When onboarding a new accounting client, it is crucial to have a systematic approach to ensure a seamless transition and accurate financial management. This checklist serves as a guide for accounting professionals to efficiently gather all necessary information and set the foundation for a successful client relationship. By following this New accounting client checklist, you can streamline your processes and provide exceptional service to your clients.

1. Determine Client’s Business Structure

Before diving into the details, understand the client’s business structure to ensure you have the appropriate knowledge and expertise to handle their accounting needs. Different business structures have distinct accounting requirements. Whether it’s a sole proprietorship, partnership, corporation, or LLC, understand the legal and financial implications associated with each structure.

2. Acquire the Necessary Documentation

To begin the accounting process, collect all relevant financial documents and records required for accurate bookkeeping. This includes but is not limited to:

  • Financial statements (balance sheet, income statement, cash flow statement)
  • Bank statements
  • Tax returns (previous years)
  • Payroll records
  • Invoices and receipts

3. Conduct an Initial Financial Assessment

Begin by thoroughly reviewing the client’s financial statements. Analyze the profitability and liquidity of the business to assess its financial health. Identify any red flags or areas where improvements can be made. Utilize uncommon financial ratios such as the Acid-Test Ratio and Gross Profit Margin to enhance your analysis.

4. Review Accounting Software

Determine the accounting software the client currently uses or intends to use. Familiarize yourself with the platform and its functionalities. If the client does not have an accounting system in place, suggest suitable software based on their business needs. This will help you streamline the process of recording and organizing financial data.

5. Determine the Chart of Accounts

The chart of accounts is a crucial aspect of accounting as it categorizes and organizes financial transactions. Customize the chart of accounts to fit the client’s specific industry and reporting requirements. This will facilitate accurate tracking, analysis, and reporting of financial data.

6. Establish a Record-Keeping System

Develop a record-keeping system that ensures all financial documents and records are organized and easily accessible. This may involve setting up physical files or digital folders based on the client’s preference. Organization is key to maintaining accurate financial records and being prepared for audits or compliance checks.

7. Discuss Financial Goals and Reporting Requirements

Meet with the client to gain a clear understanding of their financial goals and reporting requirements. Determine the frequency and format of financial reporting they prefer and establish a timeline for these deliverables. This will ensure expectations are aligned and help you provide the necessary financial insights for their decision-making process.

8. Assess Internal Controls

Evaluate the client’s internal controls to identify potential risks and weaknesses in their financial processes. Suggest improvements and implement necessary measures to enhance internal control systems. This will safeguard the client’s assets, prevent fraud, and ensure the accuracy and reliability of financial information.

9. Establish Communication Channels

Set up effective communication channels to facilitate regular updates and discussions with the client. Determine their preferred communication methods and establish a schedule for meetings or calls. Proactive communication is crucial to address any concerns or queries promptly and maintain a strong client relationship.


By following this comprehensive checklist, accounting professionals can ensure a smooth onboarding process for new clients. With a systematic approach, attention to detail, and effective communication, you will set the stage for accurate financial management and provide valuable insights to your clients. Remember, understanding the client’s business, acquiring the necessary documents, and establishing efficient processes are key to delivering exceptional accounting services.