Archive for the ‘auditing’ Category

Auditing Your Business

Wednesday, April 24th, 2013

 

Tracey Jones Chartered Accountant

Benefits of Auditing

Auditing your business doesn’t have to be a chore and as an accountancy firm in Swansea we are ideally based to work with any business in Swansea or South Wales.

Whilst auditing your business may be a legal requirement and often seen by business owners or management teams as an inconvenience they are also an opportunity to improve your business and have a positive impact on the bottom line.

Benefits of an Audit

Some important benefits you can gain with your audit

  • An opportunity to review your financial and management systems
  • A well produced report enhances your business image externally
  • Positive impact on money sources such as investors and banks
  • Your own staff respond to a well written audit report

Positive Impact of Business Audits

In simple terms a well conducted and produced report has a positive impact on all of the people that are involved with your business, from staff to customers and your professional connections.

Done correctly, an audit can produce a return on investment as it identifies the ‘holes in your bucket’, the areas where your business is losing money daily through inefficiencies or poor systems.

Whilst business owners are required to produce audits due to legal requirements they are also an excellent tool to identify opportunities within your business to increase your bottom line.

Audit Accounting and Reporting

If you want to know more about the statutory requirements of audit accounting and reporting for UK companies you can visit the government website here.