Changing your fiduciary: how to hand over without gaps

The right time

A change is possible at any time. It is easiest when the previous fiduciary has closed the past year and the new one starts with a clean opening balance. If you change in the middle of the year, you should record exactly up to which date the previous fiduciary has booked and filed.

Legally, a fiduciary mandate is usually a simple agency contract. It can be terminated by either side at any time. If it is terminated at an inopportune moment, for example shortly before a deadline, damages may be owed. Check your engagement letter for agreed notice periods and plan the change so that no deadline falls within the handover.

Which documents are handed over

Your previous fiduciary must hand over what they received and prepared for you as part of the mandate. This typically includes:

• annual accounts, general ledgers and trial balances for the past years
• a complete data export from the accounting software
• lists of open customer and supplier invoices as at the handover date
• the fixed asset register with depreciation
• VAT returns including reconciliations
• payroll accounts, social security statements, salary certificates and withholding tax returns
• tax returns, assessments and ongoing correspondence with the tax authorities
• contracts relevant to the accounts, such as leasing, loans or leases

Ask for an export in a common format. If the previous and the new fiduciary use different software, the chart of accounts and balances can be transferred, while the individual entries of previous years remain in the archive.

Powers of attorney and access

Access rights and powers of attorney are often forgotten. Find out where your previous fiduciary is registered as your representative and change this in good time:

• power of attorney with the tax authorities, so that decisions and reminders go to the right place
• access to the VAT portal of the Swiss Federal Tax Administration
• compensation fund, pension fund and accident insurer
• read access to e-banking and access to the accounting software
• postal address, if official mail previously went to the fiduciary

Open work and deadlines

The transition is most delicate for everything that is currently in progress. Record the following in a short handover list:

• up to which date the books are booked and reconciled
• which VAT period was last filed
• which tax returns have been filed and for which an extension is running, and in whose name
• which assessments are still open and whether objections are pending
• which payroll declarations for the current year are still outstanding
• which accruals and provisions the previous fiduciary made in the last annual accounts, and why

Checklist for the change

Checklist

Is your handover complete?

Tick what has already been done.

The mandate has been terminated in writing, with a clear end date. It is recorded up to which date the books are booked and filed. The data export and all documents of the past years are available. Powers of attorney with the tax authorities, VAT and social insurers have been updated. All running deadlines and extensions are known. Open assessments and objections have been handed over. The new fiduciary has reconciled the opening balance with the last annual accounts.

And the auditor?

If your company is subject to audit, the auditor holds a separate mandate that does not automatically end with the fiduciary mandate. Changing the auditor requires a resolution of the general meeting and an entry in the commercial register. In a limited audit, the auditor may also be involved in the bookkeeping, subject to conditions. If you have both with the same provider, you should deliberately settle both when changing.

How I approach a takeover

After an initial meeting, I clarify with you, and if you wish directly with your previous fiduciary, which documents, access rights and open work will be handed over. I reconcile the opening balance with the last annual accounts, take over the running deadlines and make sure that the tax authorities, VAT and social insurers know who is now responsible. For you, the change should be as unnoticeable as possible.