You may need to have a statutory audit because the rules say you need to (if you’re not sure whether you need to or not, give us a call on 020 3667 5200 and we’ll explain the rules to you) or it may be that you discover that it could be a good idea for you to have an audit even though you don’t need to have one.
If you currently have to have an audit because of your trading status, but you feel that your audit is nothing more than a necessary evil, then maybe you are not being audited by the right firm!
We aim to turn what many business owners consider to be an unwelcome burden and intrusion into a valuable health check – the process of carrying out the work to undertake an audit can be very revealing and often highlights areas for business improvement that could increase efficiency and profitability.
If you don’t actually have to have an audit, then here are some reasons why you might want to consider being professionally audited anyway:
- An audited set of accounts and report can improve the status of your accounts in the eyes of lenders and might help you get preferential treatment and/or rates
- An audited set of accounts can enhance your credibility in the eyes of suppliers who you may be approaching for credit terms
- A history of audited accounts can be beneficial when you wish to sell your business as it validates and legitimises what you say about your business
- Having your business audited can reduce the possibility of internal fraud taking place, a risk that unfortunately grows as you employ more and more people
- As part of the audit process we will bench mark your business against others in your industry and you will find out how you are performing against your competitors
- The tests that are carried out on your business to complete an audit can provide your management team with valuable ‘what if’ information they can use in their business planning and financial forecasting.
An audit – whether statutory or voluntary – really can be very valuable to your business. We are very experienced at carrying out audits in an efficient and cost effective manner, so give us a call on 020 3667 5200 and we’ll tell you more.