When an Estonian company changes accountant, the technical transfer is only half of the work. The new accountant must understand what every opening balance contains, which source documents support it and which historical questions are still open. If that context is missing, the first monthly close can look complete while old mistakes continue into the new period.
What opening balances must explain
An opening balance is not just a number in the balance sheet. It should explain who owes money, what the company owes, which loans or prepayments exist, and which document proves the amount. I would separate the balances into clear groups before the new accountant accepts the file:
- trade receivables and payables with invoice-level lists
- bank, card, loan, owner and shareholder balances
- VAT, payroll, income tax and other tax positions
- inventory, fixed assets, prepayments and accruals
If a balance cannot be explained, mark it as an open issue. Do not let it become the new accountant's silent starting point.
Data and access to transfer before day one
The handover should include the general ledger, trial balance, open customer and supplier lists, last filed declarations, payroll history, bank statements, contracts and archive access. Portal rights also matter: e-MTA, e-Business Register, accounting software, bank feeds, payroll tools and document storage should be checked before the first deadline.
This is where owner involvement is useful. The accountant can request data, but the owner usually controls access, old provider communication and decisions on unresolved items.
How to make the first month auditable
The first month should be treated as a controlled takeover, not as a normal month. Agree one cut-off date for documents, one owner for missing evidence and one review meeting before the first filing. The review should confirm that opening balances match the transferred records and that missing items are documented separately.
A short written handover note is enough in many small companies. It should say what was received, what was not received, what looks risky and who will decide the next step.
Practical owner table
| Area | What to check | Why it matters |
|---|---|---|
| Receivables and payables | Open invoice lists, ageing and disputed items | Prevents old collection or payment issues entering the new close |
| Taxes | Last VAT, TSD and annual-report status | Shows whether there are filing gaps or unpaid liabilities |
| Access | Bank, e-MTA, e-Business Register, software and archive rights | Removes avoidable delays before the first deadline |
| Open questions | Loans, owner transactions, missing documents and corrections | Separates cleanup work from normal bookkeeping |
Checklist before the next close
Before the new accountant closes the first month, confirm the basics in writing:
- opening balances agree with the trial balance and supporting lists
- all active bank and tax access rights work
- missing documents are listed with a responsible person
- old corrections are separated from current-month work
- the first owner review happens before tax or management reporting is due
This keeps the transition measurable. Everyone can see whether the month is ready or still dependent on old data.
Common mistakes
The most expensive problems usually start as small gaps in the handover. The ones I would remove first are:
- accepting a trial balance without invoice-level or account-level explanations
- switching provider during a filing week with no overlap
- mixing historical cleanup into the fixed monthly service without agreeing scope
- forgetting to remove or update old access rights after the transfer
Cleaning these points early is cheaper than finding them during annual-report preparation.
A clean provider change is built around evidence. If the old balances are understandable, the new accountant can focus on current work instead of reconstructing history.
Frequently asked questions
Do opening balances always need a separate review?
Yes. Even if the previous accountant was careful, the new accountant must understand what the balances contain and which documents support them.
What if the old accountant does not hand everything over?
List the missing items and collect alternative evidence from banks, invoices, contracts, tax filings and registry data. Then agree whether cleanup is a separate project. Related topic: What Bookkeeping Does Not Include.
Should the switch happen at month-end?
Usually it is cleaner to switch after a monthly close, but tax deadlines, access rights and data quality matter more than the calendar date alone. Related topic: Self-Managed Bookkeeping Mistakes in an OÜ.
How long does the takeover take?
A simple company may be ready in one month. Unclear balances, missing archives or several years of corrections can turn the takeover into a separate cleanup project. Related topic: crypto transactions in company accounting.
Official sources
Use these official pages to confirm registry and tax access before acting:
A provider change should make the next month more reliable, not just move files between people. If you are planning a handover, compare the process with our accounting services in Estonia or contact us before the first deadline depends on incomplete balances.