Starting a new business in North Carolina is an exciting journey, but it also comes with a long list of financial responsibilities. Whether you’re launching a tech startup in Raleigh or opening a boutique in Durham, proper accounting and tax planning are essential from day one.
At PRC Accounting & Tax Partner, we help new business owners across North Carolina set up the right financial foundation for long-term success. Below is our essential accounting checklist to help you start your business the right way.
📌 Step 1: Choose the Right Business Structure
Before registering your business, you need to decide which structure fits your goals:
- Sole Proprietorship
- Limited Liability Company (LLC)
- S Corporation or C Corporation
- Partnership
Each option affects your taxes, liability, and compliance. We can help you evaluate the best choice for your business and file the proper paperwork with the NC Secretary of State.
📌 Step 2: Apply for an EIN (Employer Identification Number)
Think of your EIN as your business’s Social Security Number. You’ll need it to:
- Open a business bank account
- File business taxes
- Hire employees
We guide you through the EIN application process and ensure it’s connected to your business entity correctly.
📌 Step 3: Open a Business Bank Account
Separating your personal and business finances is non-negotiable. A dedicated business checking account allows you to:
- Track income and expenses accurately
- Maintain clean records for tax season
- Build business credit
PRC helps you set up your accounts and integrate them with your bookkeeping system.
📌 Step 4: Set Up a Bookkeeping System
Accurate records are the foundation of your financial success. Choose from:
- QuickBooks Online
- Xero
- Wave (for smaller businesses)
We help you pick the right platform, set up your chart of accounts, and train you (or your team) to keep your books clean and audit-ready.
📌 Step 5: Register for State and Local Taxes
Depending on your industry, you may need to:
- Register for North Carolina Sales Tax
- File Business Personal Property Taxes
- Apply for Withholding Tax (if hiring employees)
PRC makes sure you’re registered with the NC Department of Revenue and local authorities — so you stay compliant and avoid penalties.
📌 Step 6: Create a Tax Plan
New business owners often overpay or underpay taxes due to poor planning. We’ll help you:
- Estimate your quarterly tax payments
- Identify potential deductions and credits
- Set up a system to track receipts and expenses year-round
📌 Step 7: Understand Your Industry’s Compliance Needs
Are you in construction, real estate, or hospitality? Each industry has unique rules:
- Contractors need to track subcontractor payments (1099s)
- Restaurants may need tip reporting and sales tax guidance
- Realtors must track mileage and commission payments carefully
We specialize in local business accounting and tailor your setup to your industry.
📌 Step 8: Schedule Regular Reviews
Financial needs evolve fast during your first year. That’s why we offer:
- Monthly or quarterly financial reviews
- Budgeting and cash flow planning
- Year-end tax planning consultations
Why New Business Owners in Raleigh Trust PRC Accounting
We’re not just number crunchers — we’re your local accounting partner. Based in Raleigh, NC, PRC Accounting & Tax Partner understands the challenges that North Carolina entrepreneurs face.
✅ Personalized support
✅ Flat-fee and affordable packages
✅ Expertise in local and federal compliance
📞 Ready to Start Your Business on the Right Foot?
Let’s build your business together. Contact PRC Accounting & Tax Partner today to schedule your free consultation.
