Editor's Note: This is another installment in our ongoing series highlighting this year's Insightful Accountant's "2018 Top 100 ProAdvisors." Over the remainder of the year, we will introduce you to our winners, getting their insights on a wide range of topics, including what it is like to be a leader in their profession, how to stay on top and what the future holds.
Sharon Michalowicz
Sharon Michalowicz is our 2018 Top 100 Profile this week. She is the President of Long Island Bookkeeping Solutions. When we asked Sharon how she got started in the business, she said, "When I tell our clients how I got started with my practice, their jaw drops. Originally I was the Controller of a very highly regarded, high-end General Contracting firm, and I loved my position. During my employment, I decided to become a Certified ProAdvisor just to hone my skills." She went on to say, "My employer was very impressed and was sending me out to his wide circle of friends, to help them learn how to utilize QuickBooks. However, after many years of service, my employer fell ill with a brain tumor and passed away. I was heartbroken and devastated. It was the first time I ever applied for unemployment in my life! Four weeks after my application for benefits, I received a very 'Hokey' letter in the mail form the State of New York, basically stating, 'We know who you are. We know about your QuickBooks ProAdvisor Certification, and the many firms you have been helping. We would like to speak with you. Please visit us at the Unemployment Office as soon as possible.' The following day, I visited their office, and brought the letter with me. I was met by three men who explained that NYS was starting a new campaign to be called 'NY Loves (replaced by a heart) Small Biz.' They offered me unemployment benefits for 6 months without seeking employment, provided that I met with their criteria, which was a long list of workshops and many other legal steps I would need to take, including choosing a business name and registering with the state and my county. Their plan was to promote individuals to come off of unemployment and start their own businesses. However, they needed a person like myself who would show them how to maintain their books. It was a grueling process, but I successfully completed the tasks and started my practice." Read on to see more of Sharon's impressive insights and experiences.
Tell us a little about your practice.
Little did I know when I chose the name, “Long Island” Bookkeeping Solutions, we would be servicing clients across the U.S. and in other countries. While we are still considered a small business, we have developed a reputation for stellar services, communications and benefits for clients. Essentially, we provide many different services; bookkeeping for small businesses who do not wish to maintain their own books, QuickBooks Training for firms, troubleshooting QuickBooks issues and sales of QuickBooks software, third party software and Hardware.
Give us a snapshot of today's accounting landscape. What are seeing out there?
Interesting question! Automation of accounting is today’s trend. Bank feeds, bookkeeping software that integrates with tax software, payroll that can calculate and submit taxes, third party solutions that integrate with primary accounting software, and so much more. This direction of automation is a positive move, however it can also cause problems. I find that many clients are relying on the work to be performed for them, and not paying attention to the end result.
What was the biggest surprise you saw in the past YEAR?
I’ve noticed a lot of growth and new businesses on the rise in our area. Recently, we have received many calls from individuals who are or have recently started a new business, and would like assistance from the start, rather than wait until they are in over their heads. Prior to this past year, our client base showed more situations where they had a “mess” and needed help to clean up the books, or learn how to do this.
What is the biggest item on your to-do list in the upcoming YEAR?
We would like to grow. Sounds easy, right? Growth requires staffing, and this has been a big problem. We advertise frequently, and receive resumes, however, most applicants are not qualified and are clearly seeking to be trained how to use QuickBooks and be paid while training! Others claim to know how to use the software, but when asked to perform a task, they move the mouse all over the screen while searching for the task at hand. We still continue our search!
What are three areas every accountant should keep an eye on next year?
1. Changes in tax regulations. 2. Third-party applications that integrate with QuickBooks. 3. Changes and advancements in technology.
What advice would you give to today's accountants?
Stay on top of your game. Be aware of any changes in tax rules, and stay on top of new software products out there that may help your clients.
What does it mean to you to be recognized out of more than 300,000 ProAdvisors in the world?
I cannot even begin to describe how honored I feel. If you had asked me 25 years ago where I would be in life, I never could have imagined that I would be sitting here today, filling out this questionnaire. This is such an honor…. actually it is more than an honor. I am extremely grateful and I do not take this recognition lightly. I think about it every day, and try my hardest to live up to it.
Your first thoughts on getting news of the honor?
Honestly? I cried. Like everyone reading this, we are all so busy, and we just keep going. I knew I was nominated again this year, and I hoped I would be chosen. When the list came out, I was on the road heading to a client. My office manager called me to announce the results, and I was beyond and besides myself.
Why is continuing to enhance your skills and acumen critical to staying one step ahead of the curve?
As the population of Certified ProAdvisors grows, so does the competition. Therefore, it is important to maintain an edge and offer our clients the very best services we can. This means staying ahead of our game, being informed of what changes there are in tax regulations, being knowledgeable about third party software solutions that benefit our clients, and being available to answer questions when the need arises.
What is the story that best describes how you help your clients?
I want every client to feel as though they are our “only or most important” client. I also place a lot of emphasis on customer service values and ensure each and every client that we work strictly on non-disclosure. Our clients are informed from the start that I can be reached 7 days a week. Many small business owners only have time to work on their books on the weekends and I want them to know I am here for them. When my staff leaves at the end of the day, our office phone lines are rolled over to my cell. I answer all calls and if I miss any, I make sure to return the call as promptly as possible.
How do you create balance in your work and personal life?
I am very fortunate in this respect, as I married to a wonderful man who is very proud of me. We have four grown children and seven grandchildren (so far). I call the children daily, either in-between clients or in the evening, and make sure to make time to see everyone. My husband and I always enjoy our evenings at dinner together and spend it by sharing our day. On the weekends, we also seek to do things together.
What was the best piece of advice you ever received?
The answer to this question is the same advice that I give my own children. Wake up in the morning and go to bed at night thinking only good thoughts. Look for the good in any and every situation. Never seek to think or hold malice.
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