There are a lot of aspects of accounting that can be daunting like the auditing London businesses face at the financial year-end. A lot of people don’t think an audit is vital. What they don’t realise is that it is an investment that provides you with lots of information about the health of the business. If you put the time and effort in to prepare, you can also reduce the fees and avoid surprises during the audit.
Address potential complications
Your business might input a new or unusual transaction that your auditor will probably quiz later on. If this is the case, you should address it now rather than waiting until the end of the financial year. Reach out to your auditor and provide the information so that they can make sure it receives the right accounting treatment. As a result of this, you won’t have to go through months of documents to explain yourself.
Go digital
There is a lot of online software for accounting and invoicing. This makes it much easier to document and categorise information. You can use this when you prepare for an audit, resulting in a lot less work. You can also scan and upload documents so that they are readily available instead of having to search through filing cabinets.
Reconcile accounts
You should never leave reconciliation to the last minute as this will make an audit more complicated and time-consuming. The finance department of your business should complete reconciliations monthly or quarterly. This deals with any anomalies quickly so that you don’t have to deal with them before an audit.
A successful audit
Not preparing for an audit makes the whole situation much more frustrating. You will likely have to spend a lot of your time searching for information. Overruns will incur additional fees and are disruptive to the productivity of your business. This is why you need to be ready; you should call on experts to help.
Reach out to Brian Lonis & Co
Ours is the establishment with leading accountants you can have confidence in. We provide numerous services such as those for auditing London businesses can rely on. If you are looking for the best of the help on offer, reach out to us today.