Set Up
By setting up your accounting system correctly from the beginning, you can ensure that your financial records are accurate and up-to-date, making tax time less stressful and reducing the risk of financial errors. Furthermore, having a solid accounting system in place can also provide you with insights into your business's profitability and financial trends, enabling you to make strategic decisions that will benefit your company in the long run.
Some tasks may include:
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Prepare accounting file from scratch
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Create and map the chart of accounts to the balance sheet and profit and less statement
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Integrate banking systems with the accounting system
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Set up accounts receivable process including billing, invoicing, and aging
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Set up of accounts payable via create card and check
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Key report set up including balance sheet, cash profit and loss statements by week and month
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Recommendation on managing tax liability including saving 25-30% of your monthly cash profits and setting them aside for tax payments
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Set up your payroll system and the payroll dates and process for running payroll on an ongoing basis