We have had a couple of clients where we stepped in blindly as their previous, in-house accountant left unexpectedly. We found in both cases that we were operating blindly as those previous accountants had left very little behind to guide us. We found no contact lists, no standard operating procedures, very little paperwork. We were fortunate to have a list of logons and passwords for one client and had the use of an excellent IT person at the other, otherwise we had to start from scratch.
As a result, each spent a great deal more for our services than they would have if there had been a binder. Such a binder should contain key contact people (customers, vendors), key accounts (bank accounts, investments, credit cards, loans) and the contact people for the key accounts. There should be a listing of all key logons/user names/user IDs as well as passwords. Obviously, this needs to be locked up for security reasons. Another important section would have important dates-when are bills due, what is paid automatically and what needs to be processed for payment.
Think of the peace of mind that will result if such a binder exists. It will take some work to create it and keeping in updated will be important. It can save a business time and money to establish it so get started today!