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When Is A Good Time To Conduct An Internal Audit In Your Business?

the irs

Learn when it’s a good time to conduct an internal audit in your business.

When was the last time you took a hard look at your business’s internal accounting? While your first thought might be of the IRS; performing an internal audit is one of the best things you can do to ensure your company is healthy! Internal audits give you a chance to look at everything going on within your business’s finances in depth. Not only do audits allow you to have a better idea of your financial health, but they allow you to better plan and spot issues before they arise. There are several times when you should be conducting an audit, today we’ll walk you through a few prime examples. 

On A Schedule 

While there are plenty of times when you’ll need a short notice audit, having them regularly can help you significantly. When you’re regularly auditing, you’ll be better able to take full stock of your business and have a full picture of what you’re working with. 

Before Seeking Investment 

When you’re in the market for new investors to your business, you need to be ready to provide full review and documentation of your financial situation. If you have an audit in advance, you can not only provide the information as it’s needed for a smoother process, but you can avoid any embarrassing issues. 

There Are Mistakes In Your Books 

If at the end of the month, things aren’t adding up the way they should, it’s time for an audit. While it might be tempting to write off small discrepancies, there may be a larger issue at play that is causing your staff to make mistakes. Over time, this mistake could end up costing you a significant amount of money, so it’s always better to address it sooner. 

When Critical Staff Leave 

If you have key staff leaving or transitioning to new roles, performing an audit can save you significant trouble. Depending on the role and the size of your business, you may only need to audit a few key areas rather than your whole business. This can allow you to clear up any confusion or issues to encourage a smooth transition. 

trust the professionals at the harding group

Unlike other accounting firms, The Harding Group, located in Annapolis, MD, will never charge you for emails or phone calls and will strive for open communication with our clients. Whether you are interested in business advising, tax preparation, bookkeeping and accounting, payroll services, Training + support for QuickBooks, or retirement planning, we have the expertise and years of experience to help. We serve clients in Annapolis, Anne Arundel County, Baltimore, Severna Park, and Columbia. If you are ready to take the stress out of taxes, contact us online or give us a call at (410) 573-9991 for a free consultation. For more tax tips, follow us on Facebook, Twitter, YouTube, and LinkedIn.


This entry was posted on Friday, August 30th, 2019 at 2:27 pm. Both comments and pings are currently closed.

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