Starting a New accounting client checklist engagement in the accounting world requires a comprehensive checklist to ensure all necessary steps are taken to provide top-tier services. This guide will outline key considerations and actions to be implemented when onboarding a new accounting client.
Gather Essential Client Information
Contents
- 1 Gather Essential Client Information
- 2 Evaluate Current Accounting System
- 3 Establish Communication Channels
- 4 Outline Scope of Services
- 5 Create a Client Contract
- 6 Set Up Accounting Software
- 7 Establish Financial Reporting Templates
- 8 Ensure Compliance with Regulations
- 9 Assign a Dedicated Account Manager
- 10 Perform Regular Financial Health Checks
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- Obtain full legal name and business structure of the client, including the incorporation documents, if applicable.
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- Collect tax identification numbers, such as the Social Security Number or Employer Identification Number.
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- Request copies of previous financial statements and tax returns for analysis and comparison purposes.
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- Retrieve banking information, including bank statements, to assist with reconciliations.
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- Inquire about any pending legal or tax issues facing the client.
Evaluate Current Accounting System
Assess the client’s existing accounting infrastructure to identify potential areas of improvement. Analyze the software in use, internal control processes, and any integration capabilities.
Establish Communication Channels
Determine the preferred mode of communication for the client and establish efficient channels. This can include email, phone, project management tools, or cloud-based software.
Outline Scope of Services
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- Define the scope of accounting services required by the client for accurate pricing.
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- Document specific tasks, such as bookkeeping, financial statement compilation, tax preparation, or business advisory services.
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- Communicate the frequency and timeline expectations for each service.
Create a Client Contract
Prepare a professional client contract that clearly outlines the terms and conditions of the engagement. This protects both parties and ensures mutual understanding of the services to be provided and related fees.
Set Up Accounting Software
If the client does not have an existing accounting software, recommend and assist in setting up one that fits their needs. Ensure proper customization, integration, and training to maximize efficiency.
Establish Financial Reporting Templates
Design customized financial reporting templates to suit the New accounting client checklist business. This helps present financial information in a clear and meaningful manner, facilitating better decision-making.
Ensure Compliance with Regulations
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- Verify that the client’s business operations comply with applicable accounting standards and tax regulations.
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- Stay updated on any regulatory changes and communicate relevant updates.
Assign a Dedicated Account Manager
Assign a knowledgeable and experienced account manager to serve as the point of contact for the client. This ensures clear and efficient communication, addressing any concerns promptly.
Perform Regular Financial Health Checks
Observe the client’s financial performance regularly, conducting periodic reviews and offering actionable insights for improvement.
By following this comprehensive checklist, accounting professionals can successfully onboard new clients while ensuring compliance, efficient communication, and effective financial management. Utilize the checklist as a foundational tool and adapt it to fit the unique needs of each client engagement.
