Stephen Merritt, CPA, PC  |  Certified Public Accountants  |  (757) 420-5778
233 Business Park Drive, Suite 104, Virginia Beach, VA 23462

Your monthly news & updates

Oxford just knows how cute he is!

What’s Inside

• APRIL: Password Madness: Tips to Keep Your Growing List Under Control

• MAY: Start your Tax Planning NOW!

• JUNE: Business Advice: Every Impression Matters

• April, May and June Days

• Office Hours During After Tax Season

APRIL: Password Madness – Tips to Keep Your Growing List Under Control

When it comes to keeping your online accounts safe, strong passwords that nobody can guess are an essential tool. Many struggle, though, with password fatigue because you need to have a password for…well, everything. And then you need to change these passwords every several months!

While most of us understand the need for strong passwords to protect our confidential information, it doesn’t make password madness any easier to handle. Here are some tips to try and make your password process a little bit less stressful.

• Treat all credentials equally. While the password for your kid’s school lunch account may not seem that important, it could be tied to your credit card or bank account. Treat all log-in credentials you have with equal care and respect and remember that hackers frequently target seemingly unimportant passwords in order to guess other higher-value passwords.Avoid oversharing on social media.
• Avoid sharing financial and personal information on social media since hackers scrape public profiles to find sensitive information. Even harmless information you share (like the fact you got a new bank account) could make it easier for them to access your credentials.
• Don’t re-use passwords. It goes without saying that you shouldn’t use the easiest password that comes to mind like your birthday or the word password. On top of that, use a somewhat complicated password that’s unique to each of your accounts.
• Set up multi-factor authentication on your accounts. Install multi-factor authentication on as many accounts as possible. This step means you’ll get a text or an email in order to authenticate your identity, which makes it harder for thieves to gain access.
• Install a password manager. Consider using a password manager such as LastPass or Dashlane (there are also many more companies that do a nice job in this area) to manage and oversee all your passwords. In addition to securing all your passwords with a single master password, password managers also help create complicated passwords for each of your accounts. The weakness using this tool is that thieves are now targeting password manager systems because they know they can get all of a person’s passwords in one fell swoop.
• Think of estate planning. Remember, password management also includes getting access to accounts by someone in your family or an executor of a will should you pass away or become incapacitated. So be sure to include transferring passwords them the need arises.

Use these steps to make your password madness easier to handle and your online accounts safer from online thieves.

Oxford loves being outside in the sun.

MAY: Start Your Tax Planning NOW

Cutting expenses is often easier said than done. It’s easy for somebody to say Just cut your expenses! Stop getting a to-go espresso everyday! Eliminating something from your monthly budget, though, may come down to figuring out the best way to change your spending habits. Here are several ideas that may help.

• Build a list of named goals. Getting motivated to save can seem like a chore when you’re not saving for something specific. Consider writing down on paper two or three goals for something specific you want to save for, then open a savings account for each goal. For example, you could start a beach vacation fund, a college savings account, or a new golf clubs account.
• Give your goals a visual element. Bring your goals to life by creating something that lets you track each one as you save. This could be a savings spreadsheet that breaks down your goal into manageable chunks of weekly savings, or it could be a poster board with sections to fill in as you save money and get closer to your goal. Also print several images of what you want to buy and hang them up around your living quarters.
• Always pay yourself first. Set up automatic transfers to your savings accounts and pay yourself first. This ensures that your savings become a priority, and that you don’t accidentally spend the money on other bills and expenses.
• Immerse yourself in education. Fill your mind with financial lessons you want to learn about. Read books, listen to podcasts, and read essays from financial experts to help you learn new habits surrounding saving and investing.
• Make new friends. Motivational speaker Jim Rohn said most people become the average of the five people they spend the most time with. If you’re surrounded with people who are constantly struggling with money, it may be time to expand your social circle. Look for like-minded people by joining online groups centered on financial topics and attending money-related meetups in your area.

JUNE: Business Advice: Every Impression Matters

With competition knocking at your door for virtually every product or service, you need to hone every advantage available to you. One of the ways you can set your business apart is to create an awesome customer experience with every interaction. This is less of an event and more a state of mind for your entire team. Here are several steps to help you get there:

• The three outcomes. Start by understanding that every interaction with customers AND vendors has three – and only three – possible outcomes: positive, neutral, or negative. Your goal is to make every interaction, from a label on a product to speaking with someone on a call, a positive experience. Or in a worse case scenario, neutral.
• Make a great first impression. The first impression a potential customer creates about your business can come from many different avenues. Train your customer service reps and create an approachable tone on the phone. If you choose to use social media, keep it fresh or take it down. See your lobby as others see it. All details matter.
• Manage the outcome. The best way to do this is to eliminate the possibility of a negative outcome with your first impression. With customer interaction, this is often accomplished with active listening and a smile.
• Create slingshot experiences. No matter how well you strive to offer top-notch customer service, there will always be instances that are less than favorable. Use this as an opportunity to turn a negative experience into a positive one by thrilling the disgruntled customer with your solution. Even if the solution is costly and unreasonable, that customer will tell everyone the story about how you solved their problem.
• Use problems to make permanent improvements. Knowing your strengths can reaffirm your approach and help set customer service performance goals. On the other hand, learning about a bad experience from a customer’s perspective will give you great insight into how you can improve. Use these problems to focus your activity. Over time, the results of this continual improvement can have a tremendous impact on your business.

