3. Ensure you’re compliant with industry regulations
Make sure the documentation that supports any engagement clearly states the scope of work, the investment required in the work and any applicable terms of the agreement. This is important not only to support a trusted relationship with your clients, but also to ensure that as an accountant or bookkeeper, you’re compliant with the relevant compliance obligations for Terms of Engagement in your practice.
“In our engagement letters we verify our client’s identity, set out our privacy policy and articulate any other lawful requirements,” Thyer says.
The right accounting software definitely makes the process a lot easier, she adds.
“Engagement documents need to be simple and free of jargon. There is a real art in communicating with clients. I love seeing an engagement letter that’s written in plain English, that captures the essence of everything we need to disclose to be compliant, and is able to be clearly understood by our clients.”
Great documentation is the best way to ensure clients understand their obligations and also their accountants’ obligations. That’s the best way to establish a great foundation for the relationship.