The first step in accounting for a new business is opening a business bank account. Having a separate bank account from your personal finances will make it much easier to track expenses and will certainly come in handy come tax season. As a matter of best practice, you should do this for all entity types, with some exceptions for certain low-risk sole proprietorships. Next, you will want to start establishing business credit, which, like a personal line of credit, takes history to increase. It is wise to shop around different banks / credit card companies to see where you can get the lowest interest rate possible. This will also help you build liquidity (cash and unused line of credit) for purposes of growing your business. Even if you don’t need the capital today, it’s always good to have it available in case you are presented with a unique opportunity for business growth that may require excess capital.