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Checklist for client onboarding

Checklist for client on-boarding Bookkeeping Work

Client onboarding is a productive step to establish long-term relationship, upselling services and for referral gaining that can be established by uploading client’s documents and information in minimal days by dedicated accounting software tools by following a clear, defined onboarding checklist.

Some of the information which can be used for client onboarding

1. Company master info:

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

2. Business plan

A strategic, business plan to acquire information on business, equipment and environment that the client will be involved in which needs to be documented for knowing the future of the business.

  • Budget
    Budget needs to be kept in tap while onboarding new clients with a structured process and proper tools to avoid over-budgeting due to unstructured process, 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, execution time against client type, scrutinized 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 for compliance and regulatory purposes.
  • Prior year tax returns
    Penalties and interest charges levied as a result of failing to file a tax return can be averted by filing of prior year tax returns. Social Security benefits, availing home, business or an education loan.

4. Bookkeeping info:

  • Bank accounts of client
    Bank account details of client which includes information on debits and credits, general ledger, asset, liability, stockholders equity, income statement, recording of transactions and bank reconciliation, generate balance sheet, generation cash flow statements; thereby providing control for maintaining client’s account.
  • Bank recs.
    Bank recs. allows clear view of reconciliation process and provides interface and transaction data to link banking data by tie ups with authorized banking partners and transfer agency system. Generation of detailed reporting and management of 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. The master data of your employees are configured to 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 to be obtained, during the ongoing client onboarding process, for households and 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. File review with respect to expiry and change of circumstances should be done.
  • Fixed Assets information
    This information fuels for onboarding client’s investment management purposes and managing regulatory risks and KYC standards. The asset management software offers guaranteed compliance with International Financial Reporting Standards (IFRS). Control tools for asset status, history and location help in customizing data.
  • Utilities login.
    Utilities option paves way for Mutual Fund schemes investors for making in varied schemes as provided by Mutual Fund Industries in a convenient and universally accessible online mode. It provides a space for a consolidated image of the holdings and transactions occurred.

7. Softwares you can use for work delivery:

  • Ocument collection- Hubdoc
    Automated importing and exporting of financial documents in the form of receipts, bills and statements and emails into a format that is usable for further business processes. With client onboarding demanding for swift documentation process, automated bill fetching and account syncing makes Hubdoc all the more essential, time-saving support software tool.
  • Payroll- Gusto, ADP, Paychex
    These cloud-based payroll service providers function as outsourced payroll departments dedicated to perform payroll actions such as 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 a asynchronous communication style to bring out a productive, efficient and flexible communication between co-workers without affecting the ongoing work and at the same time being updated and informed.
  • Time tracking Tsheets, Screenshotmonitor.
    Actual working scenario with regards to an employee’s time and money that is incurred on task performed remotely by teammates in an effortless manner. The tool tracks, captures screenshots, and generates reports and timeline via desktop application software.

8. Cloud Storage- Dropbox, Onedrive, Box Sync

With such cloud storage services vast, infinite and storage and backup for your client’s files, photos and documents at an affordable cost and mobility in data access through any interface device that covers phone, tablet or computer with internet channel.

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