Simple Steps to Get Your Accounting System Up and Running

Getting your accounting system up and running doesn’t have to feel overwhelming. With the right tools and a few simple steps, you can create a streamlined setup that keeps your finances organized and helps your business thrive.

Here’s how to set up an accounting system that works for you:

1. Pick Your Accounting Software

The foundation of any great accounting system is the right software. Choose a tool like QuickBooks or Xero that matches your business needs, whether you’re tracking income and expenses, managing payroll, or generating financial reports.

💡 Pro Tip: Look for software that offers automation features, such as recurring invoices and bank feed integrations, to save time and reduce manual work.

2. Create a Chart of Accounts

Think of your chart of accounts as the categories that organize your financial world. Set up groups for income, expenses, assets, liabilities, and equity. Having these categories in place will help you generate accurate financial reports and simplify your bookkeeping.

💡 Pro Tip: Customize your chart of accounts to reflect your specific business needs. For example, if you’re in retail, you might include categories for inventory purchases and sales.

3. Open a Business Bank Account (If You Haven’t Already)

If you’re still mixing personal and business finances, it’s time to separate them. A dedicated business bank account makes it easier to track your expenses, reconcile accounts, and prepare for tax season.

💡 Pro Tip: Consider linking your accounting software to your business bank account for seamless transaction tracking.

4. Set Up Invoicing and Payments

Professional, streamlined invoicing is key to getting paid on time. Use templates for consistent branding and ensure your invoices include all necessary details, such as due dates and payment options.

💡 Pro Tip: Offer multiple payment methods—like credit cards, ACH transfers, or payment apps—to make it easier for clients to pay quickly.

5. Establish Routines

Consistency is everything in accounting. Schedule regular times to:

• Reconcile your accounts to catch errors or discrepancies.

• Review financial reports to track your progress and identify areas for improvement.

• Process payroll to ensure employees are paid accurately and on time.

💡 Pro Tip: Set aside 30 minutes each week to update your records and address bookkeeping tasks—it’s a small investment of time that prevents bigger headaches later.

6. Get Expert Help if Needed

Not sure if your setup is correct? Consulting with a professional bookkeeper or accountant can save you time and stress. They’ll ensure your system is accurate, compliant, and ready to scale as your business grows.

💡 Pro Tip: Partnering with a financial expert doesn’t just make setup easier—it can uncover hidden opportunities for tax savings and financial optimization.

Why a Solid Accounting System Matters

An organized accounting system isn’t just about crunching numbers—it’s about giving you peace of mind and freeing up time to focus on what you do best: running your business. With a solid setup in place, you’ll:
✅ Have accurate, real-time insights into your financial health.
✅ Be ready for tax season with clean, compliant records.
✅ Make smarter decisions backed by clear data.

Need Help Getting Started?

If setting up your accounting system feels like one more thing on your to-do list, don’t worry—we’ve got your back. At Figured Out Finance, we specialize in helping businesses like yours streamline their financial processes and create systems that support growth.

📲 Call or Text: 801-999-8614
💌 Email: hello@figuredouttax.com
🔗 Let’s Get Started

Let’s take the stress out of accounting so you can focus on building your business.