Setting up your finances checklist

Follow these steps to set up your business finances. Check off your tasks as you go.

Calculate the start-up costs of your business

Understand how to calculate your start-up expenses to help you determine how much money you need to start your business.

Set up your business bank account

Learn when you need a separate account and why it's a good idea.

Choose between cash and accrual accounting

Understand cash and accrual accounting, and the pros and cons of each.

Choose payment methods

Find out about choosing how your customers will pay you.

Create a budget

Find out how to create a budget so you can track your business's financial health.

Get help with your finances

Find experts and services to help you manage your business finances or get you out of financial trouble.

Record keeping

Learn what records to keep, how to keep them and how long for.

Set up a balance sheet

Get a picture of your business's current financial health.

Key financial terms

Understand the different financial terms used in business.

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