Say your controller of 18 years gives notice, or tells you they plan to retire next spring. Then it sinks in: the bank contact, the year-end timeline and the password to the payroll portal all live in one person’s head. This accounting handover checklist, which also works as a controller succession checklist, covers what to capture before that person’s last day, whether they’re retiring or moving on. It happens to a lot of owners. RBC Economics reports that retirements in Canada are running at about 25,500 workers a month, nearly double the pace of two decades ago. Print the list, split it up and work through it section by section.
How to Use This Accounting Handover Checklist
Start as soon as you know the controller is leaving, give each section an owner and a date, and have the controller walk you (or a second person) through each item rather than just writing it down.
- Start early. BDC advises owners to start succession planning at least 18 to 24 months before their desired exit. The same logic applies to the person who keeps your books.
- Record where things live, not just what they are. A file name doesn’t help much without the folder path and the login.
- Test access before the last day. Log in as the new owner of each account while the controller is still there to help.
- Keep the list in a shared, access-controlled location. If it sits on one person’s desktop, you’re back where you started.
This list sticks to the handover. For the role itself, see what a controller does at a private company.
Banking, Lenders and Cash
Banking relationships are the most time-sensitive handover item because covenant dates (when your lender tests your financial ratios) and signing authorities don’t wait. If only your controller knows when the bank’s covenant test falls, you’ll find out when you miss one.
- [ ] Bank relationship manager names, phone numbers and emails
- [ ] List of every account and its signing authorities (update signers before departure)
- [ ] Credit facilities, covenant tests and reporting dates
- [ ] Lender reporting templates and the last three submissions
- [ ] Online banking admin rights and payment approval limits
- [ ] Cash forecast file, plus a walkthrough of how it’s built
Month-End Close and Recurring Journal Entries
Capture the close as a written calendar so someone else can run it next month without guessing.
- [ ] Close checklist with day-by-day tasks
- [ ] Recurring and standing journal entries, with support
- [ ] Accrual and prepaid schedules
- [ ] Reconciliation list and who reviews each one
- [ ] Intercompany entries between your holding company and operating company
- [ ] Every spreadsheet that feeds the general ledger: where it lives and who updates it
Year-End File and the External Accountant
The year-end file is where undocumented judgement hides, and your external accountant will ask about it first.
- [ ] External accountant contact and engagement type (review, audit or compilation)
- [ ] Last year’s year-end file, lead sheets (the summaries that tie each balance to its support) and adjusting entries
- [ ] Timeline agreed with the external accountant
- [ ] Judgement areas and the position taken (inventory, revenue recognition, leases under ASPE, the accounting standards for private companies)
- [ ] Open items from the external accountant’s last management letter (the issues they raised)
Tax and Government Filings Calendar
Build one calendar with every filing date so nothing depends on the controller’s memory. Per the CRA, a T2 (the corporate tax return) is due within six months of year-end, and T4 slips are due by the last day of February.
- [ ] T2 filing date and the balance-due date (check the CRA deadlines page, since the two dates can differ)
- [ ] Corporate instalment schedule
- [ ] GST/HST filing frequency and due dates
- [ ] Payroll remittance frequency
- [ ] T4 and T4A slips
- [ ] Ontario annual return, filed through the Ontario Business Registry within six months of year-end
- [ ] Employer Health Tax (EHT) and WSIB filings
- [ ] Any other provincial or municipal filings
- [ ] CRA authorized representatives in My Business Account. A representative’s access stays in place until it’s cancelled or expires, so add the new person and remove the departing controller where appropriate.
Systems, Passwords and Admin Rights
Every login the controller holds should be transferred, reassigned or removed before their last day.
- [ ] Admin access to the accounting system or ERP
- [ ] Payroll provider
- [ ] Banking portals
- [ ] CRA and Ontario Business Registry accounts
- [ ] Expense and AP tools
- [ ] Shared drives and folders
- [ ] Credentials stored securely, ideally in a password manager, with multi-factor authentication turned on. The Canadian Centre for Cyber Security recommends password managers that require multi-factor authentication and MFA on all accounts, especially those with admin privileges
- [ ] Accounts and admin rights the person no longer needs removed, since federal guidance says to delete special access privileges when users no longer need them
Workarounds, Vendor and Customer Terms, and Owner Reporting
The most valuable knowledge is usually what nobody wrote down: the fixes, side arrangements and habits that one person always handled.
- [ ] Known workarounds and “why we do it this way” notes
- [ ] Key vendor terms, rebates and payment arrangements
- [ ] Key customer credit terms and exceptions
- [ ] Insurance renewal dates and lease terms
- [ ] Your own reports: what you look at monthly, in what format, and why
For the trickiest tasks, ask the controller to record short screen-share videos. Ten minutes of them talking through a reconciliation can save your next hire a week of guessing.
If your general counsel is leaving at the same time, our guide to covering a GC departure is the legal equivalent of this list.
When the Checklist Is Done: Filling the Seat With Minted
A finished checklist buys you time, but the business still needs a permanent controller. That’s the part Minted Search Group handles. We’re a CPA-led recruiter for privately owned businesses, and a CPA screens candidates on the real work of the role before they reach your desk.
Controller searches typically run 6 to 10 weeks, so starting as soon as your controller gives notice can leave room for a handover. Your completed checklist also becomes the brief: it shows us exactly what the next controller has to own.
FAQ
What should a controller hand over before leaving?
A controller should hand over banking and lender relationships, including covenant dates and signing authorities. They should also document the month-end close, the year-end file and the judgement calls behind it, and a full tax and government filings calendar. Beyond that, the list covers every system login and admin right, plus the undocumented workarounds, vendor and customer terms, and the reports the owner relies on.
How much notice do I need to plan a controller handover?
As much as you can get. If the controller is retiring, start a year or more ahead. If you get two weeks’ notice, work through banking, filings and system access first, then the close. Those are the items that cause real damage when they’re missed.
Should the outgoing controller train their replacement?
Ideally, yes, with some overlap if timing allows. That depends on how long the permanent search takes compared with their notice period. Starting the permanent search with Minted Search Group as soon as notice lands gives you the best chance of that overlap. If there’s no overlap, a completed checklist plus your external accountant can bridge the gap. And if you’re weighing whether someone internal could step up, our comparison of a controller versus a senior accountant helps you judge the difference.
Who should own the handover?
The owner or CFO should own it, with one internal person as backup. The controller does the explaining, but the business needs to hold the finished list.
A Finished List Protects the Business
A completed accounting handover checklist protects the business while the seat is empty and helps the next controller get productive faster. When you’re ready for the permanent hire, our guide to hiring a controller or CFO for your private company is a good starting point, and our salary guide has current controller ranges.
Talk to Minted Search Group about a permanent controller search, or see how our accounting and finance recruitment works. No Pressure, Just Possibilities.
