For many entrepreneurs, this seems like a big challenge, but since I was from that background, it’s hard for me to understand what the issues are. Perhaps the easiest thing to do is to hire an accounting company. OK. But if you are cash-strapped and relatively smart, and HAVE THE BANDWIDTH to do the accounting, then definitely get QuickBooks to get the stuff done.
I first got Quicken, the other Intuit software offered at Costco, and blithely did our “accounting” with that software. Only to get audited by the state after Y1. It appears that my mistakes were so obvious that the main computers found them. Fortunately, they took pity on me (understanding that I was a total green newbie) and since my company did not make any money, it was not worth their time to do anything except scold me.
After that, I got QuickBooks, and a local Tax Accounting Firm and all tax matters were left to them. I learned QB (just fyi for anyone thinking this is just another Microsoft analogy—nope) and now can help anyone needing to set up a correct list start-up accounts.
So, my (personal) advice to anyone is: if it’s something that could land you in jail, consult a professional, no matter the cost (cf. Theranos). I don’t look good in orange..