Why Accounting Firms Should Issue Receipts
It is ironic but common — accounting firms that meticulously track every client's transactions sometimes neglect their own payment documentation. Issuing receipts for every payment received is not just professional courtesy; it is a compliance necessity. Your clients deduct your fees as a business expense, and they need receipts to substantiate those deductions during their own audits.
Receipts also matter for your firm's own financial records. During peer reviews (required for CPA firms performing audits or reviews), clean financial documentation including issued receipts demonstrates the organizational standards you apply to your practice.
What to Include on an Accounting Services Receipt
- Firm name, address, and EIN/tax ID — essential for your client's tax records
- Client name and business name — match the entity on the engagement letter
- Service description — "2024 Federal & State Tax Return Preparation" or "Monthly Bookkeeping — January 2025"
- Engagement or invoice reference number — ties the receipt to the original billing
- Amount received and payment date
- Payment method — check number, ACH transfer, credit card last four digits
- Trust account notation — if applicable, note when funds are held in a client trust account
Receipt Best Practices for Accounting Professionals
Issue receipts automatically upon payment processing. If you use practice management software like QuickBooks Accountant, Karbon, or Canopy, integrate receipt generation into your payment workflow. For manual payments (checks, cash), issue the receipt the same day you deposit the funds.
For retainer or prepayment arrangements, the receipt should clearly state whether the funds are a prepayment applied to future services or a payment for completed work. This distinction matters for revenue recognition under accrual accounting — and as an accountant, you know your own books should be impeccable.
Year-end summaries are a valuable client service. In January, send each client a summary receipt totaling all accounting fees paid during the prior year. This saves them from hunting through emails for individual receipts when preparing their own tax documents or providing records to their auditors.
Generate Accounting Receipts with BillThemToday
Use BillThemToday's free receipt generator to create professional accounting service receipts. Include your firm's tax ID, link receipts to engagement numbers, and download clean PDFs. Maintain the same documentation standards for your own practice that you demand of your clients.