Once your S Corp election has been submitted, the last part of onboarding is setting up your accounting and payroll. Getting these right at the start means your books are accurate from your S Corp effective date and your first payroll can run on schedule. Your dashboard walks you through each step, and you can book a short setup call with an accounting specialist if you'd like help.
This article is for S Corp tier members who are finishing onboarding.
When accounting and payroll setup opens
Accounting and Payroll in your left menu show a lock until all three of these are done:
- Your business information and documents are verified.
- Your Form 2553 (your S Corp election) is signed in ink, uploaded, and submitted to the IRS by our team.
- Your business bank account is connected.
It's still on the IRS to approve your S Corp election, but once we've submitted your Form 2553, Accounting and Payroll usually unlock within 1 to 2 business days.
Complete your accounting setup
Accounting setup makes sure your books capture everything from your S Corp effective date onward.
- Import business activity from personal accounts. If you paid for business expenses from a personal account, add those transactions, or confirm there aren't any. This keeps business expenses from being missed.
- Set up reimbursements. Answer a few questions about your home office, phone, internet, and vehicle so your S Corp can reimburse you through an accountable plan, an arrangement that lets your business pay you back for business costs you cover personally.
- Upload statements. Upload any bank or credit card statements we ask for, starting from your S Corp effective date.
Complete your payroll setup
As an S Corp owner, you pay yourself a salary through payroll, so this setup is what makes your first paycheck possible. It usually takes 10 to 15 minutes.
- Set up your business as the employer, including company addresses, federal tax details, and your business checking account.
- Set yourself up as an employee, including your salary, withholding, and direct deposit.
- Sign your payroll forms.
After you finish, our team reviews your setup, usually within 2 business days. Our payroll partner, Gusto, then reviews your company, usually within another 2 business days.
Book an optional setup call
If you'd like a hand, you can book a 20 minute call with an accounting specialist directly from your dashboard. They'll look at where you are in setup before the call. Together, you can:
- Finish any accounting or payroll setup steps you have left
- Check that your personal and business details are correct for payroll
- Confirm your documents are uploaded
- Talk through what to expect each month once setup is done
To get the most from your call
- Get as far as you can in setup beforehand, so the call can focus on what's left.
- Have your business bank and credit card statements ready, starting from your S Corp effective date.
- If you ran payroll as an S Corp before joining Collective, have your prior payroll reports ready.
After setup
Once accounting and payroll setup are done, you move from onboarding to your regular monthly routine. Your home screen shows tasks as they come up, like submitting reimbursements, reviewing transactions, and uploading statements. Keeping up with these each month keeps your books current and makes tax season easier.
For a tour of where everything lives, see Intro to Your Collective Dashboard. If you have questions along the way, select Help in your dashboard to reach your Collective team. They're here to help.
Disclaimer: The information contained in this document is provided for informational purposes only and should not be construed as legal, financial, or tax advice.