Accounting & Bookkeeping

Checklist for client on-boarding Bookkeeping Work

Checklist for client onboarding

Checklist for a client on-boarding Bookkeeping Work

Client onboarding is a productive step to establish long-term relationships, upselling services, and referral gaining. You can establish it by uploading client’s documents and information in minimal days by dedicated accounting software tools. You can also follow a clear, defined onboarding checklist. Here is the checklist for the client on-boarding Bookkeeping Work

Some information that you can use for client onboarding

1. Company master info:

  • Organization chart
    Information on what work is assigned to whom and who is responsible for what duty. Moreover, you will know the purpose, aim, requirements, description, the authority of the sponsor and manager, roles assigned, milestone schedule, budget and risks involved to have a clear organizational picture.

2. Business plan

A strategic business plan to gain information on business, equipment and environment that the client will be involved in. Therefore, you need to document them for knowing the future of the business.

  • Budget
    You need to keep the budget on tab while onboarding new clients with a structured process and proper tools. This is to avoid over-budgeting due to unstructured processes, poor communication, manual process, disconnected tools, and client-driven delays.
  • KPI
    Using the Key Performance Indicator (KPI) metrics, few practice processes can be checked like agreements attained per month, first draft creation period, and execution time against client type. You can also scrutinize an outstanding age.

3. Tax info:

  • Tax registration numbers
    This unique identification number for business owners or an individual will aid in mapping records of sales and purchase and also for compliance and regulatory purposes.
  • Prior year tax returns
    You can avert the penalties and interest charges levied because of not filing a tax return by the filing of prior year tax returns. Social security benefits, availing home, the business or an education loan.

4. Bookkeeping info:

  • Bank accounts of client
    Bank account details of the client include information on debits and credits, general ledger, asset, liability, stockholders equity, and income statement. It also includes the recording of transactions and bank reconciliation, generating the balance sheet, and generating cash flow statements. Therefore, providing control for maintaining the client’s account.
  • Bank recs.
    Bank recs. allows a clear view of the reconciliation process and provides the interface and transaction data. This is to link banking data by tie-ups with authorized banking partners and transfer agency systems. So, generation of detailed reporting and management of the client’s regulatory requirements in an organized manner.

5. Payroll:

  • Master data of employees
    For optimal addressing of payroll requirements of your associated employees of your organization, a comprehensive solution is provided through cloud-based software operations. Hence, the master data of your employees are configured as per your organization’s standard before payroll process execution.

6. Other details which can be obtained:

Consumer and mortgage loan account details are required during the ongoing client onboarding process for households and for current members while opening a new account.

  • Sales tax certificate
    Country’s tax authority issued Sales Tax certificate is essential to be collected from the client and verified for accurate and valid information. Also, file review regarding expiry and change of circumstances should be done.
  • Fixed Assets Information
    This information fuels for onboarding client’s investment management purposes. It manages regulatory risks and KYC standards. The asset management software offers guaranteed compliance with International Financial Reporting Standards (IFRS). These also control tools for asset status, history and location that helps in customizing data.
  • Utilities login.
    Utilities option paves a way for Mutual Fund schemes investors to make in varied schemes as provided by Mutual Fund Industries in a convenient and universally accessible online mode. It also provides a space for a consolidated image of the holdings and transactions that occurred.

7. Softwares you can use for work delivery:

  • Ocument collection- Hubdoc
    With client onboarding demanding for a swift documentation process, automated bill fetching and account syncing make Hubdoc even more essential, time-saving support software tools. It also automate importing and exporting of financial documents in the form of receipts, bills and statements and emails into a format usable for further business processes.
  • Payroll- Gusto, ADP, Paychex
    These cloud-based payroll service providers function as outsourced payroll departments dedicated to performing payroll actions. Hence, they include  payroll taxes management, issue of payment, employees’ insurance and benefits, and the list goes on.
  • Communication- Slack, Skype, Google hello
    Workplace or business communication strategies in an asynchronous communication style to bring out a productive, efficient and flexible communication between co-workers. Therefore, it does not affect the ongoing work and being updated and informed.
  • Time tracking Tsheets, Screenshotmonitor.
    Actual working scenario regarding an employee’s time and money that they incur on task performed remotely by teammates effortlessly. The tool also tracks, captures screenshots, and generates reports and timeline via desktop application software.

8. Cloud Storage- Dropbox, Onedrive, Box Sync

Cloud storage services provide a vast and infinite storage & backup for your client’s files, photos, and documents at an affordable cost. Also, mobility in data access through any interface device is possible. It includes smartphones, tablets, or computers with an internet channel.