Creating a culture that excels at customer service is attainable if you put in the effort to know your customer’s needs and to understand that every impression matters!

Oxford Part 5

Steve and I sit in the car. I start filling out the envelope. I was extremely detailed and continued my notes about the car on the back of the envelope. Steve just shook his head. I guess I wrote too many details. So, we just sit there, utterly unsure of what to do next.

The lady returned!!! We were shocked and very happy. We hopped out of the car. I have the envelope in my hand. She fusses at me for not already having my envelope and keys placed in the box. So, I put everything in the box. All the while she is talking about a hotel that is 25 miles away and that it is the closest option.

So, Steve and I grab our bags, toss them into the back of her truck. The interior of her truck has a lot of stuff! Guitar, household items, extension cords just a mish mash of items. We felt a little odd about taking a ride from a stranger, but what was our other option? She makes room for us, and we get in the truck, and we begin the ride to the hotel.

We are barely out of the parking lot, and I begin peppering her with question after question. My first inquiry was why she picked up Steve? She stated she had just left church and saw and old man walking and carrying something heavy. She figured he was old and not a threat. We all just laughed at her response. Steve and I again expressed our gratitude for all her kindness. We learned she was nurse and played guitar at Bible study. As the town did not have a hotel or many other business’ for that matter, I wondered what supported the local economy. The kind lady stated the economy was not doing well; however, it was a farming town, and the farms were doing okay.

We continue talking for the remainder of the ride about why were in Pennsylvania in the first place! So, we explained about the recent passing of Louis. She asks us questions about what we do for a living, family, and just general banter to fill the time. I was looking about her truck and noticed the check engine light was on. It struck me as oddly humorous after our recent troubles with my car. She asked me what was so funny, I pointed at the light. She waves her hand in the air and stated it’s been on for a while and she just ignores it. She finally sees the irony and begins to chuckle. After approximately twenty-five minutes we arrive at the hotel. The nice lady immediately pulls up to the lobby doors, jumps out of the car, grabs a luggage cart, and proceeds to load our 2 bags on to the cart! This lady is amazing. She was so quick. We exchange phone numbers. We thank her profusely. We offer to pay her, and she refused any money.

Its approximately, 11 p.m., she is a nurse, and her shift begins the next afternoon at 12:30 p.m. She instructs us to call her if need a ride back to the repair shop in the morning, but just be sure to call her first thing in the morning so she can adjust her schedule if needed. I explain that I am hopeful an Uber or Lyft driver will take us back to the repair shop. I get the eye roll from the lady and a sheepish grin as she tells me to keep her number handy.

She gets back in her truck and pulls away. We go to check in the hotel. The gentleman behind the desk gives us a sideways glance as he witnessed the lady loading our bags and leaving. We briefly explain the issue. He smiles and says there are good people left in this world.

We settle into our room and my phone rings. It’s the nice lady. She wanted to make sure we were checked in okay and to wish a good night’s sleep. I hung up the phone and just smiled. I told Steve over an over on this journey that the universe gives you what you need when you need it. He looked at me and said, “I don’t know how you do it, but just keep on doing what you are doing!” And yes, the universe had given us what we needed and more.

Surprising, we slept, probably from sheer exhaustion. Woke up early and Steve called the repair shop promptly at 7 a.m.

….to be continued

April, May and June Days

Here are some Days to Remember in April, May, and June!

April 1st – Tom Foolery’s Day

This day allows us to laugh, have fun, and enjoy the silliness in day to day moments

April 15th – Individual Income Tax Returns are due!

May 12th – Mother’s Day

Don’t forget to treat the maternal figure in your life and show them how much you appreciate everything they do!

May 27th – Memorial Day

Memorial Day is a day to honor the brave people who have fallen while serving in the U.S. Military.

June 6th – D-Day

We honor those who fought on the beach’s of Normandy, France

June 16th – Fathers Day

This day recognizes not just fathers but the father figures in our lives.
Don’t forget to show them how much you appreciate them!

Office Hours After Tax Season:

Monday – Thursday: 8 AM to 5 PM