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| Accountants Brighton and hove |
Accountants Brighton - If you are the owner or manager of a business, you know that there’s nothing more important than managing the company’s financial records. But despite your hard work maintaining thorough data for all your accounting, there is simply nothing as comprehensive as a professional financial audit. An audit, whether voluntary or mandated by law, can protect your business and discourage fraud or theft. If you are considering an audit of your financial records, it’s important to find Accountants in Brighton and Hove with the appropriate qualifications and experience to do the job properly.
What Will An Audit Look For?
Once you find Accountants in Brighton and Hove who are suited for your audit, you may be curious what the process will look like. Auditors will need access to your financial records and databases. This includes things like bank statements, financial accounting software databases, sales receipts, invoices, and other similar official documentation. Whether you have entirely electronic or written records is not critical, as long as your books are adequately maintained. Auditors will primarily be looking for bookkeeping inconsistencies, evidence of illegal activity, and compliance with legal and tax codes.
Mandatory Audits
As you may be aware, some financial audits are mandatory through the IRS or due to tax filing inquiries. Accountants in Brighton and Hove may be hired for an audit at your discretion, but if your audit is mandated, they will do the work at no additional cost to your business.In these cases, some element of your business’ filings has flagged your finances for official review. While this may seem alarming, if your financial department has operated within the law and according to the Companies Act, you have nothing to be worried about.
How Does An Audit Really Benefit My Business?
An audit may seem like a hassle, but Accountants in Brighton and Hove will tell you that the benefits for your business are actually easy to see. They include:
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| Chartered Accountants Hove |
• Identifying weaknesses in your current accounting system
• Discouraging internal theft or fraud
• Better corporate governance
• Awareness of your company’s financial health that you may not have realized
• Understanding of your tax obligations in subsequent years
Organize Early
It’s true that a financial audit for you business can help manage risk, but it will take time out of your regular workweek. It’s important to prepare in advance and give your accountants or financial department sufficient lead-time to prepare the necessary records. In many cases, auditors can send a checklist ahead of their official visit with a list of items they will need to access. Depending on the size of your business, an audit can take between one day and an entire week. Once the process is done, you can review the findings in order to make your company stronger moving into the future.Know more about Accountants Brighton and hove and Use Your Chartered Accountant As An Arm’s-Length Advisor.
