Quick quiz – would you rather set up your business budget or go to the dentist for a filling without Novocain? If you’re like me, you’ll spend a few minutes in serious debate about this topic. (But you shouldn’t – and besides, you might bite the dentist.) Most entrepreneurs prefer to spend time working in their business than on it, but don’t be fooled – setting up an initial budget and financial infrastructure can help insure you have a business to work on!

Your initial budget you created for your business plan is a great starting point for this exercise. You’ll need to go through what your initial start-up costs will be for your goods, fixtures, product development, marketing, office supplies, IT needs, your initial rent and security, insurance and any licensing costs. You also should budget for any travel or expenses the business will need to cover as you start-up. Finally, figure out what salaries you’ll be paying and when they start.

It’s helpful to create a spreadsheet (or use one of the many online templates – there’s even on inside Wicked Start’s Step 7.2 under Templates) to track these startup costs and the money you’ll lay out each month. Run that budget for a year to make sure your assumptions about the cash you’ll need and the money you’ve raised plus ongoing operations match up. You don’t want to be spending more than you have or project to make for very long.

It’s also important to get an accounting system going for your business. Many businesses swear by Quickbooks and most accountants are familiar with it. There’s the desktop version as well as an online-only version that allows access by both you and your accountant or trusted business partners even if they’re in other locations. Depending on the type of business you’re running, you may want to have a part-time bookkeeper doing your books, with an accountant checking them regularly. Intuit has an active online community that can also help you if you get confused with your Quickbooks. For a very small business with only one or two employees, Freshbooks should also be an option. While more focused on invoicing, time tracking and expenses, it can be quicker and easier to setup than a full Quickbooks for a small service business.

Make sure you spend time with your accountant understanding the reports you can run to see how your income, expenses, receivables and other key metrics are tracked. Part of being an owner is knowing what is happening with your business and what changes you can make to improve it.

You may not love setting up your books, but you will love knowing that you’ve got money coming in and figuring out how to make more of it. Take this time to set up your business infrastructure well, so you are prepared to grow later.