issue
issue22 | | 2010
2012
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.
Z
ready, set, go
support corner
How GoFileRoom
Can improve
firm efficiency
Check out all the
ways we can help
you succeed
david Hensley’s
good practice
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.
[8]
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.”
solutions [issue 2, 2012]
Firm Facts
Z BASICS: David J. Hensley CPA, Inc., was established Z WEBSITE: davidjhensleycpa.com
in 2005. It has a staff of six and adds two more during
Z SOFTWARE: The firm uses a range of products
tax season. The firm provides services including tax,
from the Thomson Reuters CS Professional Suite,
accounting, bookkeeping, compliance, and consulting,
including FileCabinet CS, Practice CS, Write-Up CS, and
for businesses and individuals.
UltraTax CS. They’re considering adding Accounting CS.
CS.thomsonreuters.com
[9]
“
“
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.
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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 2011.
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.”
solutions [issue 2, 2012]
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
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