Starting something new?
Here’s your roadmap.
Whether you’re launching a business or a non-profit, there’s a lot to set up before the door open. This guide will help you get it right from the start — so you’re building on solid ground.
A note from us: Were bookkeepers — not CPAs or attorneys. this guide reflects what we’ve seen work to our clients and the tools we recommend. For legal and tax advice, we’ll always pointy you to the right people.
I’M STARTING A…
I’M STARTING A…
Before anything else, you'll need to decide how your business is legally structured. This affects your taxes, personal liability, and how you pay yourself.
- Sole Proprietorship — simplest, but offers no personal liability protection
- LLC — most popular for new businesses; separates personal and business assets
- S-Corp or C-Corp — more complex, usually for businesses planning to grow or take on investors
Most of our clients start as an LLC. It's straightforward to register through your state's Secretary of State website and gives you solid liability protection.
Your EIN is essentially your business's Social Security number. You'll need it to open a bank account, hire employees, and file taxes.
- Apply directly through the IRS website — it's free and takes about 10 minutes.
- You'll receive your EIN immediately upon completing the application.
- Beware of third-party websites charging fees for this — always go directly to the IRS.
Mixing personal and business money is the #1 thing that makes bookkeeping messy and taxes stressful.
Profit First is a cash management method that flips the traditional formula. Instead of Revenue - Expenses = Profit, you allocate profit first.
Ask us how to get started with Profit First →Relay Financial — an online banking platform built for small business. No monthly fees and allows up to 20 sub-accounts.
Ramp — a corporate spend management platform with built-in expense management.
You need a place to track your income and expenses from day one. Accounting software will save you enormous time during tax season.
- Xero — our top recommendation; clean interface and great reporting.
- Digits — modern software with real-time visuals and AI insights.
- QuickBooks Online — widely used and familiar to most CPAs.
Taxes as a business owner look different than taxes as an employee.
- Self-employment tax — you pay both employer and employee portions.
- Quarterly estimated taxes — you may need to pay 4x per year.
- Sales tax — if you sell products, you may need to collect/remit tax.
We keep your books clean so your CPA has everything they need to file accurately.
Starting clean and staying consistent is always cheaper than catching up later.
- Reconcile your bank accounts monthly.
- Keep receipts for expenses over $75.
- Pay yourself a consistent owner's draw or salary.
- Review your P&L at least quarterly.
Monthly bookkeeping keeps you informed and tax-ready. We handle the numbers so you can focus on the business.
——————————————— WANT US TO HANDLE ALL OF THIS FOR YOU? ———————————————
Not sure where your organization stands financially? That's okay — that's exactly what we're here for.
Schedule a call and we'll figure out which service will give your nonprofit the financial foundation it needs to keep doing good work.