Software and Workflow

New Business Check Lists

What to do First? Software? Ads? Inventory?

If you are looking for help with bookkeeping and accounting, you probably have completed quite a few of the steps needed to start a new business.
Let’s review what they might be:
1. Define the idea/dream/goal – What are you offering? Do the research.
2. What is the name of the new business? Get a DBA. Are you a Sole Proprietor, LLC, S-Corp? (Chat with us to learn the best tax saving options.)
3. Get a place, computer, Software, inventory, business plan, capital, …etc.
4. Start selling …. WAIT…Not quite yet

Once you have the initial preparation done, you need to think about the financial parts including invoicing, sales tax, business tax, accepting CCs and all the moving pieces of the money side of it all. That means you need to choose the software, or the team that will do the work for you. As you may have already guessed, I am a fan of QuickBooks in all it’s versions. If you’ve done the research, QuickBooks is the number 1 bookkeeping/accounting software for small to medium business. Once you are ready to start, remember I can help you get discounts on the products and help you decide which one is best for your type of business.

  1. Choose Software
  2. Enter info/data….WAIT… A word of caution. If you don’t understand accounting or bookkeeping, and you plan to get help, get the help now. It’s easier to enter the company correctly from the beginning than it is to correct the mistakes later.

Entering the Company into QuickBooks Online or Desktop

  1. With QuickBooks Desktop, choose DETAILED START
  2. Enter Legal Name, address, etc…
  3. Enter type of Industry so your program will load the type of accounts needed specifically for your service or products
  4. Don’t choose MULTI-Currency unless you will need it!!! Cannot change this part later and it is a PIA.
  5. Don’t forget to edit details like – Will you use sales tax, what is your end date for fiscal year, Products or Services or both?
  6. Do you create estimates? Progress invoicing? (Great for Construction or long term projects). Bids? Track Sales Orders? Use invoices? Statements? ( I say yes on this for many types of accounts)
  7. Do you want to do Payroll?
    1. W-2s?
    2. Subcontractors
  8. Start Date, usually beginning of fiscal year or when business started.
    1. Start entering Customers and Products and Services, then you will go to Bank Accounts and Credit Cards

QUESTIONS? Give us a call. This is just a basic beginning to help new business owners think it through. There are more complicated issues to consider once you get started such as:

  1. Do you have the Asset Accounts and Liability Accounts set up correctly
  2. How to link the Bank Accounts
  3. How to enter a bill and bill payment vs a check so you don’t have duplicate payments showing up.
  4. What is the MOST EFFICIENT way to keep track of bills, receipts, inventory, sales, payroll and all those financials?
  5. What is Workflow and why is it so important?
  6. So much more…I could talk forever. 🙂