Recent Answers to Accounting Firm Law Questions
What are the key provisions that should be included in an Accounting Services Agreement?
Accounting Firm
Accounting Services Agreement
California
I am a small business owner and I am in the process of hiring an accounting firm to handle my financial records and tax filings. I want to ensure that I have a comprehensive and legally binding agreement in place with the accounting firm to protect my interests and clearly outline the scope of their services, fees, confidentiality, termination rights, and any potential liability. I would like to know the key provisions that should be included in an Accounting Services Agreement to ensure a mutually beneficial and secure relationship with the accounting firm.
Dawn K.
Your list above for scope, fees, confidentiality, termination rights, and liability for filings is pretty comprehensive. I would ensure that instead of things like "all tax filings" you are specific- are they filing your quarterly 940s and annual 941s? Only federal filings? State, county, local? The clearer the better so there is no ambiguity as to what "all tax filings" means. For financial records, does this firm have a records retention policy for a period of time? Are you required to retrieve records within a specified period if you terminate services? Are they running payroll? Will they be keeping copies of timecards, payroll records and W-2. W-3, W-4 as needed? Depending on the jurisdiction these records specifically must be retained for a number of years. You have an excellent start. I would have them specify, by document number or description exactly what is included and who is storing the business financial records (if on their side, for how long). Hope this helps!
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