Download: Action Checklist for Accounting and Cash Flow (PDF)
Step One: Build Your Knowledge
- Review and understand the structure of the three most important financial statements: Balance Sheet, Profit and Loss Statement, and Statement of Cash Flow.
- Create a plan for saving your invoices, receipts, and bank statements.
- Draft your Chart of Accounts (and plan to review it later).
- Decide whether Cash Basis Accounting or Accrual Basis Accounting is right for your business.
- Create a plan for keeping business and personal money completely separate
Step Two: Gather Your Accounting Team
- Find a CPA or EA, using the five guidelines provided.
- In consultation with your CPA or EA, find a bookkeeper or select an online bookkeeping software for your business.
- Open a business bank account.
- Identify what support is available to you through national business organizations and grants.
Step Three: Get Started
- Create internal controls for your business finances.
- Schedule time every month to reconcile your bank accounts and check your cash flow.
- Create a plan to save for taxes.
- If you are collecting sales tax, work with your CPA to register in the relevant state(s).
- Add important tax-related dates to your calendar.
- Schedule time to review your accounting statements with your accountant.
Download: Action Checklist for Accounting and Cash Flow (PDF)
