TaxCoach Briefs:    February 19, 2009

Volume 4, Number 10

TaxCoach Briefs archives.

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MARKETING MINUTE (EAL)
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NEWS YOU CAN USE

Earlier this week, we sent out a special mid-week Briefs announcing a new Client Alert on the economic stimulus act. Keith and I were pleased to see that nearly a quarter of all TaxCoach members visited the site yesterday to check it out -- especially considering how busy many of you have become as we move into the thick of tax season. That's almost a record for one day's activity -- second only to last November's election.

We'll be working quickly to incorporate the new tax rules into the TaxCoach strategies, plan summary, and Outlook Letter. We'll also be adding an Economic Stimulus seminar presentation, which will remember the Obama Tax Plan presentation we rolled out the day after the election.

Your clients know the stimulus bill is now law. They may even know the broad outline of the tax provisions. But there's still value in telling them yourself -- even if they hear the "news" someplace else. The Client Alert and seminar presentation can still help you score those points.

When you click on the 'Client Alerts' button in TaxCoach, you'll see a list of alerts, with this latest on top. The file 'Stimulus09' contains letters addressed to each of your clients that you've entered into the system.

You can download the file to your computer, and print on your letterhead using MS Word, or any word processor which supports Rich Text Format ('RTF'). You'll find instructions on the Client Alerts page.

Several of you have asked about email alerts for your clients. If you'd like, you can simply cut and paste the text into your email editor, then hit "send." But as easy and tempting as this sounds, there's still no substitute for old-fashioned snail mail when it comes to making an impression.

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TAXCOACH RECOMMENDS (EAL)
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ENTRYTRACKER SOFTWARE

Here at TaxCoach, our job is to give you tools to set yourself apart from your competition. And we're always keeping an eye out for complementary tools to make your practice even more valuable. Well have I got one for you this week. Let me introduce you to "EntryTracker," a sharp new tool I've run across that saves your time and your clients' tax dollars, all in one convenient package.

EntryTracker is an online version of Sandy Botkin's classic tax organizer that helps clients track their business expenses and organize their documents to legitimize their deductions. And it's far more powerful than just an expense ledger. Does QuickBooks let them take a cell-phone picture of a receipt -- then send it directly to the software? EntryTracker does. And EntryTracker even trains your clients how to use it!

The real opportunity however is not just the improved record keeping and convenience -- the practice management aspect. The real opportunity is in practice development. You can license EntryTracker for a low monthly fee, then offer it to your entire clientele. Give it to them free as a value-added service (they would have to pay $49/month to subscribe on their own, making it a nearly $600 value). Or, charge them for it and bundle access into your regular fees.

I realize you're heading into the busiest part of your year. But now is actually the best time to add EntryTracker to your practice. That's because now is when you're seeing clients and confronting the cost of poor recordkeeping. And that makes now the time to score points for giving them the solution.

The EntryTracker website offers a free demo and a special report for taking a look: Click here.

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TAXCOACH RECOMMENDS (KAV)
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CPAPLUS NETWORK

Well, despite the Pittsburgh Steelers' salvation of a win, at the close of what had to be the greatest fourth quarter in Super Bowl history, Ed and I agreed to meet our colleagues Ron and Nancy Stiller, who hail from that home city of the Cincinnati Bengals' archrivals, for lunch last week. The Stillers (yes, that would be the "Pittsburgh Stillers") were in Cincinnati for a mastermind meeting with the organization they run, CPAPlus Network.

Despite my bad joke, or more likely because of it, they both again saw fit to wear Steelers jerseys to lunch, celebrating Pittsburgh's record 6th SuperBowl championship, and as usual eliciting barely-concealed scorn from most of the restaurant. (At least it was concealed! Try walking through The Steelhouse on Carson St. with a Bengals jersey on!) And at least Ron, I believe, was wearing a Franco Harris jersey, which harkens back to old-school hatred, rather than something more modern and temporary.

Anyway. Ed and I have worked with Ron & Nancy for quite a while, and we believe CPAPlus Network offers a lot of value for the independent tax professional (you don't actually have to be a CPA). And a number of TaxCoach members show that they see the value as well, by belonging to both.

That's no real surprise though, since in both organizations the average member is looking for the same thing -- to differentiate his or her practice from the competition, in order to deliver superior value to clients, and at higher fees. CPAPlus Network helps by offering a wealth of tools and systems for marketing and managing your practice, along with regional peer-to-peer networking that lets you learn from your colleagues who are actually "doing it" themselves.

Click here to learn more. We've also included a link within TaxCoach, in the "Shiny Things" section of the Playbook.

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MEMBER EVENT (EAL)
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2009 TAMMY AWARDS

Those of you who attended last fall's Roundtables may remember checking out statistician Nate Silver's web site at www.fivethirtyeight.com early in the session when we discussed what to expect from the election. Silver gained fame for predicting 49 out of 50 state results, and his methods have already changed the face of political polling.

Now Silver has studied the upcoming Oscars. He's built a database of 30 years of Oscar history, then applied a process called "logistic regression" that means nothing to me, but sounds really impressive. Silver's predicting Mickey Rourke for Best Actor, Kate Winslet for Best Actress, and Slumdog Millionaire for best picture. (No word yet on who's giving the annoying politically-correct acceptance speech.)

We expect that after the Oscars, Silver will turn his eye on the upcoming TAMMYs -- TaxCoach's eagerly-anticipated and highly coveted Tax and Accounting Marketing Awards. We're looking for your web pages, newspaper ads, direct mail pieces, TV or radio ads, and other marketing materials. (Don't worry about categories -- we're making this up as we go, and if we like it, we'll figure out where to put it.)

Seriously -- send your materials to Catherine by April 1. We'll look forward to presenting results on April 16 and analyzing them at the upcoming Roundtables.

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MEMBER Q & A (EAL)
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Q: I usually do business card ads in my Shriner’s and Elks Newsletters. Before I have just used my card, but obviously need to change that up. Is there copy you suggest using?

A: True, “business card” ads, where you just reproduce the card itself, are a waste of money. No headline, no benefit, no call to action -- none of the elements that make marketing work. Yes, you'll "build your brand" -- but why spend money building your brand when you can also drive traffic to your web site or calls to your office?

If you still want the exposure, use the space to condense your message to its core elements. Start with an attention-getting, benefit-oriented headline, like “Do You Pay Too Much Tax?” Then give them a call to action, like phoning for a free tax analysis. Add your web address for those who are curious but not ready to call.

Short and sweet, but it makes up for the weakness of traditional “business card” ads.

Keep an eye out for unexpected results. Back in 2001, I ran some business card ads in the Cincinnati Business Courier. I didn't get a single client call -- but I did get invited to a reception for advertisers. And that reception was where I met Jon Keel, who has mentored me to over a million dollars in revenue since then.

Sometimes the biggest benefits of acting are the ones you never expect.

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We're happy to answer your questions on TaxCoach content, features, or marketing. While we give first priority to our All-Star and Hall of Fame members, we work to answer all questions. For best response, email support@taxcoachsoftware.com. If we think the answer will be useful to all of our members, we'll publish it (anonymously) here in the 'Member Q & A' section of TaxCoach Briefs.

Regards,

Ed Lyon
Keith VandeStadt
www.taxcoachsoftware.com
(513) 321-2820

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