Accounting work is important to help people and companies manage their finances by tracking income and expenses and providing financial information to the government, investors, and stakeholders. A lot of agencies and private individuals require accounting services from accountants and accounting tasks are not a walk in the park, so it’s important to hash out a scope of work to determine the services you’re going to offer. Read the article to find out how to make a scope of work for accounting services.
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What Is a Scope of Work?
Scope of work is a document that entails an agreement between the client and the worker on the job they’re going to perform on a certain project. In this case, an accountant will be the one who is offering their services to clients or stakeholders for whatever reason these clients and stakeholders need from them. An accountant has a lot of tasks and responsibilities to do so it’s crucial that they will need a scope of work to be specific on what particular service they will be doing and what will be the timeframe of the project.
How to Make Scope of Work for Accounting Services
These are the following attributes you need to include in your scope of work:
Identify Your Deliverables
The deliverables will be the expected outcome of your work for the project. Your work will base on completing the deliverables for your client or stakeholder. Deliverables are usually tangible products such as reports, or software, or a product. In your case, it’s usually documents and reports that are expected for the deliverable. Furthermore, clearly identify with your client what specific document or report is expected of the project.
Map Out a Timeline
A project is not possible without a timeframe of when it will start and when it will end. The next part is to make a timeline of all the work you’re going to do to come up with the deliverables. The timeline should consist of a schedule of the duration of the project and how often you’ll work on the project (e.g. weekly, monthly, bi-weekly, daily). Make sure to present your full timeline and use visual aids.
Tasks and Responsibilities
Once you’ve got your timeline, it’s time to identify the tasks and responsibilities you are to do for the project. Be specific in identifying your tasks so your client or stakeholder will know what you’re doing to complete the project and deliver the deliverables. Schedule your tasks on when you’re doing them. Below are some accountant task and duties that they usually do:
- Analyze accounting data and prepare financial reports for financial information to clients and stakeholders,
- Summarizes financial status of clients and stakeholders and prepares balance sheet and profit and loss statement,
- Documents financial transactions, restore financial discrepancies, and recommend financial related actions for clients and stakeholders account information,
- Prepare asset, liability, and account entries by compiling account information of clients and stakeholders,
- Audits financial documents to verify financial transactions
- Researches accounting policy and regulations to maintain accounting control,
- Completes database backups to secure financial information,
- Maintains accounting controls by preparing and recommending policies and procedure,
- Secures financial information by completing database backups and following security policies,
- Prepares payment through verifying documentation,
- Requests disbursement
- Maintains confidentiality and protects account information of clients and stakeholders
While working on your way to complete the deliverables, you also need to make progress reports or status reports for your client to update them on what part of the project you’re working on. It’s also a way for them to monitor your progress and to see if the project is on schedule or not. In your scope of work, define what type of report you’re going to be sending to your client or stakeholder and how often will you be sending them. Agree on how you should go about this.
What are the different types of accounting?
What are the benefits of accounting services?
The benefits of accounting services are that they help you understand and provide guidance on how to handle your finances, and handle complex financing tasks.
Once you’ve completed your scope of work document, communicate with your client or stakeholder about it. Reach an agreement on the terms you’re providing services for them. Make sure that the work you’re going to do is realistic and achievable. Don’t forget to also discuss payment and how and when will this be given to you. To start creating your own scope of work, try our free sample templates above for reference? Just download them to help you get started!
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