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Accessing Your Small Business Success


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Accessing Your Small Business Success

A couple of years ago, I decided to abandon a long, unsuccessful job search. After many months of desperately looking for the perfect job, I chose to start a home based business. Because I’d never been an entrepreneur before, I was more than a little anxious. I was excited as well. Thankfully, I’ve enjoyed success in my new business venture. At the end of every month and year, I carefully analyze my revenues. Because I have a background in accounting, I know how to calculate various financial statement ratios that help me determine how my business is doing on many different levels. If you’re a struggling small business owner, consider hiring an accountant to help you access the success of your business. On this blog, you will learn the types of consulting services an accountant can offer a small business owner.

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3 Reasons Why Your Company Needs To Hire An Audit Firm

Whether you own a family business or run a corporation, you likely spend a good amount of time making sure your books are as accurate as possible. But while an internal review of your books from time to time is a good idea, you may also want to consider bringing an accounting audit firm to conduct an external review of your business. Here are three reasons why hiring an audit firm is a good idea.

Stay Up-to-date with the IRS

Tax laws can change from year to year based on which political party is in power or which regulation the Internal Revenue Service decided to amend. While you may think you have a good idea of what is required of you, an external audit will help guarantee that you did not overlook anything when putting together your financial statements. An audit firm can make sure you are still on the right side of the law in all aspects and can help make sure you are prepared if the IRS ever comes calling for more information on your business.

Peace of Mind for All Owners and Investors

If there are multiple owners or investors in a business, hiring an audit firm for an external review is the ideal way to ensure peace of mind for all involved. While you of course would want the other owners and investors to trust you, everyone will likely feel better knowing that a professional team of accountants has double checked your work when putting together financial documents. 

An external review of your paperwork will also ensure that you are not at risk if one or more of the owners ever gets into a disagreement and starts disputing the numbers.

An Audit Firm Can Catch Problems You Might Not Notice

Most accounting audit firms are very experienced and may be able to notice a problem with your books that you would have never seen yourself. Even if it's not a "problem" per se, the audit firm might be able to help you come up with a more efficient way to balance your books going forward. 

An audit firm can also help you notice issues like internal theft or employee fraud, which can sometimes be hard to notice when you are too close to the business yourself.

If you want greater peace of mind that your company's financials are being reported accurately, you should hire an external audit firm to conduct a full review of your books. Reach out to a local accounting firm today for more information.