Several months ago you created a budget to track expenses and income. Initially your expenses and income are blended with your business because the business isn't a full fledged entity yet or it's simply a pass through to your personal income. This card asks you to revisit all your expenses and start to list out any current or future expenses directly related to the business. Keep track of those in a spreadsheet. Keep receipts in a digital file. These may be tax deductible but also help you understand the costs of the business outside of your personal costs and expenses. You don't need to purchase a fancy system to track. At this stage a simple log will do.

As you start to formalize your idea into an actual business, it is advisable to have a first conversation with an accountant. They will be able to advise you on entity structure, bookkeeping, certain tax laws and planning, and other ways to save money.Similar to doctors, accountants have specializations. We recommend an experienced accountant that works with small businesses and startups. They should be aware of tax incentives and benefits for small business, women and minorities as well as Research and Development credits. If you plan on seeking investments, this is a specialized area where not all accountants have working knowledge. Interview several and decide who seems fair, reasonable and knowledgeable. You won't likely need a massive firm like a Baker Tilly or BDO. A smaller shop may work just fine, but make sure they'll be able to provide the service level you'll expect and need as an early stage business. Make sure they are not charging fees for every question, meeting and email.Ask around to your network, mentors and Madison College for recommendation. Jeff Quinlan, Dorothy Conduah - accounting instructors with great knowledge & resources.