Being a trusted and reliable accounting firm, we understand the importance of having a structured and thorough process when onboarding new clients. To ensure a seamless transition and provide our clients with the best possible service, we have developed a comprehensive checklist that covers all the essential steps and information. In this blog article, we will walk you through our New accounting client checklist, highlighting key points under each category.

Initial Contact and Discussion

1. Gather Basic Information: Obtain basic details about the client, including their name, company name, contact information, and preferred mode of communication.
2. Determine Service Requirements: Identify the primary accounting services required by the client, such as bookkeeping, financial statements preparation, tax planning, or payroll processing.
3. Discuss Expectations: Have a detailed conversation with the client to understand their specific needs, timeline, and objectives. This will help us tailor our services to meet their expectations effectively.

Documentation and Paperwork

1. Engagement Letter: Prepare an engagement letter to formalize our working relationship with the client. This document outlines the services to be provided, their respective fees, and the terms and conditions governing our engagement.
2. Confidentiality Agreement: If required, sign a confidentiality agreement to ensure the privacy and security of the client’s sensitive financial information.
3. Obtain Client Documentation: Request essential financial documents such as bank statements, previous tax returns, invoices, and receipts. These documents will provide us with a better understanding of the client’s financial situation.

Accounting Systems and Software

1. Evaluate Current Systems: Assess the client’s existing accounting systems and software to determine if any updates or changes are necessary. This evaluation will help us ensure compatibility and efficiency in managing their financial records.
2. Recommendations and Training: Provide recommendations for suitable accounting software based on the client’s needs. Offer training sessions if required to help the client understand and effectively utilize the recommended software.

Chart of Accounts and General Ledger Setup

1. Define Chart of Accounts: Work with the client to establish a customized chart of accounts that aligns with their business structure and financial reporting needs. This ensures accuracy and consistency in recording financial transactions.
2. General Ledger Setup: Set up the general ledger in the accounting software, including the creation of various accounts for assets, liabilities, revenue, and expenses. This setup simplifies the organization and retrieval of financial information.

Communication and Reporting

1. Frequency of Communication: Determine the frequency and preferred mode of communication between our firm and the client. This ensures regular updates and swift resolution of any accounting-related queries.
2. Reporting Requirements: Discuss the client’s reporting preferences, such as monthly financial statements, cash flow projections, or annual tax filings. Tailor our reporting process to meet their specific needs.

Compliance and Regulations

1. Tax Compliance: Evaluate the client’s tax compliance status, including their filing and payment history. Identify areas of concern and provide guidance to ensure adherence to tax laws and regulations.
2. Regulatory Requirements: Determine if the client needs to comply with any industry-specific regulations or standards. Stay updated on new and evolving regulations to provide accurate advice and support.

The outlined checklist forms the basis of our onboarding process for new accounting clients. By following these steps, we can ensure a smooth transition and a long-lasting and successful partnership with our clients. Our team of experienced professionals will guide you through each stage, offering support and expertise every step of the way.