What it usually looks like
The reasons vary: the business has grown and the current firm can no longer keep up, the chief accountant has left, the group wants all its companies in one place, or questions simply go unanswered. The decision is often taken mid-year – and then comes the worry that the change will cause chaos in tax returns, payroll and the financial statements.
It doesn’t have to. The books can be handed over at the end of any month. The condition is that the current accountant closes that month, the data is handed over in full and the opening balances are checked. Tax returns, tax payments and payroll carry on as normal – the only thing that changes is who prepares them.
A handover is also a good opportunity to look at the books with fresh eyes. Not to find someone to blame, but to know where we are starting from, and so that matters from the past don’t come back at the least convenient moment.
Points to watch
The contract with your current firm
It is worth starting by checking the notice period and what the contract says about handing over documents and data. It helps to part on good terms – for the first few months, questions to the previous accountant are quite normal.
Data, not just printouts
A smooth handover needs electronic accounting records, receivables and payables ledgers, the fixed asset register, VAT records and employee files. Paper summaries alone mean reconstructing everything by hand, with a risk of mistakes.
One handover date
It is worth agreeing the date from which the new team is responsible for the books, and writing down who prepares the returns for the transitional month. That way, no return is filed twice and none is missed.
Payroll cannot wait
Salaries, contributions and tax advances have fixed deadlines, and employees should not notice the change. Payroll and HR are moved with their full history: contracts, holidays, sick leave, calculation bases. This is usually the most labour-intensive part of the handover.
Access and authorisations
The bank, the tax office, social security, electronic signatures – the new team needs authorisations, and the old ones must be revoked. A list of access rights prepared at the start saves stress when the first deadline comes.
How we work – step by step
We talk about your needs
We ask how the business works, what has been missing so far and what reports the management board needs. We agree the scope: the books alone, or payroll, HR and group reporting as well.
We agree the plan and the handover date
We write down what the current firm will hand over and when, who files which returns and who is responsible for what during the transitional period. We also agree the plan with the current firm.
We take over the data and check the balances
We load the records and reconcile receivables and payables, bank accounts and settlements with the tax office and social security. That way, it is clear where we are starting from.
We describe what we found
We provide a short list of matters to clarify or correct – with an assessment of what is urgent and what can wait. You decide on any corrections, once you know the consequences.
We keep the books and payroll going without a break
From the handover date we prepare tax returns, tax payments and payroll by the usual deadlines. We set up a regular document flow and a calendar for closing each month.
We close the year
The financial year ends with one set of financial statements covering both periods – before and after the handover. If the statements are subject to audit, we work with the statutory auditor.