New Accounting Client Checklist Initial Contact and Discussion

Gather basic information from the New accounting client checklist, such as their name, company name, contact details, and preferred communication method. Determine the specific accounting services required by the client, including bookkeeping, financial statement preparation, tax planning, or payroll processing.

Engage in a detailed conversation with the client to understand their expectations, objectives, and desired timeline, in order to tailor our services effectively.

Documentation and Paperwork

Prepare an engagement letter to formalize our working relationship with the client, specifying the services to be provided, associated fees, and the terms and conditions of the engagement.

If required, ensure the signing of a confidentiality agreement to safeguard the privacy and security of the client’s sensitive financial information.

Request essential financial documents from the client, such as bank statements, previous tax returns, invoices, and receipts, to gain a comprehensive understanding of their financial situation.

Accounting Systems and Software

Evaluate the client’s existing accounting systems and software to determine if any updates or changes are necessary, ensuring compatibility and efficiency in managing their financial records.

Provide recommendations for suitable accounting software based on the client’s needs, and arrange training sessions if necessary for a smooth transition to the new software.

Chart of Accounts and General Ledger Setup

Work with the client to establish a customized chart of accounts that aligns with their business structure and financial reporting requirements, ensuring accurate and consistent recording of financial transactions.

Set up the general ledger in the accounting software, creating various accounts for assets, liabilities, revenue, and expenses, simplifying the organization and retrieval of financial information.

Communication and Reporting

Determine the frequency and preferred mode of communication between our firm and the client to ensure regular updates and prompt resolution of any accounting-related queries.

Discuss the client’s reporting preferences, such as monthly financial statements, cash flow projections, or annual tax filings, tailoring our reporting process to meet their specific needs.

Compliance and Regulations

Evaluate the client’s tax compliance status, including their filing and payment history, identifying any areas of concern and providing guidance to ensure adherence to tax laws and regulations.

Determine if the client needs to comply with any industry-specific regulations or standards, staying up-to-date with new and evolving regulations to offer accurate advice and support.

By following this comprehensive onboarding checklist, we establish a seamless transition and a long-lasting, successful partnership with our accounting clients.