Identify your startup expenses

SBA.GOV Most businesses fall into one of three categories: brick-and-mortar businesses, online businesses, and service providers. You’ll face different startup expenses depending on your business type. There are common startup costs you’re likely to have no matter what. Look through this list, and make sure to add any other expenses that are unique to your

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Hire and pay employees

SBA.GOV Before finding the right person for the job, you’ll need to create a plan for paying employees. Follow these steps to set up payroll: Get an Employer Identification Number (EIN) Find out whether you need state or local tax IDs Decide if you want an independent contractor or an employee Ensure new employees return a

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Pick a method of accounting

SBA.GOV Businesses often use either the accrual or cash methods of recording purchases. The accrual method puts transactions on the books immediately upon completing the sale. The cash method only records this once payment has been received. For example, if you make a sale in January and receive the $200 payment in February, an accrual

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Start with a balance sheet

SBA.GOV The balance sheet is the foundation of managing your finances. It operates as a snapshot of your business financials. It helps you keep track of your capital and provide a cash flow projection for future years. A balance sheet will help you account for costs like employees and supplies. It will also help you track assets, liabilities,

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