Getting Started with Bookkeeping: A New Owner’s First 30-Day Plan

Starting a business is exciting! There’s the rush of new ideas, customers to win, and the thrill of building something from the ground up. But there’s also paperwork, compliance, and financial recordkeeping—and it’s tempting to put those “less exciting” tasks off until later.

The truth? Waiting to set up your bookkeeping is one of the fastest ways to create headaches (and costly mistakes) down the line. Messy books can lead to missed tax deductions, cash flow surprises, and hours of backtracking when you least have time for it.

The good news is, you can set up a simple, professional bookkeeping system in your first month of business. This 30-day plan will help you do exactly that.

Week 1: Set the Foundation

Before you can track money, you need a clear, organized system to track it in.

1. Choose Your Bookkeeping Method

Most small businesses start with the cash basis—you record income when you receive it and expenses when you pay them. If you carry inventory or need more precise matching of income and expenses, you may need accrual basis instead.

2. Pick Your Software

QuickBooks Online is our top pick for small businesses. It automates bank feeds, creates invoices, manages bills, and generates reports that your CPA will thank you for.

3. Open a Business Bank Account

Mixing personal and business finances is a recipe for confusion—and an IRS audit trigger. Keep everything separate from day one.

4. Set Up Your Chart of Accounts

Think of this as the filing system for your money. You’ll categorize income, expenses, assets, liabilities, and equity. QuickBooks provides templates, but customize them for your industry.

Week 2: Establish Core Processes

Now that the framework is in place, decide how you’ll handle daily and weekly tasks.

1. Connect Bank and Credit Card Feeds

This lets QuickBooks pull transactions in automatically—no more manual data entry.

2. Create a Receipt Management System

Use the QuickBooks app to snap a photo of every receipt. This keeps you compliant and ready for deductions.

3. Set Your Review Rhythm

Commit to checking transactions weekly or biweekly. Consistency prevents backlog and errors.

Week 3: Capture All Financial Activity

Your books should reflect every dollar moving in and out of your business.

1. Enter Opening Balances

Add your current bank balance, inventory (if applicable), and any outstanding customer invoices or bills.

2. Create an Invoice Template

Make it professional, branded, and consistent. Decide on payment terms (Net 15, Net 30, etc.) and stick to them.

3. Establish a Bill Pay Schedule

Paying vendors on a set schedule helps you manage cash flow and avoid missed payments.

Week 4: Build the Reporting Habit

Data is only useful if you look at it.

1. Reconcile Accounts

Match every transaction in QuickBooks to your bank and credit card statements. This ensures accuracy and prevents fraud from slipping through.

2. Run Monthly Reports

At minimum: Profit & Loss, Balance Sheet, and Cash Flow Statement.

3. Adjust and Improve

If something isn’t working—like receipt collection or categorization—tweak your process now before bad habits form.

Pro Tip

If this feels like a lot, you don’t have to do it alone. At Flolo Works, we offer QuickBooks setup and first-month guidance to get you running smoothly from day one—without the trial and error.