A Beginner’s Guide To Getting Your Financial Side Set Up Before Starting Your Business

Building a company from the ground up can be difficult. To build and run a successful company, you’ll need to create and fine-tune a business plan, assess your finances, complete all the legal paperwork, and a whole lot more. To ensure that things go smooth sailing, you will need to properly set up the financial side of your business. This will help you paint a bigger picture and work on your business plan. To ensure that you are set up properly on the financial side of your business, the experts at MRomero CPA, have written down a beginner’s guide to getting you started. 

Getting Started
Set up an accounting system: As a new business, one of the best things you can do for your business is properly set up your accounting right from the start. A proper setup of the books of accounts is crucial for the smooth running of a business as it is the backbone of all business decision-making.

Understand your tax requirements: Starting a business requires time and preparation, and preparing to meet tax obligations can affect many of the steps you must take when you open your business. The tax requirements and obligations based on your industry could get complicated, so make sure you understand where you stand in terms of the taxes you have to pay.  

Next Steps
Get accounting software: One of your top priorities as a small business owner is keeping a close eye on the money you bring in and payout. This is why it’s critical to have the right accounting software. Your accounting software should also help you manage your business’s financial health, allowing you to generate reports that analyze your business’s performance from multiple angles. 

Separate your business and personal accounts: Once you have set up your accounting software for your books of accounts, it is now time to ensure you have everything in order. It is wise to open a separate bank and credit card dedicated only to the business as it will help you keep it separate from your personal accounts. You will also need a business number if you incorporate or need a CRA program account.  

Advice From The Pros
Get professional help: Before you fulfill your dream of being a small business owner, you’ll need some help getting started. You might enlist the help of some different advisors such as an accountant, lawyer, recruiter, etc. It’s also a good idea to talk to other business owners before getting started.

Have a business plan: A business plan is the blueprint of your business. It maps out where you wish the business to go, how you’ll get there, and how you plan to build it, from big picture goals, such as objectives and the nature of the business, to specific details like market research results and financial forecasts. 

If you are looking for a chartered professional accountant in Kamloops, BC, then reach out to us at MRomero CPA. Our firm focuses on serving small to medium-sized businesses. We understand how hard you work, and how valuable your time is. We help you build and grow your business by providing real-time financial status through an automated process of online accounting that will take you less time as owners on administrative work thus being able to spend more time on what you love. We offer services like bookkeeping, statutory tax filing, payroll, business consulting, budgeting, and CFO services. We serve clients across Chase, Cache Creek, Falkland, Monte Lake, Blue River, Ashcroft, Barriere, Kamloops, Enderby, Savona, Merritt, Nicola Valley, and the surrounding areas. To learn more about the services we offer, please click here. To get in touch with us, please click here.