New Accounting Client Checklist

When onboarding a New accounting client checklist, it is crucial to follow a systematic approach to ensure a smooth transition and provide the best service possible. This checklist serves as a comprehensive guide to help you gather all the necessary information and set up the client’s accounting system correctly. By following this checklist, you can streamline your processes, mitigate risks, and establish a strong foundation for a successful client relationship.

1. Initial Meeting and Engagement

  • Schedule an initial meeting to understand the client’s accounting needs, goals, and expectations.
  • Explain your services, expertise, and the benefits of working with your firm.
  • Clarify the terms of engagement and establish a formal agreement.

2. Company Profile

  • Collect detailed information about the client’s company, including its legal structure, industry, size, and history.
  • Understand the client’s business model, revenue streams, and target market.
  • Identify any unique terminologies specific to the client’s industry.

3. Tax and Compliance

  • Determine the client’s tax obligations, including income tax, sales tax, payroll tax, and any industry-specific taxes.
  • Gather the necessary tax identification numbers, permits, and licenses.
  • Understand the client’s compliance requirements and obligations with relevant regulatory bodies.

4. Accounting Systems and Records

  • Evaluate the client’s existing accounting system or assist in choosing a suitable accounting software.
  • Customize the chart of accounts based on the client’s specific needs and industry requirements.
  • Establish protocols for maintaining accurate and up-to-date financial records.

5. Financial Statements

  • Determine the client’s reporting needs and ensure compliance with applicable accounting standards.
  • Analyze the client’s financial statements from the previous period for any irregularities or discrepancies.
  • Set up a system to generate accurate and timely financial statements.

6. Banking and Cash Management

  • Obtain a complete list of the client’s bank accounts, including account numbers and signatories.
  • Establish procedures for reconciling bank statements and monitoring cash flow.
  • Implement controls to prevent fraud and ensure proper segregation of duties.

7. Data Security and Privacy

  • Implement robust data security measures to protect sensitive financial information.
  • Obtain permission and comply with relevant data privacy laws, such as the General Data Protection Regulation (GDPR) if applicable.
  • Educate the client’s staff about data security best practices to prevent data breaches.

8. Communication and Reporting

  • Establish clear communication channels with the client and determine the preferred mode of communication.
  • Define reporting frequency and format for sharing financial information and updates.
  • Set expectations regarding response times and the turnaround for inquiries or requests.

9. Internal Controls and Risk Management

  • Assess the client’s internal control environment and identify any potential weaknesses or risks.
  • Implement control measures to safeguard assets, prevent fraud, and ensure accuracy in financial reporting.
  • Conduct periodic reviews to evaluate the effectiveness of internal controls.


By following this comprehensive checklist, you can efficiently onboard a new accounting client, optimize their accounting system, and provide valuable financial insights to support their business decisions. Remember to adapt this checklist based on the client’s specific requirements and industry nuances. Effective client onboarding not only enhances the client’s experience but also contributes to the long-term success and growth of your accounting firm.