Mar 18 Audits Can Position Your Company For Future Growth
If you are wondering how you can ensure that your company stays profitable and continues growing, it is time to consider a corporate audit. Yes, the word “audit” does bring to mind some negative images, especially during tax time, but a corporate audit is an essential part of company growth. Once you know where your company stands, and what its strengths and weaknesses are, you can take proactive steps toward reinforcing your strengths and eliminating your weaknesses. If you would like to learn more about how audits work, continue reading below.
The Goal Of A Corporate Audit
The goal of a corporate audit is to focus on the “big picture.” With a proper audit, you do not simply look at figures and statistics; you analyze your entire system and operations, considering new accounting standards and taking changes within your business into account, annually and strategically planning for your audit throughout the year. Measures like this will turn a routine audit into an opportunity for substantial growth.
Who To Turn To For A Thorough Audit
An accounting firm can conduct your corporate audit. The question is, how do you find the Clifton NJ accounting firm that is right for your business? There are a few things that you should look for. For one, you should look for a company that plans your audit throughout the year, rather than offering a “surprise” audit (in this case, surprises are not a good thing). You also want to work with a reputed accounting firm that has years of experience providing audits to businesses both large and small. That being said, you do not want to work with a company that approaches every audit the exact same way. Rather, you want to work with a firm that is flexible enough to customize its services to your company’s specific structure and circumstances, taking into account your industry and field of business. Every company is different—every audit should be as well.
You also want to look for a company that provides the following audit services: certified audits, contract audits, audits of financial statements, single audits in accordance with federal regulations, audits of retirement and profit sharing plans, internal control audits, communication with audit committees, certification of cost reports, and issuance of management advisory letters. Finding an accounting firm that provides all of these auditing services will put you well on your way to the success you are looking for.
How To Approach Your Audit
There is certainly a right way and a wrong way to approach your audit. The wrong way would be seeing it as a necessary evil and delaying preparations until the very last minute, if you make them at all. The right way is to see it as an investment in your company’s future, and to work with the accounting firm to prepare in advance. You should also be forthcoming with any requested information, knowing that your accounting firm is a trusted partner who has your best interest at heart. Finally, be receptive to the firm’s advice, as change is impossible without an open mind.