Can Auditing Be a Good Thing?

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tax filing for online sales

Do you do any selling online? Did you know that selling things online can count as a business and that you could be losing money if you don't prepare your taxes just right? Online sales have helped my family get through a very difficult year. Then, when I found out what I was going to have to pay in taxes for the income that I earned through those online sales, I about had a heart attack. After doing some digging, I decided to skip filing my taxes myself and took them to a professional for help. Find out what an accountant uncovered for me and how it helped put my money back in my pocket.


Can Auditing Be a Good Thing?

27 July 2021
 Categories: , Blog

If you run a successful church, company, business, or any organization where the money goes through your hands, you should hire audit services. Normally the thought of being audited can cause fear or stress for people, but there are actually many perks to choosing to be audited regularly. Some of these perks include but are not limited to:

Long Term Company Planning

If your business is booming and healthy, you may want to start thinking about how to keep it that way for many years to come. Fortunately, regular auditing can help you to add credibility to your company along the way, improving your credit ratings and making you more attractive to future investors. Each audit sets a new baseline for where your company is at, allowing for a strong foundation on which to build in future years. 

Eliminating Fraud

One of the best ways to reduce and eliminate fraud in your company is to get audited regularly. If all of the employees in your company know that is how things are going to function, it can greatly deter anyone from trying something sneaky or illegal. This is especially true when the audit is going to be performed by an outside source. Third-party auditors can provide an unbiased view of how things in your company are going, allowing you to spot potential weaknesses where fraud could be committed. 

Reassuring Shareholders

If you have several shareholders in your organization, they may find a lot of peace of mind in a healthy audit report. Knowing that things are going smoothly in a company can provide shareholders with the confidence they need to keep investing, or for future investors to finally climb aboard. 

Complying With the Law

Some companies are required by law to supply audited financial statements each year. These include but are not limited to those that handle large retirement accounts, nonprofits, and publicly traded companies. Each of these entities require a lot of trust from their investors, so audited financials provide a little more stability for all involved. 

In conclusion, don't wait to be audited; Hire auditing services to ensure that your company or organization is running at tip-top efficiency. An audit does not have to be a bad thing. In fact, regular auditing can help you to figure out how to help your company run better year-round. Talk to an accounting firm near you to get your regular audits scheduled. You may be really glad that you did.