Getting your accounting system up and running doesn’t have to be complicated. Follow these simple steps to create a setup that works for your business and keeps your finances on track:

1. Pick your accounting software

Choose a tool like QuickBooks, Freshbooks, or Wave that fits your business needs and makes tracking finances easy. Consider factors like the size of your business, your industry, and the features you’ll use most—such as expense tracking, tax calculations, or inventory management. Many software options offer free trials, so take advantage of those to ensure you’re making the right choice.

2. Create a chart of accounts

Set up categories for your income, expenses, assets, liabilities, and equity to stay organized. A well-designed chart of accounts helps you quickly locate and analyze financial data. Tailor the accounts to reflect your specific business operations—for example, include "Advertising Expenses" if you run marketing campaigns or "Software Subscriptions" if you rely on digital tools. This structure will make generating reports and tax filing much smoother.

3. Open a business bank account (if you haven’t already)

Keeping your personal and business money separate isn’t just about neatness—it protects your personal finances, simplifies bookkeeping, and establishes credibility with clients or vendors. Look for a bank that offers features like low fees, online banking, and integrations with your accounting software. Additionally, consider opening a business credit card for tracking business-related purchases and building business credit.

4. Set up invoicing and payments

Use software to create customizable templates for professional-looking invoices, ensuring they include essential details like payment terms, due dates, and accepted payment methods. Automate recurring invoices for repeat clients and integrate payment processing options such as PayPal, Stripe, or ACH transfers. Making it easy for clients to pay on time can significantly improve your cash flow.

5. Establish routines

Consistency is key in managing your finances. Schedule weekly or bi-weekly time to reconcile accounts, ensuring your records match your bank and credit card statements. Monthly, review profit and loss reports, balance sheets, and cash flow statements to stay on top of your business’s financial health. If you have employees, ensure payroll is processed on time and accurately.

6. Get expert help if needed

Sometimes, having a professional set up your financial systems is the best investment. A bookkeeper can handle day-to-day tasks, while an accountant can provide strategic advice, tax planning, and compliance support. Even a one-time consultation can help you ensure your system is built to scale as your business grows. Look for certified experts, such as a QuickBooks Online ProAdvisor, to ensure you're getting top-notch support.

A solid system means less stress and more focus on your business. Need a hand?
We’re here to help every step of the way! Whether you need guidance on choosing software, setting up accounts, or managing the day-to-day, our team is ready to support you. Contact us today to get started with JW Executive Consulting. Serious in hiring us for a project or quarterly/monthly services, head over to our services page and check out some more details including our servicing and pricing guide! #dedicatedtoyou #valuableservices