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What are the essential accounting tasks a new small business needs to handle from day one?
Frequently Asked Questions
Startup Accounting Services
What are the essential accounting tasks a new small business needs to handle from day one?
From the first day of operations, a business should:
a) Set up a dedicated bank account
b) Maintain accurate bookkeeping records
c) Categorize transactions correctly, and
d) Reconcile accounts regularly
In addition, it should track accounts receivable, accounts payable, payroll obligations, and tax liabilities to avoid any compliance issues.