Build A Business Network With LinkedIn

We’ve been talking about Social Media here at BCWS and the question came up:

“Why do I need so many different kinds?”

You want to go to where your people are. It’s as simple as that.

As a rule of thumb, Facebook is focused on connecting with the people you already know. Twitter and LinkedIn are both geared toward meeting up with the people you want to know.

If you are using Social Media to build a network, you are simply going to do it faster on Twitter and LinkedIn.

Why LinkedIn?

LinkedIn is a very easy, passive way to build your social network with individuals that you might already know, as well as those you meet in the course of your networking events.

Through LinkedIn’s Status Updates, Reading Lists, Groups and the amazing Answer feature, you will have the opportunity to be a solution provider, which is golden in today’s world.

Getting started

1.    Go to http://www.linkedin.com

2.    Choose your LinkedIn account type

Note: Anyone can sign up for a free Basic LinkedIn account. Free accounts allow you to invite available connections, manage your own profile, join Groups and sign up for LinkedIn events. Free accounts do not allow you to send InMails (which allow you send mail to anyone whether you are connected or not), see all LinkedIn contacts or organize your contacts beyond a basic name listing.

For the LinkedIn users that want to use the application more fully or for targeted tasks like job recruiting, there are several other business options available for a monthly charge.

3.    Add connections

You can allow LinkedIn to check your existing address books for your current email addresses or enter your contacts manually.

It is easiest to allow LinkedIn to comb through your current address books for your various email applications. You will get a list of the people you know who are already using LinkedIn and can invite them to connect with you.

Note: If you don’t want to do this when you begin, you can return here later. This is the Import Contacts option that is located inside the People You May Know section in the upper right corner of your LinkedIn home page.

What do you do once you’re connected?

Listen

Listening in LinkedIn means watching the Status Updates that show on your home page each day and commenting on them. These updates are a treasure trove of conversation openers.

Read

In LinkedIn, there is an application to discuss and recommend what you are reading. When you use this application, it will update your home page. People will comment, and you can do the same on the books they recommend. Part of why so many people love books is because they are so easy to bond over.

Browse

Be sure to look around in LinkedIn. You’ll come across the greatest stuff just poking around. Explore the LinkedIn toolbar at the top of the page to see your Connections, Update your profile, or look for Jobs. Incidentally, all the recruiters we know say they find the best talent through LinkedIn.

Find Groups that have other people with the same interests as you.
Some people take an opposite track and join Groups with members that have knowledge you want to have.

On the right hand side of the LinkedIn toolbar, there is a search box that defaults to say “People.” Hit the drop-down and choose Groups. Type in your interest (i.e. financial planning, parenting or gardening). Trust me, you will find wonderful groups.

Other helpful tips:

·         All the usual rules of social media apply – spamming and lying are not appropriate.

·         You do not have to be introduced to anyone you are in a Group with. This is the perfect chance to go where your target audience is and rub elbows with them. We’ve all met amazing people this way.

·         Browse the People You May Know section on the right side of your screen every few weeks. New people show up in there based on things like who has joined LinkedIn or which searches you’ve run. I nearly always find someone I’d been wishing to have as a connection.

We’ll have more LinkedIn discussion over the next few weeks about Events, Answers and the Search capabilities. You can also feel free to ask questions about the program in the comments below.

In the meantime, are you already on LinkedIn? Do you like or dislike it? We’d like to connect with you! Please come find us at:

Our BCWS Blog or Our Website
On Facebook
On Twitter
BCWS’s Company Profile on LinkedIn

Audits Add Shine to Firms

by Melinda Taylor

Cash flow is a continual challenge for many small businesses.  The recent economic downturn has affected many of our clients’ day-to-day operations and, ultimately, their working capital and cash flow. 

The repercussion of this is that many of our clients are accessing their lines of credit or obtaining funding to meet cash flow requirements.   Suddenly these business owners are tasked with providing financial statements to the lender in order to obtain funding. In times like these a good certified public accountant (“CPA”) becomes a lifesaver to your business.

What level of service (audited, reviewed or compiled financial statements) should a small business owner obtain from their CPA to meet the lender’s requirement? Will the lender accept a lower level of service that will not be as costly as an audit?

Compiled financial statements - An accountant prepares financial statements from information that is the representation of management (owners) but does not express any form of assurance or confirmity with generally accepted accounting principles (“GAAP”) on the financial statements.

Reviewed financial statements – An accountant must obtain a reasonable basis for expressing limited assurance that the financial statements meet the requirements of the GAAP and are free of material misstatements or false/missing information. 

Audited financial statements – An accountant will certify and provide an opinion that a company’s financial statements and accounting practices do or do not meet the requirements of GAAP based on the audit conducted. 

This Wall Street Journal article can provide some assistance in making a decision about the level of service you need. Though it emphasizes the importance of obtaining an audit, it also provides a cost benefit analysis.

Benefits of an audit:

• Improved chances for funding based on the lenders trust in the audited financial statements.
• Audited businesses save an average of $6,900 for every $1 million in outstanding debt every year due to lower interest rates.
• An audit provides third-party assurance that a Company’s financial statements are correctly prepared.
• Audit provides additional information on Company’s internal processes and focuses attention on areas that need improvement.

The Down Side:

• The cost of audited financial statements can be prohibitive for a struggling business.
• The time and preparation for an audit (records, personnel, etc.) can tax team members.
• Is it necessary?

Depending on the client’s situation, an audit might not be the right choice. 

Here at BCWS, we work closely with our clients and their bankers to ensure that the right level of service (audit, review or compilation) is provided as part of the funding requirement.

What has been your experience with your bankers, lenders and CPAs?

 

We’d like to connect with you! Please come find us at:

Our BCWS Blog or Our Website
On Facebook
On Twitter
BCWS’s Company Profile on LinkedIn

 

Filing 2010 W-2s and 1099s

Filing 2010 W-2s and 1099s

Form W-2

Ramping Up On Social Media

In today’s world of immediacy, social networking is a valuable tool for growing your business.

One of our 2011 goals here at BCWS is to put more time into our social media efforts as a team now that the tax season is behind us.

Several excellent articles have been floating around our offices over the last few weeks:

Are You Talking To Me?
This Wall Street Journal article give best practices for engaging with customers via social media.


LinkedIn Tips for CPAs
Are You Linked In?
Both these articles from the March issue of the Journal of Accountancy explain how CPAs can use LinkedIn to grow their business and stay on top of industry trends.

IRS Launches App for iPhones and Droids
This article from the December issue of Accounting Today discusses the launch of a Smartphone application that lets taxpayers check on the status of their tax refund and obtain helpful tax information.

An Insider’s Guide to Social Media Etiquette
Chris Brogan is a fantastic resource for using social media for business. Our team has found tremendous value in his blogs.

We enjoy hearing from you! What articles or resources have you found the most helpful?


We’d like to connect with you! Please come find us at:
Our Website
On Facebook
On Twitter
BCWS’s Company Profile on LinkedIn
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