I Just Started a Company. What Should I Do Now?

After starting a business, many owners overlook bookkeeping and financial systems, which can lead to problems as the company begins to grow.

If you’re unsure what to do after starting a business, the first step is getting your finances, bookkeeping, and structure set up correctly from the beginning.

I get asked this question all the time, and the answer is – it depends. Let’s say you just started a company and you are not making any money, yet. First things first – do not stress. The IRS cannot take money you have not earned. So, there is nothing to worry about, and you don’t yet have to go  “What tax structures should I have? Should I incorporate?” 

You do not have to go into any of that until you start earning money. Once you’re making over $100,000 in revenue and over $50,000 or $60,000 in profit, you need to consider tax structures. Just start making money. If you have something to sell, a product or service, start selling it and bringing in money. When deciding what to do after starting a business, it’s important to set up a simple bookkeeping system so you can track income and expenses from day one.

Yes, you should track it. You should get bookkeeping software or an Excel spreadsheet to track the money in and out. You should have a bank account. A personal account will do, but use it only for business in and out. Keep it simple.  

You don’t have to go get a DBA. DBA stands for “Doing Business As” and it is a legal term used if a person or company does business under another name than their own. In order to get one, you would fill out a form and send it to the Secretary of State or similar government position in your state. A DBA can be used for opening a bank account. When you need it, a DBA is easy to get; you could sign up through Legal Zoom or similar websites. Or you can ask your bookkeeper or CPA to file for you. Otherwise, just ask your customers or your clients to write checks made out to you, (even better, have them send money online straight to your bank account.)

You don’t have to do anything more until you are making more money. But, do keep track of money coming in and what you’re spending.

After starting a business, many owners overlook bookkeeping and financial systems, which can lead to problems as the company begins to grow.

My motto is: “Keep it simple”. Keep it as simple as possible until you’re making over $100,000 in revenue, at which time you will want to look at incorporating as an S Corp. That is usually the best way to go. 

At the point where you are hitting the $100,000 revenue range, a good CPA will be your best friend and help you plan your tax structure in the best way to achieve your goals.

After you incorporate, you will want to get a business bank account and to set up payroll, but that comes later. If you’re unsure what to do after starting a business, the first step is getting your finances, bookkeeping, and structure set up correctly from the beginning.

To recap, if you just started, the first thing is don’t stress the legal structures, tax structures, and IRS. Don’t worry about any of that. Build your business; do what you need to do and make some money.

Schedule a 15‑minute consultation and experience what a guaranteed 24‑hour response system feels like.

Sincerely,
Maya Weinreb | Founder & CEO
813-336-1574

Frequently Asked Questions

What should I do immediately after starting a business?

After starting a business, focus on keeping things simple. Set up a basic system to track money coming in and going out, open a dedicated bank account if possible, and keep accurate records from the beginning. Building good financial habits early makes future growth much easier.

Do I need to worry about taxes when my company is brand new?

If your business is not making money yet, there is usually no need to stress about complex tax planning immediately. The most important step is to track your income and expenses so you have accurate records when tax obligations do arise.

Should I get bookkeeping software when I start a business?

Yes. Even a brand-new business should have a simple system for tracking finances. This can be bookkeeping software or a spreadsheet, depending on your needs. The important thing is consistently recording income, expenses, and business transactions.

Do I need a separate business bank account right away?

A separate business bank account is recommended because it keeps business and personal transactions organized. If you are just starting out and do not have one yet, use a dedicated account only for business activity so your records remain clear.

When should I consider changing my tax structure?

Many business owners begin considering different tax structures once their company has consistent revenue and profit. When a business reaches a higher income level, often around $100,000 in revenue with significant profit, it may be worth discussing options such as an S Corporation election with a CPA.

When should I hire a bookkeeper or CPA?

As your business grows, professional support can help you avoid costly mistakes and make better decisions. A bookkeeper can help keep your financial records accurate, while a CPA can help with tax planning and choosing the right business structure.