There are a thousand articles online on how to automate your new client's onboarding and what AI tools could help you streamline workflows in this area. But, as we said before, a good automated process can only be achieved If you have previously designed said workflow and your team knows exactly how it works. An automated workflow is only as good as how thorough the steps are.
Why a New Client Checklist is Essential for Accounting Firms
In an accounting firm, managing new clients can get complicated. Each accountant may have their own way of handling things, which can lead to missed steps or inconsistencies, especially if a team member leaves and their clients need to be reassigned.
To avoid this confusion, firms need to use a new client checklist. This ensures everyone follows the same steps and all important tasks are completed. It makes the process of working with new clients more consistent and efficient, reducing potential issues down the line.
Client Onboarding Checklist
1. Send Welcome Documents
- Welcome Email
- Basic Information and Documentation
Initiating a positive, professional relationship from the start is essential when onboarding a new client. Begin by sending a warm, personalized welcome email to your new accounting client, expressing your enthusiasm about the new partnership. The welcome email should also include some essential basic information and documentation about your firm, such as its history, team members, services offered, and success stories.
2. Get Your Legal Out of the Way First
- Sign the contract and send a copy
- Sign NDA and send a copy
The initial stages of client engagement should also address the necessary legal requirements. This process involves getting the client to sign the service contract, outlining the scope of services, terms, and conditions, and fees, among other things. Ensure that you send a copy of the signed contract to the client for their records.
Another critical document is the Non-Disclosure Agreement (NDA). This agreement assures the client that their financial information and business secrets are safe with you. Send them a copy of the signed NDA to foster trust and confidence.
3. Define Communication Lines
- Schedule Meetings
- Share an interaction space: add them to your chat/join theirs.
Effective and open communication is the cornerstone of a successful partnership. Therefore, it's crucial to establish clear communication channels from the outset. This process could involve scheduling regular meetings—whether virtual or in-person—and defining the preferred means of communication.
Moreover, consider using shared interaction spaces like cloud-based collaboration tools. Whether it's joining your client's chat platform or inviting them to yours, this step fosters a sense of inclusivity and collaborative working. You can use platforms like Slack, and Osana or use Googles tools to share information and comments through documents.
Regular communication with your client is critical to maintaining a positive and productive relationship. Schedule consistent check-ins, whether weekly or monthly, to review progress, discuss concerns, and align expectations. This routine also allows you to proactively address any emerging issues before they become major roadblocks.
4. Information and Documentation
- Access to Clients' Accounting Systems
- Access to clients' Accounts
- Access to Inventory Records
- Gathering Financial Statements
- Map how the client is using these accounts
Once the introductory procedures are complete, it's time to get down to business. At this stage, you'll need to secure access to your client's accounting systems, bank accounts, inventory records, and other relevant financial statements. This step will involve a careful review of their accounting methods, account usage, inventory management, and other financial practices.
Gathering this information will not only ensure a smooth auditing process but also assist you in understanding the financial health and operations of the client's business. Remember, using AI tools for accounting can make this process more efficient and less prone to human error.
5. Define a Project Plan
With all the necessary information and access in hand, it's time to define a project plan. This plan should clearly delineate the timeline, deliverables, key personnel involved, and the specific tasks to be carried out. It should also include contingency plans in case of unforeseen circumstances.
The introduction of automation and AI tools for accounting has streamlined this process significantly. These tools can automate repetitive tasks, analyze vast amounts of data quickly, and provide accurate forecasts and financial reports.
6. Deliver Your Best
After defining the project plan, it's time to put it into action. Effective delivery involves implementing the tasks identified in the project plan, keeping your clients updated on the progress, and delivering on time. Here, AI tools for accounting play a critical role. Not only do they automate tasks and minimize errors, but they also provide real-time insights that help in decision-making and ensure the project stays on track.
7. Feedback Loop
A constructive feedback loop is beneficial for both you and your client. It allows you to understand your client's experience with your services, identify areas for improvement, and refine your practices. Likewise, it gives your clients a sense of involvement in the process and a chance to voice their opinions.
It’s important to add this step to your regular checklist so your accountants don’t miss it. Schedule regular feedback meetings with your clients every two months, four or even two a year. It’ll depend on the kind of service you are providing and the size of your client, but arranging these checkup opportunities will help create a sense of transparency and trust.
Create your own
Creating a new client checklist is a comprehensive process that requires a blend of professional acumen, effective communication, and the right tools. However, the benefits are worth the effort. A recent survey by the Business Application Research Center (BARC) found that companies using checklists as a process tool had a 33% higher success rate in onboarding new clients. Furthermore, AI tools for accounting have reduced human error by an average of 37%, increasing overall efficiency and client satisfaction.
In conclusion, a well-crafted checklist for onboarding new accounting clients is a valuable tool for accounting firms. It not only ensures a smooth transition for new clients but also enhances the efficiency and effectiveness of your services, leading to higher client retention and satisfaction. As the world of accounting continues to evolve, harnessing the power of AI and automation will undoubtedly be a game-changer in providing superior client service.
Kevin Mitchell, CPA
Senior Manager and CPA with over 20 years of experience in accounting and financial services, specializing in risk management and regulatory compliance. Skilled in managing audits and leading teams to deliver exceptional services. Proud father of two.
References
The 6-step client onboarding checklist (with template) | Zapier. (n.d.). The 6-step Client Onboarding Checklist (With Template) | Zapier. https://zapier.com/blog/client-onboarding-checklist/
