Changing Trustees Without Chaos: How to Ensure a Smooth Transition

The most common concern when switching: “This is going to be complicated.” The reality: Switching to a modern fiduciary is a standardized process and requires virtually no effort on your part as a business owner.

Step 1: Power of Attorney and Termination

You sign a power of attorney for the new fiduciary and terminate the existing contract within the required notice period. The notice period is usually specified in the contract—typically three months, effective at the end of a quarter or the end of the year.

Step 2: Data Transfer

The new fiduciary contacts the previous provider directly and takes over all documents: accounting records, VAT returns, payroll master data, contracts, and tax files. You don’t have to hand anything over yourself. Our checklist of the most important documents shows which documents you should still have ready.

Step 3: Software Onboarding

Accounting software such as Bexio, Abacus, or Klara is either taken over or set up anew. The new fiduciary handles access rights, interfaces, and data migration.

Step 4: Introductory Meeting

In a face-to-face meeting, you’ll get to know your new contact person, clarify expectations, and define the scope of the collaboration. This is where you’ll see if the chemistry is right.

Step 5: First Financial Statement

The new fiduciary prepares the first monthly or quarterly financial statement and reviews the data quality from the previous provider. Any anomalies are documented and discussed with you.

What’s important after the switch

The first month determines whether the new partnership works. Read about what you should pay attention to in The First Month After Changing Trustees. We explain exactly what happens with bookkeeping, VAT, and annual financial statements in this article.

Conclusion

Changing trustees takes you a maximum of a few hours—spread out over several weeks. Findea handles the entire handover process, including communication with the previous trustee.