Most small business owners are intimidated at the thought of an audit, but an audit can actually help your business to be more productive and plan better for the future.
Here are some benefits of small business audits:
Send a Signal to Investors and Lenders –
If you’re looking to raise capital for your business, having audited financial statements can boost confidence of investors and lenders in your
Root Out Productivity Killers –
Doing an audit can help you spot fraud, employee theft, and operating inefficiencies. In turn, that can help you to achieve profitability or increase your profit margin.
Make Tax Time Easier –
If you’ve self-audited your financial statements, filing small business taxes at year end will be a breeze. You also make things easier for your accountant, and save on the money that you have to pay them.
Receive certifications –
Certain business certifications, like ISO 9001 certification, require regular business audits. These certifications can increase business revenue and lower operating costs.
Ultimately, you should think of an audit as a quality control mechanism to improve your business’s efficiency. Business audits take time and money, but are often worth the boost to your business’s bottom line.
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When you analyse these ratios, you get an overall idea of a business. You can easily decide whether to invest in a company or not.