Create a Business Recordkeeping and Accounting System

Armed with your financial reports, you should meet with your tax planner or financial adviser at the end of every quarter of your tax year. Bring to the meeting a quarter-end Balance Sheet and P&L statement. Prepare and bring a list of questions. Don't be afraid to ask questions; you have a right to the answers.

• 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