Ten things accountants should never do with social media

If you are the sort of accountant who has no interest in social media then please don’t bother reading this article, explains Mark Lee. It’s not for you. It’s for those accountants who have been experimenting with social media. Indeed, it will be of special value to accountants who have been disappointed by their experiences.

You will not be alone if you started out with unrealistic expectations, or misunderstood how social media works. Do let us know in the comments below.

I have been enjoying my use of social media for some years now. And I’ve been writing and speaking about accountants’ use of social media for almost as long. A little while back I was described as “probably the most socially networked accountant in the UK”. I remain very active.

Here then are 10 things I suggest that accountants should never do...

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  • 1. Do not expect very much to happen without a plan
  • 2. Do not expect to win new clients quickly
  • 3. Do not assume anyone is interested in your practice on social media
  • 4. Do not believe what you read in the general media
  • 5. Do not believe everything that social media ‘experts’ tell you
  • 6. Do not chase random followers all over the world
  • 7. Do not focus on broadcasting promotional messages
  • 8. Do not forget how much time social media can consume
  • 9. Do not ‘outsource’ your social media activity
  • 10. Do not confuse social media metrics with what really matters

Continued...

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Comments
FirstTab's picture

Well timed!    1 thanks

FirstTab | | Permalink

This is exactly what I was looking for.

Thank you.

Elvan Clarke's picture

Valuable what not to do's    1 thanks

Elvan Clarke | | Permalink

Helpful comments for me (a marketing assistant within a firm of accountants) to consider when posting updates in the future. Thank you.

cathyne's picture

I was sceptical    1 thanks

cathyne | | Permalink

And I probably still am. Mark you are so right to bring us all back down to earth, as I don't believe social media is the new quick marketing fix. I do believe it is one of a number of useful tools within the big marketing strategy picture.  I write as one who is starting up from scratch. I have to keep a strict eye on the money, and make sure that not a penny is wasted, particularly on fruitless advertising.

bookmarklee's picture

Cheers @cathyne

bookmarklee | | Permalink

The thing is that some people see social media as a low/zero cost approach to advertising so it's tempting when money is tight.  BUT what really counts is whether the time you spend on social media would be more productive if invested on more focused and targetted forms of marketing.

Mark

Be careful what your    1 thanks

nigelrmorris | | Permalink
efficiencycoach's picture

A very good article!

efficiencycoach | | Permalink

An excellent article, Mark - well done.

I would add to this article, that social media used as part of your networking strategy can be a real winner. 

Of course, this feeds into point number 1 - have a plan. If you don't have a plan for how you will generate work via your network and networking activity, adding social media into the mix is not going to help. In fact, it will make it worse, as it will be another interesting way to waste time.

The questions you want to ask are simple:

1) Who do I need to meet to win new clients?

2) Who are the people who are well connected to my ideal client?

3) What is an easy way to meet these people? (This is where social media can be really helpful)

4) How will I take the contact offline when I meet them online?

 

Help on accounting treatment

cowboyaccountant | | Permalink

Dear all,

Please could someone suggest the correct accounting treatment to the following question:

1. Company A is a charity which is not subject to Corporation Tax.

2. Company A decides to provide £10,000 to individual(s) and/or other organization(s) to run a  charitable project which is relevant and beneficial to Company A.

3. This project may run over several financial year. There is no time restriction to complete the project.

4. All unused grant on completion of the project are to be returned to Company A.

5. Questions:-  With the possibility of unused grant being returned to Company A on the completion of the project, what is the best way to show the 'Grant Given' in the Profit and Loss account ?

MY VIEW:  Based on the concept of prudence I would assume that the entire £10,000 should be declared and written off as a cost in the year of the outlay even if the project runs over a few years. This argument is strengthend by the fact that as there is no time constraint on project completion it is impossible to distribute the writeoff of the expenses into various financial years.

My concern is when at the completion of the project there is a residue of unspent funds of say £1000 which is to be returned to the coffer of Company A. How does this 'incoming funds' be treated based on the above?

To add another complexity into the foregoing hypothesis let us suppose Company A offers £10,000 of grant every year for a different project. Let us suppose we are in year 3 since the inception of the first grant, and at year 3, the first project comes to a completion with a residue of £1,000. In other words, bearing in mind that as there is an outlay of £10,000 Grant Given in Year 3, could or should the £1,000 returning grant be setoff against the third-year-Grant which would result in a net outlay of £9,000 being shown in the Profit and Loss account? Or should the returned grant be shown separately as a concept of an income as part of the incoming resources - this idea appears to be incorrect as it is not an 'real incoming resources' or could it actually be defined as such ?

Please could anyone shed some light and discuss what is the best way to treat the initial outlay of the grant, how to treat the returned grant, should there be a setoff between the returned earlier grant against subsequent grant for totally different projects, should there be a distribution of each grant outlays (would be impossible to do without knowing the duration of the life of the project unless some Einstein on here has cracked the problem of time-travel) ?

Thank you.

Cowboy Accountant.

11 June 2013

 

 

 

 

 

 

 

Locutus's picture

@ Cowboy Accountant    1 thanks

Locutus | | Permalink

This is the wrong place to ask a question.  Try re-posting it in "Any Answers".

j.harris's picture

This is very interesting as

j.harris | | Permalink

This is very interesting as it was just today that I decided to give Twitter a go.

@johnlharris65 if you want to have a look.

I think I have already fallen into the trap of getting a bit too excited with followers etc.

If anyone has any more tips and advice that would be wonderful.

bookmarklee's picture

More tips and advice

bookmarklee | | Permalink

j.harris wrote:

If anyone has any more tips and advice that would be wonderful.

Hi John

You'll find loads more tips and advice for accountants wanting to use twitter here.

Mark

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