Your first-year financial checklist

• Choose a business structure. The SBA compares the options on its choose a business structure (opens in a new tab) page, and our business formation guide and formation toolkit explain the steps.
• Register the business with your state and any local office. See the SBA’s register your business (opens in a new tab) page.
• Check that your name is available and protect it. See protecting your business name.
• Get an EIN from the IRS through its online application (opens in a new tab).
• Apply for licenses and permits. The SBA’s licenses and permits (opens in a new tab) page explains federal, state and local requirements.
• Open a business bank account. See the SBA’s open a business bank account (opens in a new tab) page, our separate finances guide and the business banking toolkit.
• Look at insurance. The SBA’s get business insurance (opens in a new tab) page and our business insurance guide cover common types.
• Write a plan, even a short one. See how to write a business plan.

• Set up bookkeeping. The bookkeeping basics guide and the accounting toolkit cover software and routines.
• Start a weekly expense tracking habit and keep receipts. See tracking business expenses.
• Set money aside for taxes as revenue comes in. The small business taxes guide explains the main federal taxes.
• Start a business credit file: get a D-U-N-S number, which is free, and open vendor accounts that report payments. See how to build business credit.
• Decide whether a first business credit card fits your plans. Our first business credit card explainer and the personal vs. business credit guide explain the trade-offs.
• Be cautious about grant offers. The business grants guide covers where real grants come from and how to spot scams.

• Review estimated taxes. Many owners pay federal estimated tax during the year; the IRS explains who must pay and when on its estimated taxes (opens in a new tab) page.
• Reconcile your bank and card accounts against your books.
• Update a simple cash flow forecast. See the cash flow guide.
• Look at what you owe and when it is due.

• Check your business credit files for accuracy. See business credit scores explained, how to read a business credit report and the business credit monitoring toolkit.
• Organize statements, tax records and financial reports so you are ready if you apply for financing. See getting loan-ready.
• Review your insurance as the business changes.
• Collect W-9 forms from contractors you pay and learn the Form 1099-NEC rules. The IRS explains them on its Form 1099-NEC (opens in a new tab) page.
• If you plan to hire, read about hiring your first employee and the payroll toolkit before the first paycheck.
• Plan for year-end tax filing with a tax professional.

As the business builds a record, a bank or credit union relationship can open the door to a business line of credit, and larger financing such as SBA-backed loans, working capital loans or equipment financing tends to depend on the financial statements and payment history you build this year. What any lender asks for is up to that lender.

SBA resource partners, including SCORE mentors, Small Business Development Centers, Women’s Business Centers and Veterans Business Outreach Centers, offer free or low-cost advice on nearly every item on this list. Find one near you on the SBA’s resource partners (opens in a new tab) page.