1. Contact Information:
Gathering the client's contact details is crucial for communication and document exchange.
2. Business Entity Type:
Understanding the client's business structure (e.g., sole proprietorship, LLC, corporation) is essential for accurate reporting.
3. Tax Identification Number:
Obtain the client's EIN or Social Security Number for tax reporting purposes.
4. Banking Information:
Collect bank account details for reconciling financial transactions.
5. Previous Financial Statements:
Request previous balance sheets, income statements, and tax returns to establish a financial baseline.
6. Chart of Accounts:
Define the specific accounts and categories for tracking income and expenses.
7. Access to Accounting Software:
Ensure access to the client's chosen accounting software for data entry and analysis.
8. Receipt and Invoice Collection Process:
Clarify how receipts and invoices will be submitted and processed.
9. Monthly Reconciliation Procedure:
Outline the steps for reconciling bank statements with accounting records.
10. Reporting Frequency and Format:
Determine how often and in what format financial reports will be shared with the client.
