How to Set Up Accounting, Taxes & Payroll for Your Business

Good financial systems can make running a business dramatically easier.



You don't need to become an accountant, but you do need a system for knowing what comes in, what goes out, what you owe and how your business is performing.

Establish Your Accounting System


Consider setting up:


  • Accounting software
  • Business bank feeds
  • Expense tracking
  • Invoice management
  • Receipt storage
  • Financial reporting


Track Your Revenue and Expenses


Know where your money is going.


Track expenses such as:


  • Advertising
  • Software
  • Equipment
  • Rent
  • Insurance
  • Professional services
  • Supplies
  • Travel


Understand Your Tax Responsibilities


Your tax obligations depend on your business structure, activities, employees and location.

Virginia provides business tax resources through the Department of Taxation and Business One Stop.


When Should You Hire a CPA?


Consider professional help if you need assistance with:


  • Business tax planning
  • Bookkeeping
  • Payroll
  • Financial reporting
  • Business deductions
  • Business structure decisions


Bossorama Tip: Don't wait until tax season to discover that your financial records are a mess.