Wife to 1, mom to 5 & CPA to many | Speaker | Coach | I share my journey of being a firm owner with the hubs & 5 children | Forbes Top 200 CPAs |
#WomenTalking
ALERT! My Online Profit and Loss Template is now available for purchase.
I created this web-based form because I was tired of getting Sch C numbers in different formats.
#TaxTwitter
It's $49 today only! Then, the price increases to $199.
#FridayFind
This month I am celebrating 7 years as a firm owner. Please congratulate me because this has been one of the hardest (and most rewarding) endeavors of my life. Here’s to you whether it’s been 7 hours or 70 years! Congratulations on your journey thus far!!
#tweet100
I'm feeling like a superhero today! Client's penalty abatement request approved! $363,000 in penalties racked up before working with me and now abated.
#reasonablecause
#factsandcircumstances
#TaxTwitter
This calls for wine. 🍷
The conversation about selling my company has come up. Here's why I won't sell yet:
Black CPAs represent less than 1% of all CPAs. That number is even lower for black female CPAs. For me, owning my firm is about representation. This is a starting point. Representation matters.
A client is upset about going on extension. She says she spent all day YESTERDAY getting biz ready to file. In all emails, I say that our turnaround time is 10-15 business days.
She huffed and puffed. And I fired her. I’m not in an explaining mood.
Not today!
Funny story: I didn’t know what accounting was until I majored in it in college. I was supposed to go into finance.
Who else sort of fell into accounting and got stuck (in a good way)?
No ma’am. You cannot put yourself on payroll. You file as a Schedule C.
*Well, how do I pay myself?
You don’t. Take an owner’s draw. Just don’t call it payroll.
*(looks confused)
#TaxTwitter
#ClientConversations
We have made the decision to release about 90% of our tax only clients.
We best serve clients that we have a relationship with year-round and not just at tax time.
#TaxTwitter
I am EXCITED to share that I’ve been named the Vice Chair of the Practitioners ENGAGE Planning Committee. 🎉
Thank you to the AICPA for giving me an opportunity to serve and be an advocate for our industry.
Thank you
@LisaTSimpsonCPA
@Aprilshowerstax
@jdrewJOA
for seeing what
We’ve released about 30% of our tax only clients.
#TaxTwitter
Next phase is to sort through those business tax clients that are not monthly clients.
Criteria: The bookkeeping has to be completed by us or by an approved bookkeeper…OR we will not do the return.
Tired of mess!
I pinched myself to make sure I'm not dreaming. This time, I am not. I've been nominated for Ignition's Top 50 Women in Accounting this year!!
#WomenTalking
🙌🏾Forbes recently named their Top 200 CPAs in America and I'm thrilled to be among them. What a squad!
This recognition isn't just a personal milestone but a testament to the dedication and hard work all the honorees put into our profession each day. Congratulations to you all!
New payroll client thought it was a good idea to cuss out my new employee and hang up on her!
Somebody (him) must not know that I don’t play that!
He knows now! FIRED his ass 2.7 seconds later!
#employees1st
I’m not physically tired. I’m brain tired. Is there a cure for that? Don’t say sleep because I sleep 7-8 hours a night even during tax season.
The days are just long and taxing.
#TaxTwitter
Funny story: We RAISED our tax prep prices by A LOT and people are still paying.
I thought the number of returns would decrease this year due to $$$ but nope. 😩 🙃
I accounted and reconciled a bank’s 2+ billion mortgage loan portfolio monthly for several years.
A penny reconciliation discrepancy was a no go. I did my job very well.
So, when my team tells me that they have a $1,000 reconciliation discrepancy and don’t know what it is, I
LLC Twitter and TikTok are going to have people in IRS hell! You’ve always had to report ALL of your business income. The $600 reporting requirement did not magically make this a law!
#TaxTwitter
Hear ye, hear ye. My knowledge is my inventory. Randomly asking me a question about your tax situation in my DM is going to get you two things: 1) a scheduling link and 2) a bill. Am I right,
#TaxTwitter
?
I know for the lurkers,
#TaxTwitter
is like the bad Google reviews. Here, we rant and gripe about a few bad apples.
But none of us would keep doing this if it wasn’t for all the great clients that we get to work with.
Shout out a great client experience you had this week!
Intermittent Client: I'm back. Can you do my bookkeeping and taxes this year?
Me: Yes but our pricing and process changed. It was $ the last time we serviced you. Now, it is $$$$. Does that work?
(no reply)
#TaxTwitter
A great weekend turned mournful. This morning, I found out my grandmother passed away. We just celebrated her 80th birthday. It was a bit unexpected. Still, I am thankful for her life and giving birth to my dad. There would be no me without her. 🥹
I’m so freakin’ stinkin’ EXCITED! Our company now offers health benefits! This is such a huge milestone for us. It took us 7 years to get here…but Look, Ma we made it! 🎊
#fridayfeeling
I talked about grieving last week. I had two deaths in the family last Friday evening. My younger cousin and her husband died in a car accident leaving their 3 little ones.
