Starting a New Business? Don’t Know Where to Begin? Here’s Your Step-by-Step Guide

Feeling overwhelmed as a new business owner? This step-by-step guide from Acctually breaks down exactly what you need to do—from choosing a business structure to setting up bookkeeping, taxes, and payroll. Whether you're just getting started or already in over your head, this post will help you build a solid financial foundation. Get clear, CPA-backed guidance without the jargon.

5/22/20252 min read

Starting a new business is exciting—but let’s be honest, it can also feel completely overwhelming. From registering your LLC to figuring out taxes and bookkeeping, it’s easy to get lost in the paperwork.

You didn’t launch your business to become a part-time accountant. And that’s where Acctually comes in.

We specialize in helping new business owners build strong financial foundations—so you can focus on growth, not guesswork.

Step 1: Choose the Right Business Structure

One of the first (and most important) decisions you’ll make is choosing your business entity type. This affects how you pay taxes, how much paperwork you need, and your legal liability.

Common structures:

Sole Proprietorship: Simple, but you and your business are legally the same.
LLC (Limited Liability Company): A popular choice for flexibility and legal protection.
S Corporation: Offers tax advantages but comes with more compliance requirements.

Not sure which one is right? We’ll walk you through your options and help you make the best choice for your goals and industry.

Step 2: Set Up Your Bookkeeping System

Every business—yes, even small side hustles—needs a bookkeeping system. This is how you track income, expenses, and profitability.

Poor bookkeeping leads to:

Cash flow problems
Missed deductions
Tax filing headaches
Limited insight into how your business is really doing

At Acctually, we’ll help you:

Choose and set up the right accounting software (like QuickBooks Online or Xero)
Create a chart of accounts tailored to your business
Automate recurring transactions
Reconcile accounts monthly so your numbers are always accurate

Step 3: Understand Your Tax Obligations

Taxes aren’t once-a-year events. As a business owner, you may need to pay:

Quarterly estimated taxes
Sales tax (depending on your location and what you sell)
Payroll taxes if you hire employees
Self-employment tax

Our team can help you:

Understand what forms you need to file
Stay compliant with federal, state, and local tax laws
Avoid costly penalties and underpayment issues
Plan ahead to reduce your tax liability legally

We also offer year-round tax planning, so you’re never caught off guard when April rolls around.

Step 4: Set Up Payroll (Even If It’s Just You—Yes, Really)

If you’re an S Corporation or have employees, you’re legally required to run payroll and withhold taxes.

That means setting up:

EIN (Employer Identification Number)
State tax accounts
Payroll software or a service provider
Regular payroll runs and tax deposits

We make payroll easy and automated—whether you’re paying yourself or managing a small team. No missed deadlines. No IRS letters. Just peace of mind.

Step 5: Don’t Go It Alone

You didn’t start your business to become a tax expert, bookkeeper, and payroll manager.

Let us help.

At Acctually, we provide new business accounting support that goes beyond crunching numbers:

✅ Friendly, expert guidance from day one
✅ Customized systems that grow with you
✅ A trusted team that actually explains things in plain English

Ready to Start Smart?

Whether you just got your EIN or you’re a few months in and already feeling behind, we’ve got you.

New business? No idea what to do? Give us a call.

💬 Book Your Free Consultation

No pressure. No jargon. Just real advice from a real CPA who’ve helped dozens of new business owners like you build confident, profitable foundations.

📞 Ready to take the next step?

📧 Email us at hello@acctually.com
🌐 Visit us at https://acctually.com/
📞 Call us at (800) 707-6160