Any publicly listed company is required by law to undergo an external audit on an annual basis. However, audits can also provide valuable benefits for those companies which do not fall into this bracket as well. Smaller companies, sole traders and even non for profit charities can gain from hiring an independent auditor to conduct an audit of their business.
A qualified and experienced auditor can also provide an impartial opinion on the current accountancy and IT setup of a business in any industry, identifying weaknesses and suggesting how they might be improved. As such, auditing services are no longer just required by larger companies with bigger payrolls and higher turnovers, but anyone looking to stay ahead of the competition.
Why your business needs auditing services
Too many companies view audits as a necessary evil that they must comply with in order to avoid falling afoul of the law. In reality, auditing can present a unique opportunity to scrutinise current practices in your business’ methods of accounting and data storage, not only identifying and eliminating mistakes before they become a problem, but also pinpointing areas where the current setup is letting you down.
This kind of internal process optimisation is invaluable in allowing you to optimise your business and ensuring you reduce expenses and tighten up mechanisms, freeing up both time and manpower to concentrate on more important tasks. An experienced auditor will have worked with a range of clients of all shapes and sizes in the past and will have built up the necessary knowhow to improve the practices which need tweaking in order to streamline your business efficiency.
They can also evaluate past trends in your company’s finances and, based upon those, work closely with you to devise a plan for future success. This kind of insider insight is worth its weight in gold when it comes to redefining business goals and recalibrating your business objectives.
Finally, an external audit can lend extra authority and credibility to your business, highlighting the acumen of the decisions you have made in the past and signposting your path to prosperity in the future. This kind of evidence can work wonders when it comes to convincing prospective investors to fund your business and take it to the next level.
What sets Profile apart
Since the law only requires larger businesses to conduct audits, auditing firms know that they have the resources to pay top dollar for the service. For fledgling outfits and SMEs, such a financial commitment can be beyond their budgetary constraints, especially when there are other important costs to consider.
At Profile, our dedicated team combines prodigious technical skills with over 16 years of experience in working as accountants with clients in all kinds of business. This kind of hard-won industry knowledge and expertise is hard to replicate, while the attention to detail and industriousness of our workforce means we’ll leave no stone unturned in the quest to assist you in improving your financial performance. All that at a competitive price which won’t break the bank.
To find out more about why we’re perfectly placed to help you streamline your business processes and achieve your full potential, give us a call on 020 8432 2289 or drop us a line at [email protected]. We’re just one phone call or email away!