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If you are starting a new business, we heartily congratulate you! At Black Box, we sincerely believe that the entrepreneurs are pillars of economy and nation. And we are ready to support them in nation building. Starting a new business has lots of exciting milestones and an infinite to-do list.

 

Remember, you are doing business for making profit. And deciding how to structure and manage your finances is crucial to know how much profit you have actually made. How will you issue invoices? How will you accept payments? Who owe you money? How long?  And what accounting practices will you leverage to make your money grow?

 

Ii is necessary to take the time to thoughtfully structure your accounting setup. It will not make it easier to file your taxes each year, but also help you to be cash rich. You’ll earn time, money and peace of mind. You’ll have accurate financial statements on hand—useful documents that show you how your business is performing at any given moment. And it will be easier to work with your accountant

 As well as any potential investors who come knocking when it’s time for you to sell.

 

Following are the initial steps for setting up a sound financial system:

 

 

1 Hire a CPA

  1. Decide structure of business organisation
  2. Obtain business name
  3. Open a Business Bank Account
  4. Separate your personal and business finances
  5. Prepare Budget and projected Cash flow Statement
  6. Choose an accounting system
  7. Choose accounting method
  8. Decide list of reports to track
  9. Set up Record Keeping system
  10. Choose accounting software or system

12.Decide how will you get paid

  1. Set up Payroll
  2. Understand your tax obligations
  3. Develop discipline of bookkeeping and report tracking
  4. Stay on top of your taxes

 

Take support of Black Box Consultancy Services Inc. For free consultation or regular professional support,  email on chintan.dixit@blackboxconsultancy.ca or call now on 519.716.4456