The first accounting setup affects every report that follows. Clear opening records and a simple document process help prevent avoidable corrections when the business starts processing more transactions.

Useful for: New businesses, newly incorporated companies and LLPs

Tools to support your accounting review.Open the Accounting Help Centre

Build the accounts around your business

List your revenue streams, common costs, bank accounts, funding sources and stock categories. Use these to create a chart of accounts that separates the items management needs to monitor.

Confirm the business constitution and applicable accounting requirements before finalising the setup. Companies and LLPs have their own statutory framework; their record-keeping obligations should be reviewed alongside tax requirements.

Official guidance: Companies Act, 2013 · Limited Liability Partnership Act, 2008

Agree the opening position

  • Record capital introduced and distinguish it from borrowing.
  • Support opening bank, cash, asset and liability balances with evidence.
  • If migrating software, reconcile customer, supplier and stock balances to the old records.
  • Approve the opening trial balance before routine entry begins.

Decide how documents move through the office

Agree invoice numbering, customer and supplier information, tax settings and payment authorisation. Identify who enters transactions, who reviews them and who resolves missing information.

Set suitable user access, backups and change records. Where statutory edit-log or retention requirements apply, check that the chosen system and process meet them. Trial a sale, purchase, receipt and payment, then review the reports before full use.

BEFORE YOUR CONSULTATION

Records to have ready

  • Constitution or incorporation documents and applicable registrations
  • Bank and capital contribution details
  • Opening balances and supporting schedules
  • Sample invoices, item lists and expected reporting requirements

The final document list depends on your circumstances and the agreed service.

HOW WE CAN HELP

Discuss your requirements
with our office.

We assist with accounting and bookkeeping setup, account masters, opening balances, invoice processes and staff handover, then help establish a regular review routine.

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General guidance published on 9 September 2026. Applicability, forms and dates depend on your circumstances and reporting period. Confirm the current requirements before filing or making a financial decision.