Key Considerations Before Quoting a Potential Client
When you receive an inquiry from a prospective client, what do you request to review before offering a quote for your monthly Bookkeeping services? Do you ask for any formal documentation or financial statements to assess their situation, or do you base your quote on your understanding of their business gathered through conversations?
One response
When preparing to provide a quote to a potential client, especially for services like Bookkeeping, it is crucial to gather enough information to ensure that your quote is accurate and reflective of the work involved. Here is a detailed list of what you should generally consider asking to see or know:
Key Information to Collect
Number of Accounts: Know how many bank accounts, credit cards, and other financial accounts they have. This will impact the reconciliation process.
Current Financial Practices
Financial Documents: Request access to recent financial statements such as balance sheets, income statements, and cash flow statements to understand the present financial condition.
Business Industry and Structure
Business Structure: Understand whether the business is a sole proprietorship, partnership, corporation, etc., as this can affect reporting and compliance needs.
Scope and Services Needed
Frequency of Reports: Discuss how often they require financial reports—monthly, quarterly, or annually.
Historical Issues and Concerns
Formal Documents vs. Informal Understandings
Formal Documents: Although it can be tempting to give a quote based solely on discussions, reviewing formal documents when possible is advisable. Documents such as historical financial statements, tax filings, and bank statements offer a more objective and comprehensive view of the workload.
Bank Statements: While not always necessary upfront, viewing bank statements can help verify the volume of transactions and identify any irregularities or complexities in their financial activities.
**Informal Understanding