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start-up checklist

Legal and Compliance Requirements

Register the business entity with the appropriate government authorities

Obtain necessary licenses and permits for operation

Apply for a tax identification number

Set up a system for record-keeping and bookkeeping

Familiarize yourself with relevant accounting regulations and standards

Financial Planning and Budgeting

Develop a business plan and set financial goals

Create a budget for start-up expenses and ongoing operations

Determine the initial source of funding and explore potential financing options

Establish a system for tracking and managing cash flow

Accounting Systems and Software

Choose an accounting software that suits your needs

Set up the accounting software and customize it according to your business requirements

Determine the chart of accounts and establish a proper coding structure

Set up a system for invoicing, accounts payable, and payroll processing

Financial Reporting and Analysis

Develop a standardized format for financial statements

Establish a regular reporting schedule

Implement internal controls to ensure accuracy and integrity of financial data

Analyze financial performance and monitor key performance indicators

Tax Planning and Compliance

Determine the applicable tax obligations for your business

Familiarize yourself with tax filing deadlines and requirements

Consult with a tax professional to ensure compliance and identify potential tax-saving opportunities

Keep track of deductible expenses and maintain proper documentation

Risk Management and Insurance

Assess potential risks and develop a risk management plan

Obtain necessary insurance coverage to protect against potential liabilities

Establish internal controls to mitigate fraud and financial risks

Regularly review and update insurance policies

Human Resources and Payroll

Determine the staffing needs and job descriptions

Develop an employee handbook outlining company policies and procedures

Establish a payroll system and ensure compliance with payroll regulations

Obtain necessary insurance coverage for employees

Technology and IT Infrastructure

Set up necessary hardware and software for efficient operations

Implement data backup and security measures

Develop a disaster recovery plan for business continuity

Regularly review and update technology infrastructure

Miscellaneous

Open a business bank account

Establish relationships with vendors and suppliers

Develop a marketing plan to promote the business

Network and explore opportunities for collaboration or partnerships.

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