Tips on Preparing For A Financial Audit

For many small business owners, the mere thought of a financial audit can be quite stressful. But such audits actually prove helpful as it can reveal vital information about the business’ financial position and organisation, which makes them an important tool.

You will generally need the professional assistance of a Melbourne accountant to prepare and conduct a financial audit. Here are some tips you will want to go over with your Melbourne accountant:

Start With Organisation

As a business owner, whatever your long-term goals are for your company, it is important that you take time to communicate them to your Melbourne accountant. Your financial planning and monitoring efforts should be fully aligned with these goals.

Align Accounting And Reporting

It cannot be stressed enough that the services of a Melbourne accountant does not only include tax compliance but he/she can also provide valuable insight and advice. Request your Melbourne accountant to generate a monthly report and time it with your accrual accounting monthly. This will help you avoid endless hours on corrections and reversals later.

Fixed the Fixed Assets

Tracking fixed assets can be quite difficult among companies. Work with your Melbourne accountant to ensure he takes into account for services and taxes that should be accounted for a part of the purchase value of your fixed assets.

Maintain Digital Record

These days, maintaining a digital record is a must even for small and medium companies. This allows you to access your financial records conveniently, anytime and from anywhere.

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