the Price of Business Accounting Services

A year end audit of every business is a good idea. Publicly traded company are required to have and independent auditor appraise of their financials regularly. Small business can opt for an audit to ensure their business is financially sound. It is also handy to have a recent copy of your audited financial statements if you should ever need to apply for a loan. You can also provide a copy to many creditors to get better payment terms.

The auditor has been to my firm before so he knew the basic structure of my business. If it was the first time there would have been an extensive questionnaire to fill out on standard business practices we follow. The auditor came at the schedule time. We talked about changes in the business procedures that had taken place since he was last here. Then he produced a list of items to be pulled for the audit samples. The clerk pulled the selections while the auditor review monthly statements. The auditor was on site for only a day but took copies of many documents with him to complete. For example, our vendors and customers would be contacted to verify account balances. Four weeks later he was able to issue an unqualified report.

Smaller accounting firms tend to offer more personalized service. Opt for a firm where the one of the partners will be your primary auditor. Audits go much smoother if you have the same auditor year after year.