I am working and showing up to keep it off my mind.
Beyond tragic.
#Grief
#Life
Owning a tax firm can be successful and rewarding. Don’t let anyone tell you otherwise. It’s all about how you build it.
#TaxTwitter
If you’re starting out or wanting to refresh your client list, reply “tax fun” and I’ll share with you (step-by-step) how I grew my tax business
I have been unsuccessful in getting a coordinated family photo.
This is all I got but it’s more than enough. 😍 Take the picture away, say I love you often, and cherish the moments that bring joy.
From 25 to 5. They lined up by age (accidentally) 😂
#DavisBunch
Happy
We disengaged a client a few months ago because he was too needy and didn't want to pay for his neediness. He finally hires another bookkeeper. Here is my issue.
Why do we need to teach your new bookkeeper how to bookkeep?! That's her job.
Make it make sense.
I’m not your grandpa’s CPA. I’m so much more!
Reflecting back on the reception held earlier this month in NY, I am still on a high at being named one of America’s top 200 CPAs by Forbes this year. Thank you to the Forbes team for brightening the spotlight on our profession in a
Cliff notes from 5 Things to STOP Doing in Your Firm
#ENGAGE23
1. STOP putting clients first.
This doesn’t mean you ignore your clients. It means you create an employee-centric culture.
2. STOP making revenue the primary objective.
Money is important but revisit your
Dear Client,
I understand your frustration but I assure you that I did not electronically file your return incorrectly. It was accepted. You received the acceptance email. The IRS is just doing a good job of making me look bad.
Sincerely,
A very competent CPA
#TaxTwitter
It’s all about perspectives.
Today: One client damn near cussed me out about the price increase. Another client’s exact words were “you’re worth it.”
#TaxTwitter
Make less room for penny pinchers.
I “Marie Kondo” my client list. If they don’t spark joy when I think of them, then they have to GO!
I’ll go and get a job (maybe 🤪) before I work in a firm filled with clients that I don’t like. I place a lot of value on my peace.
#TaxTwitter
Release them into that world.
Prospect called today and needed two partnership returns completed by 9/15. I quote base fee plus the “you waited too late to find someone” fee and she says, it’s too much. I know. Goodbye!
#TaxTwitter
#tweet100
The hubs and I are wrapping up 10 days in Europe to celebrate our 20th Anniversary!
We started & ended in Barcelona, a city of love. ❤️ We visited Cannes, Tuscany, Rome, and Ajaccio. Lots of eating, sleeping, and shopping! I have so many stories of our adventures to share. From
Everybody dabbled in stock and crypto last year but don’t expect their tax prep price to change. My comeback: I didn’t increase your fee, you did!
#TaxTwitter
My daughter graduated last month and started working full-time with my firm. I guess she thought it was going to be a cake walk.
No ma'am!
She learned quickly after being written up for violating company policy. Don't confuse me being mom with me being your employer.
There are many people new to creating tax return video summaries. I started making these in early 2021 for clients because I could no longer meet with them due to a Covid.
If anyone is interested in how I create my videos from using a script to password protecting the video,
2nd year annual client removed my access from QBO because we did the bookkeeping right & they are upset that they owe $$$
Does that mean I’m fired.
When they come back…
Me: Go on now, go, walk out the door
Just turn around now
'Cause you're not welcome anymore
I’m going to host a free webinar (after tax season) of our tax season workflow that has a “pizza tracker” in the client portal that automatically sends emails 2 clients when status changes and more.
I think you can build out any CRM tool to that. I’ll show you ours. Interested?
One of my first clients was a law firm that needed 7 years of trust accounting in QB desktop.
I priced that job at $1500. Yes, one comma five zero zero.
That was a pricing fail.
He returned two years later with the same issue but I was more confident in my pricing. He went
A local CPA is retiring after 30 years in practice. His average 1040 price is $300. With 500 clients, he barely breaks $175,000 in annual revenue.
I think we've been wrong about why these firm owners don't increase prices. They simply don't want or need to.
In this case, this
Y’all! I thought we left this foolishness in 2021. I need to write a book called, “You have no business being an S-corp” and “Why you should not take tax advice from your cousin’s mechanic”
Funny story! A friend referred a prospect that needed 3.5 years of bookkeeping done by Friday (yes, this Friday) for a case. I have capacity to do it but I guess he thought he could get it all done for cheap. Nope!
#mypriceismyprice
you want it done or nah?
Clients pay our bills. Treat them well.
Here are the top 5 ways my firm transformed our tax client experience:
🥇Tax return "pizza tracker" - provides status updates to clients about their tax return with automations; clients love being kept in the loop
🥈Tax return video
And here we go. Bad bookkeeping leads to not knowing your true profit. Spouses don’t necessarily make good bookkeepers. Saved a dollar but you owe $30,000!
