SOLUTIONS. new territory. Payroll services give many firms a new way to grow. Read a few key reasons to join them. david Hensley s

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1 issue Tips, trends, and connections for users of Thomson Reuters software SOLUTIONS new territory Payroll services give many firms a new way to grow. Read a few key reasons to join them. ready, set, go How GoFileRoom Can improve firm efficiency support corner Check out all the ways we can help you succeed david Hensley s good practice Z

2 Services That Serve You Well How to succeed in business by doing the right thing. Starting your own firm means opportunity for independence and success. But this practice knows the value of finding the right support and giving back. When he established his own firm in 2005, David Hensley, CPA, EA, had a game plan. But he didn t expect to be an overnight success. That s pretty much what happened, though. And Hensley has never taken it for granted. On the contrary, David J. Hensley CPA, Inc., of Springfield, Ill., is a firm that makes a habit of giving back. For two years in a row, Hensley has won the Illinois CPA Society s Time and Talent Public Service Volunteerism Award, which recognizes charitable activities of its members. In Hensley s case, his pro bono service has centered on helping members of the military prepare their tax returns. A personal connection partly inspired his volunteerism. Hensley has family members who have served in the military and he lost friends who fought in the Vietnam War. Of all the things you can sacrifice, there s nothing more than that, he explains. And it s not like members of the military make very much money, or get much support outside of what the military provides. When someone contacts the firm for help, the person is immediately referred to Hensley himself even if he s in the middle of something else. I want to make sure these people know they re going to get the assistance they need. [ 8 ] solutions [issue 2, 2012]

3 Firm Facts Z BASICS: David J. Hensley CPA, Inc., was established in It has a staff of six and adds two more during tax season. The firm provides services including tax, accounting, bookkeeping, compliance, and consulting, for businesses and individuals. Z WEBSITE: davidjhensleycpa.com Z SOFTWARE: The firm uses a range of products from the Thomson Reuters CS Professional Suite, including FileCabinet CS, Practice CS, Write-Up CS, and UltraTax CS. They re considering adding Accounting CS. CS.THOMSONREUTERS.COM [ 9 ]

4 We may be a small firm, but we ve been able to grow and meet the needs of our clients. This is directly attributable to both the software and the skill of the people we have on board. David Hensley Doing Right This mindset isn t all that different from the way the firm treats its paying clients. The staff, which includes Hensley s wife, Pat, has a reputation for being personable and responsive. I ve made it clear that every client is to be valued, says Hensley. The firm demonstrates this same level of care and respect to its employees. The practice makes sure its employees can participate in the company s growth. For example, when one bookkeeper expressed interest in doing taxes, Hensley explained that although he couldn t offer a big raise he could pay her a percentage of the taxes she prepared. BEST PRACTICE: Two-time winner of the CPA Society s Time and Talent Public Service Volunteerism Award, David Hensley helps military personnel prepare their tax returns. Good Growth David J. Hensley CPA, Inc., has grown substantially since its inception, even buying a second firm to integrate into its business in In addition to hard work and talent, Hensley credits two major factors for much of his success: Thomson Reuters and New Clients, Inc. (NCI), a Thomson Reuters marketing partner. When he launched his firm, Hensley admits he didn t know much about starting his own accounting practice, despite his years of experience in the field. NCI recognizes that most accountants don t know how to get their foot in the door to talk to people, which is the hard part, says Hensley. They offer a referring revenue guarantee, but within the first six months we were growing at such a fast rate that I released them from the guarantee. I was too busy to keep up with my reports to them. [ 10 ] solutions [issue 2, 2012]

5 Thomson Reuters software is another key element in the firm s achievements especially during periods of rapid growth. According to Hensley, it s essential to have an infrastructure that s more than sufficient to handle expansion and serve every client s needs. There s nothing worse than spending time, effort and money to acquire a client just to lose them because you didn t get things right, he explains. That s usually the result of not having the right people on staff or not having adequate software systems. Hensley has always had confidence in his staff, and it didn t take long for him to feel comfortable with the products and services offered by Thomson Reuters. He appreciates how closely Thomson Reuters worked with his firm while they set up their integrated systems. As everyone became familiar with the software, calls to Thomson Reuters decreased dramatically. That s because we d gotten our hands on everything and understood what we were doing, which goes back to the support we got at the very beginning, says Hensley. It was the best money we ever spent. Working With What Works Hensley is a big fan of Practice CS, which helps the firm better track its time and client billing. In one instance, Hensley discovered he d undercharged a client by about 15 hours. In another case, he learned the firm had been overcharging a client. I didn t hesitate to drop their fee, says Hensley. I wanted to be fair about it. Tools like FileCabinet CS also help the firm provide better service to its clients, by improving accuracy and efficiency. Because everything s scanned directly into the system, anyone on staff can access whatever they need from FileCabinet CS within minutes, instead of having to search through piles of paper. Even with his many years of experience and the success of his firm, Hensley continues to learn. Just a couple of years ago, he did the coursework and testing required to become an enrolled agent. We may be a small firm, but we ve been able to grow and meet the needs of our clients, he says. This is directly attributable to both the software and the skill of the people we have on board. Not All Work and No Play When they re not at the office, David Hensley and his wife, Pat, make some time for play, literally. We always have the bargain seats to the theatre on Sundays, he says. I guess that sounds cheap, but we re simple people. Hensley also likes to swim and has taken up golf. I m very bad at it, he admits, but I enjoy it. Bringing in the Business New Clients, Inc. (NCI) helps accounting firms build their business so they can focus on what they do best: taking care of clients tax and accounting needs. This national marketing and consulting firm has been working with CPAs, accountants, and enrolled agents for 27 years, providing marketing and practice management programs. According to Bruce Clark, founder and CEO, NCI works with established firms as well as start-ups. David Hensley contacted us when he d just opened his doors, says Clark. Through our client acquisition program, we hired two people to help him set up appointments and close the deals with new clients. NCI offers a variety of programs and services. Learn more at NewClientsInc.com. CS.THOMSONREUTERS.COM [ 11 ]