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Why should you Audit your business?
Historically audits have had a bad reputation because they can be time-consuming, expensive, and require significant effort from employees to gather and provide information to the auditors. Additionally, audits can often reveal shortcomings or non-compliance issues… but times have changed; here are ways that an audit can help your business.
A financial audit can help ensure the reliability of your financial records, improve business processes, and mitigate financial risks.
An audit can help ensure the accuracy of your financial statements, which can provide peace of mind for you and stakeholders such as investors, lenders etc.
Audits will also help identify errors, omissions, or inconsistencies in financial records, which can be corrected before they become larger problems.
Conducting an audit can provide insights into your business’s financial performance, allowing you to identify areas for improvement and make informed decisions for future growth.
A history of accounts with clean audit reports can increase your credibility should you ever wish to sell the company or, perhaps, float your company.
Here are some of the actions WBV Swansea and Neath carry out during an audit:
- ZCollate, check, and analyse your business’s data.
- ZExamine your accounts and financial control systems.
- ZEvaluate levels of financial risk.
- ZCheck that financial reports and records are accurate and reliable.
- ZEnsure that assets are protected.
- ZIdentify if and where processes are not working and advise on changes to be made.
- ZPrepare reports, commentaries, and financial statements.
- ZLiaise with directors and managerial staff to present our findings and recommendations.
- ZEnsure procedures, policies, legislation, and regulations are correctly followed and complied with.
Overall, an audit is an objective assessment and evaluation of your company’s financial statements.
Andrew Rees – Allison Jayne Bridalwear
“I can’t stress how helpful WBV are, they make running the business side of the practice so much easier and simpler – they just sort everything out for us.”
(Bridal wear boutiques in Swansea who offer an extensive range of all leading bridal ranges.)
Let us handle your Audit.
WBV Accountants in Swansea and Neath work as a united team with exciting and dynamic businesses around the UK, we provide our clients the highest service possible.