategies for creating a winning brand
- Creating an entrepreneurial energy bus
- Overcoming the challenges of change
- Tapping into your unique motivational DNA
To find out more about the conference go to: http://www.extremebusinessmakeovers.com/
Wednesday, February 11, 2009
Corporate Responsiblity is Essential For Every Business
Businesses are essential to community economic development because they are such a powerful means for increasing the local pool of skills, experience, wealth, and influence. By interconnecting the expertise, interests, perspective, and resources of the entrepreneur with those of the community, people get a grip on the future of their town, neighborhood, and communities.
TaxTalkOnline a for-profit organization is building and maintaining strategic linkages between business and community for teenagers just like other major firms (All-State, Telstra, etc.) TaxTalkonlines cause is to support www.Success101forTeens.com which in our belief is helping grow the leaders of tomorrow.
The firms mantra is to talk to teens about financial responsibility and create environments where teachers and parents can discuss the financial crisis with their children.
The company believes that what younger children need the most is reassurance. Older kids can process more information both in school and at home—though getting the details straight sometimes presents challenges of its own.
TaxTalkOnlines feelings are that taking advantage of teachable moment don’t have to be limited to AP economics. In history class, students could discuss how the current situation differs from the 1930s and how the Fed has been greasing the skids with credit in order to avoid the mistakes of the Great Depression, when government sucked money out of the system. How President Bush gave our country the largest debt in history and how our 44th president Barak Obama of the United States is moving for change!
The companies philosophy is that Middle-school teachers could inject financial literacy into social studies by explaining how borrowers overextended themselves on mortgages and credit-card debt. And in math, students could use a compounding calculator to learn how it pays for young people to buy stocks at today’s fire-sale prices.
At home, too, parents can use the following strategies to reassure teenagers while giving them a lesson in managing money:
TaxTalkOnline feels we can all bee proactive. Have a plan that teens can participate in. Perhaps they can cover more of their own expenses by taking on more babysitting gigs or mowing more lawns. Our thoughts are to be positive and add perspective. Teens and young adults have never experienced a serious economic downturn. They need to know that our resilient economy has always recovered from other crises, and this too shall pass. So let’s all believe we can!
TaxTalkOnline a for-profit organization is building and maintaining strategic linkages between business and community for teenagers just like other major firms (All-State, Telstra, etc.) TaxTalkonlines cause is to support www.Success101forTeens.com which in our belief is helping grow the leaders of tomorrow.
The firms mantra is to talk to teens about financial responsibility and create environments where teachers and parents can discuss the financial crisis with their children.
The company believes that what younger children need the most is reassurance. Older kids can process more information both in school and at home—though getting the details straight sometimes presents challenges of its own.
TaxTalkOnlines feelings are that taking advantage of teachable moment don’t have to be limited to AP economics. In history class, students could discuss how the current situation differs from the 1930s and how the Fed has been greasing the skids with credit in order to avoid the mistakes of the Great Depression, when government sucked money out of the system. How President Bush gave our country the largest debt in history and how our 44th president Barak Obama of the United States is moving for change!
The companies philosophy is that Middle-school teachers could inject financial literacy into social studies by explaining how borrowers overextended themselves on mortgages and credit-card debt. And in math, students could use a compounding calculator to learn how it pays for young people to buy stocks at today’s fire-sale prices.
At home, too, parents can use the following strategies to reassure teenagers while giving them a lesson in managing money:
TaxTalkOnline feels we can all bee proactive. Have a plan that teens can participate in. Perhaps they can cover more of their own expenses by taking on more babysitting gigs or mowing more lawns. Our thoughts are to be positive and add perspective. Teens and young adults have never experienced a serious economic downturn. They need to know that our resilient economy has always recovered from other crises, and this too shall pass. So let’s all believe we can!
Saturday, February 7, 2009
Interview with TaxTalkOnline
Question #1: Why should I use an outsourcing firm like TaxTalkOnline Instead of hiring my own employees:
Answer: Outsourcing means less headaches for the business owner and saving money. For example, you only pay for the work that gets done, don't have to worry about scheduling, personalities, providing work environments etc. But, beyond that at TaxTalkOnline you get the best of technology with the best of bookkeeping and accouting expertise, and the firms puts it's money where it's mouth is with a 100% satisfaction guarantted.
Question #2: Does TaxTalkOnline only provide virtual employees? What if I want someone to come to my office for example.
Answer: TaxTalkOnline is a nationwide company. It's business is built to support virtual and physical work for it's clients: CPA's and small to medium sized firms. Therefore understanding the requirements from it's clients and knowing there needs, the company does also have resources in most major markets - and is more than willing to have TaxTalkOnline employees go on-site when needed.
Question #3: TaxTalkOnline is competing with CPA & Other Accounting/Bookkeeping firms. Why?
Answer: Actually no they are not. TaxTalkOline wants and is the back-office operations for many CPA, bookkeeping and accounting firms nationwide. They allow the business owners to do what they do best higher end services and rainmaking. TaxTalkOnline only does the burn and churn work.
Answer: Outsourcing means less headaches for the business owner and saving money. For example, you only pay for the work that gets done, don't have to worry about scheduling, personalities, providing work environments etc. But, beyond that at TaxTalkOnline you get the best of technology with the best of bookkeeping and accouting expertise, and the firms puts it's money where it's mouth is with a 100% satisfaction guarantted.
Question #2: Does TaxTalkOnline only provide virtual employees? What if I want someone to come to my office for example.
Answer: TaxTalkOnline is a nationwide company. It's business is built to support virtual and physical work for it's clients: CPA's and small to medium sized firms. Therefore understanding the requirements from it's clients and knowing there needs, the company does also have resources in most major markets - and is more than willing to have TaxTalkOnline employees go on-site when needed.
Question #3: TaxTalkOnline is competing with CPA & Other Accounting/Bookkeeping firms. Why?
Answer: Actually no they are not. TaxTalkOline wants and is the back-office operations for many CPA, bookkeeping and accounting firms nationwide. They allow the business owners to do what they do best higher end services and rainmaking. TaxTalkOnline only does the burn and churn work.
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