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Simplify Your Life: Ways for Entrepreneurs to Streamline their Businesses (Part II)

Continuing in our series on simplifying your business life, here are two more ways for entrepreneurs to be more productive: Use Paperless Receipts: One of the most daunting tasks for any entrepreneur is the organization of receipts and ensuring they are entered into your accounting spreadsheet. This is especially true if you have numerous paper […]

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Simplify Your Life: Ways for Entrepreneurs to Streamline their Businesses (Part I)

Starting your own business is a major undertaking, especially if you are a small businessperson that will be doing most of the work yourself. As an entrepreneur, you need to wear a number of hats. From organizing your business to staying in compliance with government regulations to delivering your services, it can become more than

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Chandler Accounting Firm BASC Expertise Launches FREE Business Breakfast Group

Below is our latest press release. We hope you can join us at our inaugural event this Thursday, September 19th at 8:30AM at our office. Breakfast will be provided and there is no cost to attend. __ BASC Expertise launches “Breakfast at BASC”, a monthly educational workshop for local business owners. CHANDLER, AZ (September 16,

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The Importance of an Accountant When Selling or Transferring Ownership of a Business (Part II)

Finding Potential Buyers: If you plan to sell your business, you will want to find good prospective buyers. In many cases, you will find that people are just interested in learning what a business of your type goes for or are just looking around for a good deal on a new business. Knowing how to

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The Importance of an Accountant When Selling or Transferring Ownership of a Business (Part I)

When the time comes to sell or transfer your business, whether to retire or just to move on to something new with your life, there are many accounting issues surrounding the planning for transferring your business. As you move through the process, make sure you take the appropriate steps not only to ensure you get

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What Should Be Included in a Business Plan?

Starting a new business is an exciting venture but although new business owners are optimistic, they must also be realistic about expectations. The best way to ensure that you are not going into the startup without understanding the risks is to create a detailed business plan. If you hope to obtain financing for any portion

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What are the Tax Obligations for Small Businesses?

Small business owners are supposed to comply with the obligations for state, local, and federal taxes. To avoid being out of compliance, many business owners hire a professional to deal with their tax-related issues. Even if you decide to retain the services of a professional, it is always advisable to have an understanding of the

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Supreme Court Strikes down Key Parts of DOMA: How This Will Affect the Taxes of Same Sex Couples

In late June 2013, the U.S. Supreme Court issued a ruling that struck down several parts of the Defense of Marriage Act (signed into law in 1996) and paved the way for same-sex marriage to become the law of the land. To be clear, same-sex marriage is only the law in 12 states and the

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The Importance of Understanding Fixed Assets and Accumulated Depreciation

“Fixed assets” is a term describing all of the long-term operating assets that a business uses, whether it is a building, a crane, or even office furniture. Every fixed asset except for land costs is spread over the estimated useful life. The amount that each period receives is called “depreciation expense.” It is crucial for

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Expense Tracking Tips for Small Businesses

One of the keys to the success of any startup or small business is accurate record keeping. If you do not know where your money is going, it will be very difficult to keep the books in balance and ensure profitability. In addition, you must make sure that you are receiving all the deductions you

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