Setting Up Bookkeeping and Payroll
Hello and welcome to the final step of your S Corp onboarding journey with Collective! After setting up your S Corp entity, the next crucial step is to establish your bookkeeping and payroll systems. This ensures that your financial operations are streamlined and compliant right from the start.
First, take a moment to watch this overview video of the onboarding process. It’s designed to give you a clear picture of what’s coming next.
During the onboarding phase, you’ll find that your Collective dashboard is set up to guide you smoothly through integrating your bank accounts. This is essential for both accounting purposes and to facilitate payroll processing.
What You’ll Need to Do
Attach Business Bank Accounts: If you’ve used your personal account for business transactions, you’ll need to attach that as well.
Set Up Business Payroll Account: This is where your company’s payroll transactions will be managed.
Set Up Employee Payroll Account: Essential for managing payroll for anyone you employ.
Upload Business Bank Statements: These documents are crucial for us to get a complete view of your financial history.
Meeting Your Onboarding Accountant
Once everything is set up and your documents are in order, you’ll have a meeting with your Onboarding Accountant. This is a great opportunity to ask any questions and make sure everything is set up the way you need. It’s our goal to make everything as hands-free as possible, allowing you to focus more on running your business while we take care of the financial details.
Your onboarding accountant will review all your setups and documents to ensure everything is correct and ready to go. After this, you can schedule your training call where we'll walk you through how to use your new systems effectively.
Disclaimer: The information contained in this document is provided for informational purposes only and should not be construed as financial or tax advice. It is not intended to be a substitute for obtaining accounting or other financial advice from an appropriate financial adviser or for the purpose of avoiding U.S. Federal, state or local tax payments and penalties.