Create a Business Recordkeeping and Accounting System

After you have collected information on sales, expenses, assets, liabilities, and owner's equity transactions, you must set aside time to put this information in your accounting software. Carefully enter all accounts for all categories. If you need to change something, now is the time to do it, because changes in accounts are more difficult once you have started entering information.

• Find Business Accounting Software
• Decide Who Will Do Your Business Bookkeeping
• Create a Chart of Accounts
• Capture All Accounting Information
• Check Information for Accuracy and Completeness
• Record Financial Information in Your Accounting Software
• Review Your Financial Reports Regularly
• Act on Your Review of Financial Reports
• Meet with Your Tax Professional Regularly
• Run Tax Reports and Pay Business Income Taxes