#TaxTwitter
HOW TO CREATE A PROPER TAX RETURN VIDEO SUMMARY
🚨*Really Long Post Alert*
Hey
#TaxTwitter
Here's a quick & easy guide to making tax return video summaries your clients will love:
⭐️Choose desktop recording software like Loom or Vimeo. They're easy to use and have all the
"I saw that you were perfect, and so I loved you. Then, I saw that you were not perfect and I loved you even more." - Angelita Lim
#WomenTalking
Today, the hubs and I are celebrating 21 years of marriage. Here’s to our perfect timing in finding each other and building an
New tax prospect sent me a LIST of tax questions. I said you need a paid consultation. He said he was looking at 3 firms but the other 2 didn’t charge for answering his questions. I wanted to say those other 2 firms are idiots!
We mutually agreed that we weren’t a good fit.
Y’all!
Y’all.
🗣️ I got a KEYNOOOOTTE (in my best Oprah interpretation)
Catch me on the main stage at Scaling New Heights in Orlando next year.
@WoodardCompany
#SNH24
Check out the 🔥speaker list:
I went broke before I started making money in my firm. The story that very few tell.
We relied on the hubs’ salary from his day job to support my business and our household for a good six months. Two years later, I retired him from his day job.
#hustle
#fullcircle
#TaxTwitter
Son’s tooth fell out. He didn’t tell us. So, tooth fairy didn’t visit. He was upset. I had to tell him that the tooth fairy required all teeth be in a Ziploc bag due to COVID. Tonight, he complied. What’s one more lie?!
#toothfairy
#covidtimes
Client didn’t like my new pricing and asked for a discount or they’d leave.
Me: Don’t threaten me with a good time. (hubby’s favorite saying)
#TaxTwitter
My Accounting Team Lead is wrapping up a 10-day vacation in Hawaii and I was out three days this week at
#SNH23
.
The recent college graduate we hired last fall held things down in the office. He did a fantastic job managing clients and the work.
My team f***** rocks!
We splurged a bit for our 20th anniversary trip to Barcelona. 🤑
Delta One seats are se magnifique!
Normalize spoiling yourself every now and then. You deserve it!
#DavisDestinations
Today, I started my calls to convert tax only clients to monthly tax maintenance subscriptions. Two calls so far and one CONVERTED.
50% close rate!
#TaxTwitter
let’s go!
Was: $1200 annual business tax return
Now: $150/mo subscription
#winning
New lead: I want the following services
•Bookkeeping
•Tax Planning and Compliance
•Payroll Services
•Financial Analysis and Reporting
•Budgeting and Forecasting
•Cash Flow Management
•Business Financing Advice
•Management Consulting
•Succession Planning
•Merger and
There has been a lot of talk about pricing lately. I say set your price and stick to it.
When people try to negotiate my price, I say, “You’re not required to use me. You have options. And it’s ok if I’m not one of them.”
And keep it moving.
#TaxTwitter
Large CPA firm told a former client (new to me) that their software did not track fixed assets for depreciation so they refused to provide a tax depreciation schedule. 🤬
People, please! Give the damn depreciation schedules to your clients.
#TaxTwitter
Las year, I had the opportunity to work with a well-known celebrity. My team was excited. I was traveling at the time when I got the inquiry.
I called my admin back, told her to turn it down. She was devastated. She gave me all the reasons why this could be good for the firm. I
Need help! We are looking for an EA, CPA, or just badass tax professional to help us ramp up and manage tax season 2023. Fully remote. Open to individual contractors as well. Tell me what you require for pay. Accepting DMs to start the conversation.
#TaxTwitter
I just received the best compliment from a new client.
He says, we are the most efficient CPA firm he has ever worked with and it’s been a pleasure working with us.
My day is made. ☺️
#TaxTwitter
#TaxTwitter
There is a 10 year challenge on FB where you post a pic from 10 years ago and one from 2022. Desmond Hudson (a peer in the industry) posted this:
One thing about me: I’m going to cover my a$$.
Your return was rejected because YOU did not provide the 1095-A.
I have no clue about this until you let me know.
Next year, it’s you not me. Happy finding a new tax professional.
#TaxTwitter
#bye
Score! I hired an accountant for my firm's books. She's already whipping me into shape. I love when people are passionate about what they do and own their work. 🥰
How do we get away working 32-36 hours a week and no weekends?
We are 70% CAS. We are not high volume tax. The ones we do have are either CAS clients or pay a premium.
Our minimum return price is $$$$: we don’t want to attract 1040 only.
#setgoals
#build
#grow
#TaxTwitter
2022 - The final numbers are in:
What we wanted:
Revenue Goal: $1.3mil
Profit Goal: 30%
What we achieved:
Revenue: Close, but no cigar
🥖Accounting/CAS: 61%
🧈Payroll: 31%
🍿 Tax (stand alone): 8%
🍩Net profit ~ 19%
Why didn’t we hit our goals?
1️⃣ We took our foot off