I started a private company. What does onboarding look like with an accounting firm?

Starting a new company is exciting. But there’s a lot to manage, especially when it comes to finances. Every new company needs accounting. It’s the law.

But what happens when you decide to work with one? Here’s a quick look at the onboarding process.

Step 1: First Meeting

You contact accounting firms and schedule a meeting with one. You have a first meeting to talk about your business and what you need. The representative at the accounting firm will want to know about your revenue, expenses, and financial goals.

Step 2: Paperwork

You’ll need to sign some contracts. These outline what the firm will do for you and what it will cost. Make sure you read everything carefully.

These contracts usually talk about the scope of services and confidentiality of your financial data.

Step 3: Access to Financial Data

The firm will need access to your bank accounts, invoices, and other financial records. This is usually done through secure online platforms. Some firms accept physical invoices or bank statements.

Step 4: Setting Up Software

If you don’t have accounting software, the firm may set this up for you. This makes it easier to track money coming in and going out. Popular accounting softwares include Xero and Wave. We personally recommend Xero since we offer Xero software training!

Step 5: Initial Review

The firm will look at your current financial situation. They may offer tips on how to save money or grow your business.

Step 6: Regular Updates

You’ll have regular meetings to review your finances. This can be once a quarter or once a year. This is a chance to ask questions and make plans for the future. Ask questions about your profit margin, cash flow and other key metrics.

Step 7: Tax Planning

The firm will help you prepare for tax season, making sure you’re taking advantage of any tax breaks. Be sure to ask for due dates and mark them in your calendar. Don’t forget about tax day!

Step 8: Ongoing Support

Even after the initial stages, you can reach out to the firm for help anytime. Whether it’s tax questions or planning for growth, they’re there to assist.

Working with an accounting firm can make running your business much easier, allowing you to focus on what you do best.

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