An audit is a great benefit to have for any business, large or small. More and more business owners are starting to realize the benefits of having an audit done on a regular basis, which is why they are also considering outsourcing these services. You can choose between an internal or external audit and both these have their own benefits to offer. These audits will have different features, but they both have specific guidelines that will be followed to benefit your business.
If your business is growing rapidly then you can definitely consider getting an audit done on an annual basis. You can benefit from outsourcing this, as you will have access to a professional auditing team who can provide a thorough audit for your business, highlighting any possible areas where you can improve and also confirming your financial status. This is a great idea for any business owner who wants to verify their business, especially if they are planning to sell it in the future.
One great benefit of all it is the fact that you can provide your shareholders and investors with peace of mind, knowing that your business is compliant and that your financials are verified. It will also show that your business is growing and that you follow all the rules that are set out by your specific industry. Working with a professional auditor will allow them to verify your financial statements and also provide you and your shareholders with the accurate indication of the growth of your business over a specific time. This is very important, especially for medium and large businesses as they have to regularly report back to the board of directors.
Another great benefit of an audit is the fact that you can verify whether your business is meeting its short and long-term goals. This can be a specific growth rate or a specific profit margin that has to be next. An audit will also highlight any possible areas we need to improve or find any discrepancies in your business that may need to possible financial losses and liabilities. It is therefore a great idea to have a regular audit done for your business, especially if you are growing at a rapid pace.
Colin Smith & Co was established in 1979 and has a history of excellence and success. We specialize in Johannesburg auditing services, as well as accounting, taxation and business advisory services, and work with a variety of markets.
