Why Onboarding Takes Time: A Peek Behind the Curtain

It is time to pull back the curtain on step one of Accountfully being your new small business accounting team–the onboarding process.  This important first step has been refined over the decades of supporting clients as they transition from their current methods to Accountfully’s systems and processes.  For hard-charging small business owners, sometimes onboarding programs can be met with a little resistance, especially when it feels like it takes a long time.

We know you're all about moving fast and breaking boundaries in your industries, whether natural foods, digital marketing, consulting services, beauty products, or outdoor gear. So, when it comes to onboarding for accounting services, you might wonder why it takes a fair bit of time (and billable hours). Let's break it down and give you a behind-the-scenes look at why this process is so crucial.

1. Kicking Off Our Onboarding Process

Our Onboarding Team dives deep into understanding your business. It all starts with a kickoff call where you meet the team and we get to know the ins and outs of your operations. We’re talking about everything from your financial processes to your unique revenue streams and specific needs. We establish a communication protocol, walk through the service level agreement, send a request and access list, and begin setting up and configuring your systems.

What We Do:

• Review and update your chart of accounts and align with industry best practices.
• Perform inventory and supply chain discovery (if your business is inventory-based).
• Perform an audit of your sales tax process and systems (when applicable). 
• Integrate with other teams, such as our Income Tax, Inventory Consulting, and Finance, and Advisory teams.

This thorough process ensures you have accurate financials and your systems are in sync, laying a solid foundation for ongoing bookkeeping and accounting day-to-day tasks.

By understanding your specific needs and industry nuances, we can effectively tailor our services to support your unique business journey.  From there, you can make informed decisions based on your accurate and up-to-date information.

2. Integrating and Customizing Systems

Once we have collected your logins and synced all data, we integrate your financial data into QuickBooks Online, Gusto, Bill, and Fathom, and tweak these systems to fit your business like a glove.

What We Use:

• Industry Standards: QuickBooks Online, Gusto, Bill, and Fathom are leaders in their industries, known for their reliability, ease of use, and comprehensive features.‍
• Seamless Integration: We chose this tech stack for how the platforms integrate with each other and, as a result, ensure that your bookkeeping, payroll, bill payments, and reporting are synchronized and accurate.‍
• Scalability: The systems are designed to grow with your business, providing advanced features that support increased complexity as your business grows.

Seamless integration means all your financial systems work in harmony; giving you clear, reliable insights into your business’s financial health.

3. Financial and Accounting Record Clean-Up

We collect all the necessary financial information, including historical records, and go through it with a fine-tooth comb. We work with you to understand where the data is accurate and where it’s not.

What We Do:

• Data Collection: We work with you to get access to all of your financial systems and accounts. This might include banks, and sales channels (like Shopify or Amazon), looking at vendors and distributors, and gathering all relevant financial data from your previous systems and records.
• Data Cleaning: This varies from client to client, but for many, we’re also going back and cleaning up historical data. Some may be just a month or two, but others might want us to reconcile years of messy books.  

For scaling startups, there is little more important than having accurate and reliable financial data. Whether you’re looking for investors, raising rounds of funding, or planning to exit by selling the business, due diligence is key. Potential investors and buyers will scrutinize your financials to assess the health and potential of your business. 

4. Month-End Process Implementation and Financial Close

Once your systems are up and running, and we've got a solid handle on your financials, we move into the month-end process implementation and financial close. This is also where we make the switch from cash-based accounting to accrual-based accounting and reporting.

This phase is all about ensuring your financial reports are accurate, timely, and ready not only for your internal team, but also in the scenario that they’re needed to impress stakeholders, potential investors, and buyers.

What We Do:

• Initial Month-End Financial Close: We kick off the month-end process by performing a thorough review and close of your financial records. This involves reconciling accounts, verifying transactions, and ensuring everything is in tip-top shape.‍
• Reporting Package Submission: After the initial close, we compile and submit a comprehensive month-end reporting package. This includes detailed financial statements and key performance metrics that give you a clear snapshot of your business's financial health.‍
• Financial Review Meeting: We don’t just send you reports and leave it at that. We schedule a review meeting to go over the financials with you, explain the numbers, provide insights from the data, and answer any questions you might have.

Accurate month-end financials are crucial for making informed business decisions and maintaining financial health. They provide insights into your revenue, expenses, cash flow, and profitability, helping you steer your business in the right direction. For scaling startups, solid month-end reports are a vital component in being ready to attract investors, preparing for future funding rounds, or ensuring you have a solid exit strategy.

5. Begin Bookkeeping Processes 

During the onboarding phase, we’ll continue to discuss and refine the processes that best suit your business. We also begin in-scope weekly bookkeeping tasks, ensuring everything is running smoothly and efficiently. The timing of these tasks is determined by you, giving you the flexibility to manage your schedule.

6. Transition Out of Onboarding to the Account Team

Finally, we set up a call to introduce you to your recurring account team. Now that you’re in a steady state, we take everything we’ve learned and processes we’ve established and transfer it all over to the team that will be working with you long term. 

The Big Picture: Why It’s Worth It

Investing time in a thorough onboarding process is a little like setting up a sturdy tent on a multi-day mountain adventure. After an exhausting day hiking (uphill in the sun), taking the extra time to put the stakes in the ground feels tedious, but it’s important. Ensuring you’ve got your tent’s foundation in place means you can sleep well at night (and won’t be scrambling in a midnight windstorm). For founders, we can’t think of much more important than being rested and ready to tackle tomorrow—and all that's to come.

Cheesy metaphor, we know. But this is how we think of onboarding. It’s the stakes in the ground. It sets the foundation, not just for the relationship, but for your financial future. We know we can deliver top-notch, customized services that meet your needs and help your business thrive. We’re honored to be part of your exciting journey, and are here to make sure your financials are as strong and vibrant as your brand!

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