Q & A and Tips on Accounting, Taxes and Personal Finance.

You’ve hired an Accountant – now what?

June 30, 2014 | By More

What tasks will you delegate to your accountant?  How many hours should be allotted per visit?

Prepare your Accountant’s checklist…

A checklist can help you and your new accountant get things moving quickly and smoothly.  It can set expectations such as time allotments and costs involved, as well as familiarize your new accountant with your business and current processes. Take the time to make a checklist of all the accounting functions you plan to outsource. Then review these with your new accountant for input and suggestions they might have.

Harry E. Hunter, of Hunter Consulting, in Union County NJ recently landed a new business client from BookkeepingHelp.com.  Harry shares his monthly checklist of tasks to be completed for this client; an IT consulting company with 9 employees.

accountant checklist

Prepare a checklist for your accountant

Harry:  Because this client is very hands-on and uses QuickBooks, the project got off to a smooth start. After my initial consultation, which was done on-site, the client provided a list of accounting functions to be done at his office twice a month.  I’ll be spending approximately 10 – 14 hours a month in two – 5 – 7 hour segments. Here are the accounting and bookkeeping tasks I’ll be providing:

  • Create Invoices  – in conjunction with the owner, all invoices will be reviewed before submitting to customers
  • Enter Invoices into System
  • Record Deposits into System
  • File State Sales Tax (done Quarterly)
  • Collections Calls
  • Import Payroll File
  • Prepare Payments for all Company Expenses
  • Enter Credit Card Transactions and Categorize Expenses
  • Enter Checks
  • Record Deposits
  • Reconcile Bank Statements
  • Review Questionable Items from Credit Cards and Bank Statements
  • Backup QuickBooks

Annually, I’ll create and file the required annual report with the State of New Jersey and  handle the certification for my client’s liability insurance.  He also mentioned having me review last year’s tax return – a 2nd pair of eyes – and there may be additional future consulting jobs.

My client’s preparedness and knowledge has made for a smooth start to our relationship.

Time is money and having an accounting checklist ready – even if you’re not sure of all the tasks needed – will go a long way to streamlining the process.  For the business owner, this means more efficiencies and more time to run your business.

Contributed by Harry E. Hunter,  President of Hunter Consulting, Inc., located in Berkeley Heights, NJ

To learn more about Harry, visit www.Hunter-Consulting.com

Article information should not be used exclusively to make legal, financial or tax decisions. Because laws and rules can change frequently, topics may not always be updated to reflect these changes or may not apply to your unique situation. It’s prudent to seek out the advice of a professional for your specific needs.

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Category: Accounting

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