Simple Steps to Setting Up Your Accounting System

I know getting your accounting system up and running can seem complicated, but it doesn't have to be! Follow these simple steps to create a setup that works for your business and keeps your finances on track:

1. Pick your accounting software

I know, I know - there are a million different choices. How are you supposed to pick? Well, it's a mixture of what you need the software to do and the one that you get the best vibe from. Plus price, of course. We work mainly with Quickbooks Online, but the main other options are Xero, Freshbooks and Wave. While you're getting started, a good excel spreadsheet will do the trick too. Remember - the best software is the one that you understand because that means you'll actually use it!

2. Create a chart of accounts

Set up categories for your income, expenses, and other financial details to stay organized. Don't know what yours should look like? Send us an email and we'd be happy to get you a standard chart of accounts that you can personalize to your business.

3. Open a business bank account (if you haven’t already)

Keep your personal and business money separate—it’s better for your records and tax time (and your bookkeepers sanity). This step will also save you a ton of time in the future.

4. Set up invoicing and payments

Use templates for professional invoices and make it easy for clients to pay you on time.

5. Establish routines

Schedule regular times to reconcile accounts, review reports, and handle payroll. It's a lot easier to tackle small amounts regularly than deal with a huge backlog at tax time.

6. Get expert help if needed

Consult with a bookkeeper or accountant to make sure your setup is accurate and ready for growth.

A solid system means less stress and more focus on your business. Need a hand? We’re here to help every step of the way! We can take care of your books for you, or provide support in our Bookkeeper On Call Club.