Step 1: Add Your Business
To get started, you’ll need to add your business details. This helps organize your financial data under the correct entity.
How to Add Your Business:
Go to Entities > Add
Type your legal business name
Select Entity type = Business
Fill out as much of the other information as possible.
Click Save
Pro Tips:
🔹 If you have multiple businesses, you can add each one separately for full financial visibility.
🔹 If you don't have some of the information handy such as Tax ID (aka EIN) or Date of Formation, then you can always add it later by "Editing" the entity.
🔹 Entity files, assets, and debts are added elsewhere / in another step.
Step 2: Connect Your Primary Business Bank Account
By linking your primary business bank, Olomon automatically keeps your balances up-to-date, so that you never have to go hunting to create a Balance Sheet again.
How to Connect a Business Bank Account:
Go to Entities
Click on the Business to View it
Click on the Add button
Select Automatic
Follow the prompts to log in securely and authorize the connection
Good to know:
🔹 Security First: Olomon uses bank-level encryption to keep your financial data safe.
🔹 If you have multiple business accounts (checking, savings, credit card) with the same financial institution, we recommend selecting them all so that you have a more complete picture of your finances.
🔹 Connecting your financial institution directly from the Business will automatically make the association in Olomon.
🔹 If you connected your financial institution from the Balance Sheet, those accounts will not be automatically associated with the Business, however, you can easily associate them by clicking on the Cog icon > selecting Entities > selecting the Business.
Step 3: Connect Additional Business Accounts
If your business has multiple bank accounts, credit cards, or loans, connecting them all will give you the full picture of your financial health.
Repeat the process described above in Step 2 in order to add additional banks, credit cards, or loan providers to your business in Olomon.
🔹 Pro Tip: If an institution isn’t supported for direct connection, you can still manually track balances by adding assets and debts (see Step 4).
Step 4: Add Business Assets & Debts
Not all financial assets and liabilities can be automatically linked. If you have business-owned property, vehicles, equipment, or outstanding loans, you’ll want to manually add them.
How to manually add Assets and Debts:
Go to Entities
Click on the Business to View it
Click on the Add button
Select Manual
Enter details such as name, value, type (property, loan, investment, etc.), and any associated contacts
Click Save
Good to know:
🔹 In this context, the page title "New Item" could refer to an asset or a debt.
🔹 If you don't see a Section or Group that you want to add the asset or debt to, you can always reorganize your business assets and debts in your Balance Sheet after saving the new Asset/Debt.
🔹 You can add new owners or contacts "on the fly" directly in the "New Item" form.
🔹 You can attach files to the asset or debt in a separate step, by Viewing the item > clicking on the Files tab > and clicking on the Add button.
Step 5: Upload Key Business Documents
Keeping all your essential business documents in one secure place ensures easy access for tax filing, audits, and financial planning. It also makes it easier for your partner/spouse/legacy contact to answer questions about your business in your absence.
How to Upload Important Documents:
Go to Entities
Click on the Business to View it
Click on the Files tab
Click on the “Add” button
Choose a file from your computer
Give it a friendly name
Optionally add any additional context about the file in the "Notes" field.
Click Save
Suggested Documents to Upload:
Articles of Incorporation / Formation
Operating Agreement / Bylaws
Business Licenses & Permits
EIN Confirmation Letter (IRS Form SS-4)
Tax Returns & Financial Statements
Bank Account & Loan Agreements
Contracts & Agreements
