Professional Tax And Accounting Services Arizona

Tax law is complicated and constantly changing. Through continuous professional education and participation in industry briefings we stay current with the tax laws and regulations that can benefit you. This enables us to offer a full range of tax services and for you to minimize your tax liabilities.

Business Advisory Services Arizona

Tax Planning

Proactive planning is the key to minimizing your tax liability. We work with individuals and businesses to help you pay the least amount of tax required by law. Your unique circumstances will determine the strategies that we can employ to maximize the amount of money you keep in your pocket.

Tax Preparation

Even simple tax returns require multiple forms, schedules, and worksheets. The instructions and guidance from the tax authorities can be confusing and often generate more questions than answers. While a computer software program may help, there is no substitute for the personalized quality of service and advice you will receive from our experienced tax professionals.

Tax Problems

If you are currently dealing with the tax authorities, we can help you assess the situation, advise you of your options, and resolve the issue at the lowest possible cost. We will also work with you to review your prior tax years to make sure that all of your tax filings have been submitted accurately and that you have taken full advantage of the tax laws. Then we will help you set up an easy system to keep your records current going forward.
We offer value-added guidance to help you structure and manage your business, capitalize on opportunities, and increase profitability. We help new businesses get off the ground and provide objective assessments of existing ones.

Professional Tax And Accounting Services Arizona

New Business Formation

It seems like there are a million things that need to be taken care of when you start a new business. Whether that is submitting all the proper paperwork or selecting a business structure that suits your needs. We are eager to assist you on getting your business off the ground.

Internal Controls

Proper handling of your business and personal properties is necessary to guard against misappropriation of resources. We can help you establish policies and procedures to protect these vital assets and ensure the integrity of your records.

Tax Advisory Services Arizona

Business Planning

We provide objective assessments of new and existing businesses and can discuss the best strategies to that apply throughout the life cycle of your business. With assistance in developing and refining your business plan you reap the benefit of increased efficiency, control, and insight.


Reach us at:

Compass Point Accounting, PLLC
2821 North 4th Street, Flagstaff AZ 86004
Phone: (928) 266-1982
Business Email: info@compasspointcpa.com
Website: https://www.compasspointcpa.com

Maintaining a Thriving Family Business

On many occasions, I’ve seen entrepreneurs embark on operating a family-owned business and thinking that it’s going to be easy to be successful or that there won’t be any of the problems typically encountered in an non-family scenario.

In many cases, however, these assumptions rarely turn out to be the case.

Tax Services in Arizona

Tax Services in Arizona

Many of the issues arising in a family business scenario are unique, and it is wise to plan for these accordingly. For example, working with loved ones can give rise to conflicts otherwise not encountered in a non-family scenario.

As Wells Fargo Advisers notes: “In a family business, every decision and policy has to be evaluated based both on how it works for the business and also how it will affect the family dynamic — and that adds an extra dimension,” says Daniel Prebish, Director of Life Event Services for Wells Fargo Advisors.

It’s worthwhile to note that getting into business with your loved ones might indeed be a dicey proposition, particularly when you look at the statistics. Roughly 70 percent of family-run businesses don't make it to the next generation.

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Note the following points which are some keys to running a family business, as observed by USA Today:

1. Decide who does which job. In a small business, typically everyone wears several hats and pitches in whenever a job needs to get done. But it’s still a good idea to make sure you spell out everyone’s primary role — whether sales, administration, financial management, whatever. If you’re trying to groom the next generation, you may want to rotate jobs from time-to-time, but give each person an area of responsibility, a job description, and title.
2. Make Sure Everyone Works. Everyone who works for the family business should actually work, not just get a paycheck. Even the teenagers.
3. Put it in writing. For example, your brother-in-law wants to end every workday at 2 p.m. to go surfing? If everyone agrees to it, that might be fine. Should he make as much money as you do, working 10-hour days, shouldering more of the burden of running the family small business? It depends. Perhaps he provided all the start-up money, brings in the biggest customers, has to travel 70% of the time. Whatever agreements you come to, make sure you put them in writing to reduce misunderstandings and conflict.
4. Decide how you’ll make decisions. Having a clear and fair decision-making process avoids lots of fights and bad feelings among family members. As the owner, you may want to retain all critically important decisions yourself — just be clear about what types of decisions others can make, and then let them make them.
5. Conduct performance reviews. Be objective and constructive about it. Leave anything that happened outside of the office out of performance reviews.
6. Keep family dynamics out of the workplace. Keep it professional when you walk through the office door. Try not to bring negative old patterns of family interaction into the workplace.
7. Work toward the best but plan for the worst.  Your business may fail, you may have to fire your sister, you may decide you’d enjoy working on your own, or you may divorce your business partner, who happens to be your husband. If you have a plan, you won’t be scrambling if a worse-case scenario comes to pass.
8. Come up with a succession plan. You may want your company to bear your name 100 years from now, but does the rest of your family? They might not want to continue running the business, they may not be capable of doing so, or on the flip side, some of them may fight over who gets control. Come up with a plan now.

