Starting a business is exciting. But your accounting should be set up right away.
From the first month, put a clear system in place. It does not need to be complex. It just needs to be simple and consistent.
1. Confirm your structure and business numbers
Before tracking income and expenses, confirm that your business is set up properly.
This may include:
- A Quebec enterprise number (NEQ)
- A federal business number
GST and QST
Registration may be required if your taxable sales go over $30,000.
To do
- Confirm your structure
- Check your NEQ
- Validate your GST and QST registration
2. Separate your personal and business finances
Open a separate business bank account from the start.
This helps you:
- Track your income better
- Classify your expenses better
- Avoid mistakes
- Prepare your taxes more easily
3. Choose a tool and create a simple chart of accounts
Use a tool that lets you keep your accounting organized from the beginning.
It should help you:
- Create your invoices
- Track your expenses
- See your income
- Manage your taxes
Keep your chart of accounts simple.
4. Organize invoicing and supporting documents
Prepare a simple invoice template with:
- Business name
- Client name
- Date
- Number
- Amount
- Taxes, if applicable
Keep your receipts, invoices, and statements. File them every month.
5. Set up a month-end routine
Create a simple routine to keep your accounting up to date:
- Enter transactions
- Classify income and expenses
- Add receipts
- Check the bank account
- Review taxes
A few minutes each week can be enough.
First-month checklist
- Confirm your business structure
- Get your business numbers
- Open a separate bank account
- Choose a tool
- Create your chart of accounts
- Prepare your invoices
- File your documents
- Start your routine
A good accounting system can stay simple.
CH Solutions helps new businesses put a clear system in place from the start.
This article is for general information only. It does not replace accounting or tax advice.