Accounting Checklist for New Atlanta Business Owners

Starting a business in Atlanta is an exciting adventure, and solid accounting practices are essential for long-term success. Whether you’re setting up shop in Midtown, Buckhead, Decatur, or beyond, having an organized accounting system from day one will save you time, money, and headaches. Use this checklist to make sure you tackle every financial step the right way.

1. Choose the Right Business Structure

• Decide on entity type: LLC, S Corp, C Corp, sole proprietorship or partnership.
• Register with the Georgia Secretary of State: File Articles of Organization or Incorporation online.
• Obtain an EIN from the IRS: Required for bank accounts, taxes, and payroll.

Having the correct structure in place determines how you track income, expenses and taxes.

2. Set Up Separate Financial Accounts

• Open a business bank account: Keeps personal and business funds separate.
• Apply for a business credit card: Use only for business expenses to simplify tracking.

Separate accounts help you maintain liability protection and streamline record-keeping.

3. Choose Accounting Software

• Select a cloud-based platform like QuickBooks Online, Xero or FreshBooks.
• Enable bank feeds and integrations: Connect your business accounts for automated transaction imports.
• Customize chart of accounts: Tailor categories to reflect your industry and expense types.

Automated tools reduce manual data entry and keep your books current.

4. Establish a Bookkeeping Routine

• Record transactions weekly: Enter income, expenses and transfers promptly.
• Reconcile accounts monthly: Match bank and credit card statements to ledger balances.
• Review financial reports: Check profit and loss, cash flow, and balance sheet regularly.

A consistent routine prevents backlog and highlights issues early.

5. Register for Georgia Taxes

• Sales tax permit: Required if you sell taxable goods or services (file through Georgia Tax Center).
• Withholding registration: If you have employees, set up state income tax withholding.
• Unemployment insurance account: Register with the Georgia Department of Labor.

Getting permits and registrations done promptly avoids penalties.

6. Handle Payroll Properly

• Choose a payroll provider: Options include Gusto, ADP, or local Atlanta payroll services.
• Classify workers correctly: Understand the difference between employees and independent contractors.
• Set up payroll tax deposits: Federal (FUTA/IRS) and state withholding on schedule.

Accurate payroll ensures compliance and avoids late fees.

7. Track and Document Expenses

• Collect receipts promptly: Use tools like Expensify or Shoeboxed to scan and store receipts.
• Log mileage: Keep a mileage log for business travel in and around Atlanta.
• Categorize consistently: Assign each expense to the proper account in your software.

Well-documented expenses maximize deductions and support audit readiness.

8. Plan for Quarterly Estimated Taxes

• Estimate annual income: Use prior year or projected earnings.
• Calculate federal and state estimates: Divide total by four for quarterly payments.
• Mark deadlines: April 15, June 15 (adjusted if a weekend), September 15 and January 15.

Timely payments avoid underpayment penalties and spread tax liability.

9. Establish an Emergency Fund

• Set aside a percentage of revenue: Aim for 5–10% to cover unexpected costs.
• Keep funds in a separate account: Ensures easy access without mixing funds.

An emergency reserve safeguards your business against surprises.

10. Schedule Regular Accountant Check-Ins

• Quarterly reviews: Discuss financial reports, cash flow and tax planning.
• Year-end planning session: Prepare for deductions, retirement contributions, and next year’s budget.
• Ask questions: Get advice on growth, entity changes, and major purchases.

Partnering with a local accountant provides expert support tailored to Atlanta regulations.