3 Business Accounting Steps to Take When Your Start Your Company

Starting a business can be both exciting and stressful because it involves a lot of responsibilities if you want to be successful. On the business accounting side of things, you want to be sure you’re taking the right steps to ensure your business is ready to manage its finances properly. However, we recognize that you may not know what your first business accounting steps should be—unless you have run a business before or you have some kind of accounting training. That’s why we have outlined some of the steps you should take below. While it’s not an exhaustive list, it should help you to get on the right track.

1. Open Business Financial Accounts- The last thing you want to do is navigate the confusion of using your personal bank account for business purposes. Opening a separate business account will protect your personal assets if your business were to go bankrupt or face a lawsuit in the future. In addition, having a business account will make things much easier for you when it’s tax time.
2. Implement Bookkeeping and Accounting Software- In this century, there’s no reason to do bookkeeping and accounting on sheets of paper that can easily get misplaced. Bookkeeping and accounting software will help you to keep records of your financial transactions in one place. It’s also much more efficient to use.
3. Set Up Payroll- Not only do you have to decide how and how often your employees will be paid, but you also must make sure they get paid on time. Setting up a payroll processing system or hiring an accountant will keep you on track. It will also ensure the proper amounts are withheld for the purposes of taxes and benefits.

If you would like more information about business accounting and how we can help you at JAYA Financial, contact us today.