It’s not all bad, as Entrepreneur points out: Trust is the foundation of any successful business relationship. When you combine the power of your different skills and channel your love for each other into your business, you’re setting up your company to win.

Besides the tips above, if you are currently in or are considering getting into a family-owned business, we highly recommend you seek the counsel of your CPA and attorney early in the process. Professional advice is more effective if obtained prior to something going amiss.

Visit us here: https://www.compasspointcpa.com

Tax And Accounting Services Arizona

Accounting Services Arizona
Tax And Accounting Services Arizona
Tax Services in Arizona
Business Advisory Services Arizona
Professional Tax And Accounting Services Arizona
Tax Advisory Services Arizona

When you use our professional tax and accounting services you receive more than a collection of records and reports. You receive the personalised benefit of the skills, experience, and knowledge of the entire Compass Point Accounting team!

Tax law is complicated and constantly changing. Through continuous professional education and participation in industry briefings, we stay current with the tax laws and regulations that can benefit you. This enables us to offer a full range of tax services and for you to minimise your tax liabilities.

Tax Planning
Proactive planning is the key to minimising your tax liability. We work with individuals and businesses to help you pay the least amount of tax required by law.

Tax Preparation
Even simple tax returns require multiple forms, schedules, and worksheets. The instructions and guidance from the tax authorities can be confusing and often generate more questions than answers.

Tax Problems
If you are currently dealing with the tax authorities, we can help you assess the situation, advise you of your options, and resolve the issue at the lowest possible cost.

Reach us at:
Compass Point Accounting, PLLC
2821 North 4th Street, Flagstaff AZ 86004
Phone: (928) 266-1982
Business Email: info@compasspointcpa.com
Website: https://www.compasspointcpa.com

Mistakes To Selling Your Business

Perhaps the most significant transaction faced by any business owner is the sale of his or her business. Inevitably, a variety of factors will play a role both before and after consummating the transaction. Most, if not all, of these factors will have a direct bearing on the success of the adopted exit strategy which will translate into the maximum possible return, or profit, to the seller.

As with many strategic decisions affecting the direction of a business’s “life,” the seller needs to follow a systematic approach to defining and executing the exit strategy. This will greatly help the seller achieve what he or she wishes to achieve from selling the business.

Check out: Professional Tax And Accounting Services Arizona, Tax Services in Northern Arizona

Not Planning Ahead

As Next Avenue notes, a problem that frequently arises, however, is lack of planning. “Planning” translates into “preparation.” Many small business owners begin thinking about selling only a few months before they’re ready to retire. Instead, you should prepare well ahead of the nine to 12 months it typically takes to sell a business. That way, you’ll help ensure the business is ready to sell when you are. Start by defining your personal retirement goals. As you develop your plan, work backward from the date you want to sell, building in conservative, realistic timeframes for milestones between now and the ultimate transaction with a buyer.

Amazingly, nine out of ten business owners don’t have a written, up-to-date exit plan, according to the White Horse Advisors Survey of Closely-Held Business Owners. Lack of planning is the No. 1 reason private business sales fail to meet the owner's’ objectives.

Failing To Use Expert Advice

According to the Small Business Administration, closing a business is a delicate multi-step process. It is highly recommended that you enlist professional help. Expert advice may come from lawyers, accountants, business brokers, auctioneers, tax experts, bankers, and the IRS.

Failing to engage expert advice can easily turn into a disaster. This might be more forgivable in the case of a sale to a family member who has historically been close to the pulse of the business for many years.

But at the end of the day, when the sale is to a non-family member engaging experts is imperative. The seller may be a successful expert at manufacturing widgets, but that doesn’t necessarily translate into being a financial guru who is an expert accountant. Hiring a business broker introduces the expertise of someone who can provide an objective 3rd party viewpoint when it comes to assessing the value of the business. The seller may understandably view his or her business through a prejudiced perspective and assume that the business is worth more than it is. If the business is to be sold, then the valuation of the business has to be realistic.

Selling You, Not Your Business

As this article recommends, it’s about “selling you, not your business.” Next Avenue notes the following: the wealth of information that you’ve accumulated about running your business -- i.e. from the best day of the week to contact suppliers to the employee who trains your new sales associates the fastest -- is an essential part that needs to be transferred to your buyer.

In other words, prospective buyers are looking to buy your business, not you. It is a ruinous mistake to forget this. Do not cut your buyer off from all of the knowledge you have. The more you can transfer to the buyer your knowledge of what’s needed to run the business, the more you’ll get for your company. Most purchasers are looking for a sustainable future stream of income. To convince them of this probability, you need to provide prospects with documented processes and systems explaining how your business would work when you are not there.

And that means that if the documented processes, workflows, policies and procedures do not exist, then start creating them as soon as possible -- long before the anticipated sale date. The existence or non-existence of this information will have a crucial influence on what the business will sell for.

To know more visit: https://www.compasspointcpa.com