1. Open a business bank account and card
Once the LLC is formed and you have an EIN, open a business checking account in the LLC's name and use it for every business transaction. Get a business credit card too, if you use one. This single step prevents most bookkeeping problems. See our guide on separating personal and business money.
2. Register for the state taxes you need
Depending on what you do, you may need to register with the NJ Division of Revenue and Enterprise Services and the Division of Taxation: for sales tax if you sell taxable goods or services, and for employer withholding if you will have employees. The state's online business registration walks through it. Check the current requirements for your business type.
3. Pick accounting software
Choose one program and start on day one. QuickBooks Online is the safe choice if you will work with an accountant. Xero, Wave and FreshBooks suit some businesses. Ask your tax preparer which they prefer before you pick.
4. Set up a simple chart of accounts
Start with the defaults for your industry and add categories only when you need them. Too many categories make reports harder to read. See our chart of accounts guide.
Want us to handle it?
We set up your books with you, or keep them for you every month, online for businesses in any state.
Price: Free review of your books first, then a written quote before any work starts.
5. Connect your bank feeds and set a monthly routine
Connect the business bank and card accounts, categorize weekly or monthly, and reconcile every month against the statement. Keep receipts for larger purchases. Save a copy of your formation documents and EIN letter in a folder you can find.
6. Mark the dates that matter
Put the annual report due date, quarterly payroll and sales tax deadlines, and your tax filing dates on a calendar. See the guide on the New Jersey annual report.
Worked example with numbers
Week one: open a business checking account and a card. Week two: choose software, connect the accounts and set about 20 accounts in your chart. Week three: record the owner's startup contribution of $5,000 as equity and expenses paid personally as owner contributions with receipts. By month end you reconcile the account and have a first profit and loss.
Mistakes that cost money
Using a personal account for the first months. Forgetting to register for state taxes you need. Skipping receipts for startup costs.
Check your work
At month end, the bank balance in the books should equal the statement balance.
Common questions
Do I need a bookkeeper from day one?
Not always. A very simple business can start on its own. But a setup session with a professional often saves more than it costs.
Can I use my personal bank account for the LLC?
You can, but mixing makes books harder and can weaken the separation between you and the LLC. Open a business account.
This guide is general information, not tax, legal or accounting advice. Rules, fees and due dates change; check with the IRS, the NJ Division of Taxation or a licensed professional for your situation.