Final answer:
A new IT service should start financial management with a budget, which allows for planned financial operations and efficient allocation of resources. Bookkeeping and inventory purchases are part of ongoing financial processes, while profit and loss statements summarize financial performance and are created after business operations commence.
Step-by-step explanation:
A new IT service should start financial management with a budget. Preparing a budget involves identifying the expected income, expenses, and potential profits and allows for more effective financial planning and performance tracking. It serves as a financial roadmap for the business and helps to allocate resources efficiently. Bookkeeping is crucial for maintaining accurate financial records, but it is an ongoing process that starts once there are transactions to record. An inventory purchase may be one of the initial expenses in a budget, but is not a starting point for financial management. Finally, a profit and loss statement (P&L) is a financial document summarizing revenues, costs, and expenses during a specific period of time; however, this comes into play after the business has engaged in operational activity and not at the very beginning.