The First 5 Things Every New Business Should Set Up in QuickBooks Online

Starting a new business is exciting—but managing the financial side can quickly become overwhelming. That’s where QuickBooks Online (QBO) comes in. It’s powerful, user-friendly software that can help you stay organized, track income and expenses, and prepare for tax season.

But with so many features, where do you start? Here are the first five things every new business should set up in QuickBooks Online to build a strong financial foundation from day one.

1. Set Up Your Company Profile Correctly

Before you do anything else, make sure your company information is accurate.

How to do it:

• Click the gear icon and go to “Account and settings.”

• Fill in your business name, business type (LLC, sole proprietorship, etc.), industry, and contact info.

• Add your logo to personalize your invoices.

Why it matters: This info appears on your invoices and reports, and helps QuickBooks tailor its features to your business.

2. Connect Your Bank and Credit Card Accounts

Linking your financial accounts allows QuickBooks to automatically import and categorize your transactions.

How to do it:

• Go to the Banking tab, then click “Link account.”

• Follow the prompts to securely connect your business accounts.

Why it matters: This saves time and reduces the chance of errors from manual data entry. You’ll always have a real-time view of your cash flow.

3. Customize Your Chart of Accounts

Your chart of accounts is the backbone of your bookkeeping system. It organizes your income, expenses, assets, and liabilities into categories.

How to do it:

• Go to Settings > Chart of Accounts.

• Edit or add accounts to match your business. For example, a landscaping company might create categories like “Plant Materials,” “Equipment Repairs,” or “Fuel.”

Why it matters: A customized chart of accounts provides clearer, more meaningful reports.

4. Create Products and Services

Set up the specific items or services you sell so you can track income by category and automate invoices.

How to do it:

• Go to Sales > Products and Services.

• Add each product or service, include pricing, and assign income accounts.

Why it matters: This ensures accurate income tracking and makes invoicing faster and more consistent.

5. Set Up Your Invoicing and Payment Preferences

QuickBooks lets you create professional invoices and even accept online payments.

How to do it:

• Go to Settings > Custom Form Styles to design your invoice.

• Turn on QuickBooks Payments if you want to accept credit cards and ACH payments.

• Set payment terms (like Net 15 or Net 30) to help manage cash flow.

Why it matters: Getting paid faster starts with sending invoices quickly and offering convenient payment options.

Bonus: Invite Your Bookkeeper or Accountant

You can give your bookkeeper or CPA access to your QuickBooks account without sharing your login info.

How to do it:

• Go to Settings > Manage Users > Accounting firms.

• Send an invite using their email address.

Why it matters: Your financial pro can keep your books in order and provide valuable insights year-round.

Final Thoughts

Getting these five things set up early in QuickBooks Online will save you hours of work, minimize errors, and give you a clear view of your financial health. It’s a smart way to start your business on the right foot.

At DPP Bookkeeping, LLC, we help new business owners set up and manage QuickBooks Online the right way. If you want to make sure everything is set up properly from day one, we’re here to help.

Need help setting up QuickBooks for your business? Visit DPPBookkeeping.com to schedule your free consultation.