If your business does not require an audit, then it is true that an audit will increase the cost of your accountancy bill. Where are the benefits?
We will assess your business and advise you whether there is any advantage of having an audit. Our advice is based on the following factors amongst others
- Suppliers and credit terms – attractive credit terms from suppliers are the cheapest forms of finance and hence can assist with improved cashflow. An audited set of accounts can improve credit terms and credit ratings.
- Customers – Often customers will perform credit searches as well as suppliers. If you are tending for a contract or large business, then an audit can help send a clear message regarding the assurances to deliver your promise.
- Banks and lending – An audit will provide your bank manager with credibility over your figures, and can help when applying for additional funding.
- Tax authorities – The message of an audit is clear and provides a degree of integrity over the figures and compliance issues.
- Employees – if you operate a company pension scheme, profit related pay etc, then your employees will have more confidence when their pay is based on a set of audited figures.
- Your business – one of the aspects an audit uncovers is the strength of your internal systems to prevent fraud and error. Whilst you are busy leading the business this aspect often gets left behind or entrusted in the hands of others.
Of course, many businesses may not benefit from an audit, but instead need help with good systems. If this is the case, we will you tell you!