Checklist

Virtual CFO client onboarding checklist

Everything to settle before the first monthly report goes to a new client. Work down the list; a client is ready for a live month only when every box is ticked.

1. Accept the engagement

• Independence check doneIs your firm also the statutory or internal auditor of this client? If yes, decide and record the safeguards before you accept (ICAI Code of Ethics; section 144 of the Companies Act for companies).
• Scope agreed with the ownerWhich services: monthly reporting, budget and forecast, cash and working capital, cost review, accounting advisory. Use the service-scope matrix.
• Engagement letter signedScope, what is outside it, fee, frequency, notice period. See the engagement checklist.

2. Set up the client file

• Client profile completeConstitution, industry, turnover band, banks, whether it holds stock, number of employees.
• Contacts recordedOwner (who receives the report), the client's accountant (who closes the books), and who to chase if data is late.
• Your team namedPreparer (article or junior), reviewer (senior or manager) and the approving partner.
• Delivery calendar fixedBooks-close day, the day the report is sent and the review meeting day each month.

3. Get the data flowing

• Data route chosenTrial balance exported from Tally to Excel each month, or the CFOPartner Tally connector (in pilot; Windows with TallyPrime; reads only).
• Accountant briefedShare the accounts manual and the monthly records checklist. See the data-readiness guide.
• Opening data loadedLast year's figures (for comparison) and the bill-wise outstanding list if you want party-wise ageing.
• Budget for the year agreedMonth-wise revenue, cost of sales, staff and other costs. Without it there is no budget-vs-actual.

4. First month

• Run the first month in parallelPrepare the pack alongside the client's current reporting. Check the figures and the rules' flags before anything is presented as final.
• Books readiness check clearedSuspense, negative cash, party balances in the wrong direction, stock, ledger placement and depreciation reviewed.
• Partner review and approvalNothing goes to the client before the partner approves it.
• Review meeting held and actions agreedEach action has an owner and a date; it carries into next month's tracker.