Getting your startup business off the ground takes a lot of work. The key to success is keeping everything organized throughout the process. When you have your affairs in order, you’ll avoid many of the common complications involved with starting a new business.
The first few months of a business can be the most stressful months in the life of a business. Correctly incorporating and organizing a business right at the beginning can set the business for success in the future and prevent serious issues in the future.
Let’s look at everything you need to know about how you can organize your startup business from the beginning.
Where to Start Organizing Your Startup
From the get-go, you should all be focused on:
- Product and service development
- Managing product and service quality
- Creating the business structure and corporate strategy
- Gathering the information and documentation you’ll need
- Assigning roles to different team members
- Creating your brand and advertising it
- Tracking your accounts and managing the books
Before you begin developing product lines, advertising campaigns, or a brand, you’ll first have to get your finances in order. This makes accounting the most important first step in your business career.
How to Organize Your Books
Accounting can make or break your startup business within the first six months. To guarantee that you make it past that first hurdle, go through these tips and apply what we’ve learned over the years to better organize your accounts.
- Track inbound and outbound payments – We recommend using digital software to track and generate receipts for all payments that go through your business. This includes payroll and payments made to suppliers.
- Learn some basic accounting – Although you don’t have to get registered as a CPA, it will help if you understand the basic protocols and how to find mistakes in your books.
- Follow your finances – Create a habit of checking your books regularly, especially before you make any major purchases. You’ll find mistakes before they become problems and your finances will benefit from it.
- Establish a system – Your system should be transparent and easy to follow. Include procedures for sales taxes, receipts, payments, payroll, and all other financial transactions.
- Learn the tax codes – You will pay taxes to the city, state, and federal governments. Speak with your accountant before tax season so you understand how to do your taxes come April.
If you are still struggling to organize your accounts, let our professional accounting firm help you!