5 Things I have learned from BASC Expertise

Editor Note: Thank you to our guest blogger Anne McAuley, McAuley Freelance Writing.

As a new small business owner I was overwhelmed at the many hats I was wearing. I emailed Deirdre at BASC Expertise, “I have a pile of receipts, an account with QuickBooks online and not time. Help!” Within minutes I had a meeting setup with Deirdre and Jen and peace of mind that accounting and bookkeeping were no longer mine.

Over the last few months I have learned a lot from BASC Expertise:

  1. Outsource: You cannot be the expert at every part of your business. While you’re focused on accounting you could be missing opportunities to build your business. Working with BASC Expertise is one of the best business decisions I have made.
  2. Separate business and personal banking: This is one of those I-wish-I-had-done-this-sooner things. In November of 2011 Jen at BASC Expertise spent hours and hours sorting through my bank account for business income and expenses. As recommended, my business started 2012 with its own bank account.
  3. Create an LLC for your small business: No matter how small your business, mine is a one woman show, it is beneficial to set up a corporation for your business. There are tax and personal liability reasons to do this sooner rather than later. Since I am a writer and Deirdre is the expert, I recommend speaking to her about the options for your small business.
  4. Payroll: Set up payroll for your business even if, like mine, it is a one person show. It doesn’t have to be complicated and BASC Expertise can help. McAuley Freelance Writing ran their first payroll in January 2012!
  5. Retirement Savings: Saving for retirement was on the “I will deal with this later” list of what I needed to get done. I was pleasantly surprised to learn that along with setting up payroll I could set up a 401K plan for the business. I am proud to say my small business offers retirement planning.

Thanks to everyone at BASC Expertise for your help in setting up my small business!


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