What checklists should your accounting practice implement?
As an accounting practice, you offer various accounting, tax and bookkeeping services to your clients. But your accounting practice doesn’t only provide services to other businesses or individuals. It’s also a business on its own. And running a business requires performing various tasks which aren’t client-related.
If you want your accounting practice to run smoothly without feeling exhausted, implementing various checklists is essential.
Technical checklists for accountants
Technical checklists are the checklists your accounting practice needs to perform tasks for your clients. They help to keep consistency within your accounting and bookkeeping team, keep the high standards and as a result of those help you grow your accounting and bookkeeping practice.
These checklists can be, but are not limited to:
Self-Assessment checklist
Self-Assessment checklist can help you and your accountants prepare tax returns for sole traders and individuals ensuring you cover all sources of income and other relevant information for self-assessment tax return purposes.
VAT return checklist
VAT isn’t everyone’s cup of tea. It can be complicated with lots of details that can change how you approach things and whether you can claim VAT or not. A VAT return checklist can help you and your accountants feel confident when dealing with complicated aspects of VAT.
Bookkeeping checklist
A bookkeeping checklist is one of those that is highly adjustable as not every business has the same bookkeeping needs or follows the same processes. A bookkeeping checklist ensures you and your bookkeepers always provide to your client what they need and that anyone who needs to cover for you in your team knows what they’re doing.
Annual accounts checklist
Annual accounts for limited companies are governed by many rules. A well-prepared annual accounts checklist is something every accountant should have to make sure the annual accounts are always prepared in line with the current rules.
Corporation tax checklist
A corporation tax checklist helps make sure you always remember about the details that can affect a corporation tax amount you calculate for a client. It is a very important checklist for accountants as we know a tax payable is a very important element when running a business.
Software set-up checklist
A good software set-up is crucial to all the tasks that will follow including regular bookkeeping, various tax returns and reporting. Properly implemented accounting software can ensure smooth processes.
Month/Quarter/Year-end closing checklist
These period-end checklists help ensure all matters for your clients are up to do. They can also flag any errors and inconsistencies which can help you act in a timely manner.
Budget preparation checklist
Budgets can help set realistic goals and monitor these goals throughout the year. A properly prepared budget is a source of valuable information for your clients. With a budget preparation checklist, you and your accountants can really provide a top-quality service to your clients.
Cash flow management checklist
Cash flow is very important in every business. Your clients really rely on cash as it can help them scale their businesses and make the right decisions. When preparing cash flow forecasts for your clients, a cash flow management checklist can ensure you and your accountants are covering all aspects of the cash flow for your client.
Business checklists for accountants
Business checklists are those that can help you run your practice smoothly and efficiently. They ensure that you can easily cover both tasks for your clients but also grow your business in the meantime. They also help keep certain standards when you expand your accounting and bookkeeping team and hire not only accountants and bookkeepers but also other team members.
Client onboarding checklist
Onboarding checklist will take you through all the steps with your client from the initial contact to fully signing them up as your client. It ensures all the dots are connected and you can start providing your accounting or bookkeeping services as soon as possible.
Leaving client checklist
It’s not nice when your client leaves your accounting practice. However, it doesn’t happen often when clients leave their accountants or bookkeepers. But when it happens. A leaving client checklist will ensure all matters are properly dealt with and closed.
Posting on social media checklist
As an accountant or bookkeeper, you may thrive performing accounting and bookkeeping tasks. But running a successful accounting or bookkeeping practice involves marketing your business. This checklist can help you be consistent and build your brand recognition and engagement with potential clients.
Blogging checklist
Blogging checklist is very crucial when it comes to marketing. Nowadays, just writing isn’t enough to get your business’s name out there. Your articles must be SEO optimised. But you’re an accountant or a bookkeeper, not a marketing expert, right? This checklist can really help you.
Hiring checklist
When your accounting or bookkeeping practice is growing, it’s exciting times. Don’t forget about formalities though. Having a good employee is precious. A hiring checklist will help you get your new team member on board smoothly and as quickly as possible.