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Accounting Service Agreement

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Accounting Service Agreement

As an accounting professional with an experienced team, you are getting lots of calls from prospective clients for managing their accounts for them. However, you don't seem to be finalizing the deal with any client because there is no accounting service agreement ready for you to use! 

Lost opportunities mean lost revenue. You must have been aware of free online resources that you can access through Google and found templates of an accounting service agreement that would be useful.  

What is stopping you from using that template is perhaps the fear of missing out some important clause, which could lead to non-payment of fees by the client.

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Well, we can help you out and share some basics of drafting a freelancing agreement, which will ensure that you can make modifications to your template and use it for your business.

1. The necessities of the accounting service agreement 

Your name, address, and other communication details, along with the name of the client and their communication details. This clarifies who is providing the service and who is receiving the service.

2. Purpose of the agreement 

The purpose for which the client is engaging your services, accounting in this case, must be mentioned in the accounting service agreement. The client should communicate with you in writing regarding the specific accounting services required, such as audits of accounts or preparations of financial statements.

3. Length of the agreement 

Every freelance agreement will have a start and end date. Apart from the duration of the agreement, you should mention that services beyond the expiry date of the accounting service agreement shall be provided but with extra compensation.

4. Mention the fees and other expenses 

How and when the client pays you for your services should be mentioned in the accounting service agreement. When you intend to raise the bill, either monthly or a lump sum, and when the client needs to pay you. 

Travel and other miscellaneous expenses, if the client agrees to reimburse them, should be part of this agreement. These would include airfare, taxi fare, boarding, and lodging. Whatever is excluded by the client must also be stated.

5. Your status in this agreement 

You are not an employee but an independent contractor in the freelancer agreement. You have the full right to decide how the specific service will be provided. You will pay your taxes as a consultant.

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6. Maintaining records 

You need to keep complete records of all financial transactions carried out due to the accounting service agreement. These records will be audited by the client and the government.

7. Ensuring the secrecy of client information 

As a freelance accountant, you will have access to confidential information relating to the client's business. Both you and the client must ensure that this information is not shared with a third party.

8. Intellectual property rights 

Any innovation or creation by you during the accounting service agreement will become the property of your client. You will have to grant full rights to the client with regard to your creations.

9. Workplace safety

The safety of you and your team at the workplace is to be ensured by the client. First-aid facilities and ambulance services should be provided by the client.  
You will indemnify or not hold the client responsible for any expenses arising out accidents or medical emergencies while providing accounting services as a freelancer.

10. Termination of the agreement 

The agreement will automatically stand terminated when the freelance agreement reaches the end date or when you or the client decide to end the agreement before the end date for violation of any part of the contract.

11. Signature of parties

You should leave space for signature both by the client and yourself. When both you and the client have agreed to all the terms and conditions, both should sign the freelance agreement. 

Grow faster with the right template 

With the right template, you will be able to convert more clients as a freelancer. Take your business to the next level with these templates.  

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Accounting Service Agreement
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