Open the Company Bank Account
- Checking Account
- Saving Account
- Initial Deposit
Get A Merchant Account
DeltaFill is an expert in merchant accounts and e-commerce solutions. We offer a variety of secure, all-inclusive, cost-efficient, real-time transaction processing solutions.
Set up an Accounting and Record-Keeping System
Company documents generally are required to be kept for 3 years, including: a list of all owners and addresses, copies of all formation documents, financial statements, annual reports, amendments or changes to the company.
Pick An Accounting Method
The Cash Method (or Cash Basis) — this means that you count income when you actually receive it (either as cash, credit card charges or check) and your expenses are counted when you actually pay them. This is the most common method for small businesses, especially those that take immediate payment for a product or service (credit card, check, cash, etc.)
The Accrual Method (or Accrual Basis) — this means that you count income when a sale is made (regardless if you actually receive the money for it) and expenses are counted when you actually receive the good or service (instead of paying for it immediately). This method is common for larger businesses or small businesses that utilize “invoicing” and frequently deliver a product or service before being paid for it.
Choosing a method you are free to pick either method provided you have less than $5 million in annual sales OR you maintain inventory (in that case, then you must use the accrual method).
The accrual method is generally considered to give you a more accurate picture of your company’s financial situation but requires you to take extra steps like maintaining accounts receivable and accounts payable records. The cash method is generally easier to maintain and is the preferred method for small businesses.
Choose a Method for Recording Transactions
Hand-Recording Transactions — you actually hand-write each transaction in a ledger.
Software — you enter transactions in a software program which then automates many routine tasks.
DeltaFill will help you maintain your books as well as automate things like payroll and reports.
Set Up Your “Chart of Accounts”
With DeltaFill Accounting service, it can be of great assistance in setting up your initial chart of accounts.
Learning and Maintaining Your Accounting System
- You Have to Use the System — once you’ve taken the time and energy to setup an accounting system, you have to actually utilize it properly. This means entering every transaction, check, bill, charge or refund.
- Reconcile Your Bank Statement — the best way to maintain your accounting system is by reconciling your bank statement with your accounting system every month. This means that you compare each transaction from your bank account or accounts with your accounting system and make sure that they balance. This process alone will force you to properly account for the company’s money.
It sounds too tedious or complex? We can help, with our great accounting service, you just need sit back and relax.