Benefits of auditing your business records

[Augusta]

Running or managing a business does not just end in buying and selling. You need to be checking your records from time to time. It will be better to bring in an auditor which is an expert to do periodic auditing of your business books.

You would be doing your business a world of good when you have a periodic auditing of your books. The benefits are worth every bit of it. You would be gaining the following benefits

1. You would get an overview of your business. You would be able to see how your business is going and detect grey areas as quickly as possible.

2. With auditing you would see where you are spending too much and how you are you are generating income. It will help you stay away from this expenses and dwell more on areas that are getting you the income.

3.it helps you discover the risks confronting the business. You can only fix a thing that you are aware of. So with auditing, you would detect the risky aspect of the business and fix on time

4. Frauds can easily be detected and the fraudster or fraudsters removed on time to avoid wrecking the business.

What's your thoughts?

 

[Suba]

Thanks for sharing, I think auditing financial statements is very necessary to be done at least once every three months, in large companies there is an internal auditor staff that functions to check every financial book and record, Internal auditors are also tasked with evaluating internal control and risk management systems. But the work of the internal auditor's report cannot be used for third parties but only for managers or company directors. For reports to third parties such as banks, taxes, and IPOs, the audit must be carried out by a registered public accountant.

 

[Mandy96]

i think I have learned from your write up how important it is to consider auditing one’s business, it gives you a good view of what is really going on in your firm, you will get to see the income and outcome of the transaction and process concerning business activities, the pays of the workers in your company and nevertheless you will get the whole record of everything that you run in your organization without having anything hidden from you. Like the poster said in the thread that fraud can also be detected with this idea, well I don’t really understand how that works for it but if it is true and real, then I will say it covers it all which sounds great.

 

[Mataracy]

Auditing a business is very good and it usually help business to grow the more.
The primary aim of auditing is yo detect fraud and any error that might have occur during the operation of the business.
Auditing of a business is very important because it will help to detect the loop holes when income is less that expenditure or where income is higher than the expenses incurred.

 

[Good-Guy]

As far as I know, auditing allows you to keep a good record of your expenditures and gains. This is why I believe that auditing should be done regularly. however, it is much better to do auditing on a monthly basis or create a simple auditing process that would allow you to do auditing in a much simpler way possible.

 

[btaliat]

Auditing will help the business owner to know whether he's making profit or loss and he would know how to maximize his profit

 

[Augusta]

Thanks for sharing, I think auditing financial statements is very necessary to be done at least once every three months, in large companies there is an internal auditor staff that functions to check every financial book and record, Internal auditors are also tasked with evaluating internal control and risk management systems. But the work of the internal auditor's report cannot be used for third parties but only for managers or company directors. For reports to third parties such as banks, taxes, and IPOs, the audit must be carried out by a registered public accountant.

YoU got the whole essence of it. The auditing of the business records or financial reports of a business can't be overemphasized because it is one way of easily detecting fraud. People especially dubious workers always want to take advantage of their position to steal. So you might realize this if you do not check your records at least once a month

 

[Augusta]

i think I have learned from your write up how important it is to consider auditing one’s business, it gives you a good view of what is really going on in your firm, you will get to see the income and outcome of the transaction and process concerning business activities, the pays of the workers in your company and nevertheless you will get the whole record of everything that you run in your organization without having anything hidden from you. Like the poster said in the thread that fraud can also be detected with this idea, well I don’t really understand how that works for it but if it is true and real, then I will say it covers it all which sounds great.

Yes that's the whole essence, what on the first place kills a business, it is shortage of funds, when once a business lacks the running funds then the business is almost at the point of collapsing. So everyone needs to be at alert through auditing the books.

 

[Augusta]

Auditing a business is very good and it usually help business to grow the more.
The primary aim of auditing is yo detect fraud and any error that might have occur during the operation of the business.
Auditing of a business is very important because it will help to detect the loop holes when income is less that expenditure or where income is higher than the expenses incurred.

You have said just the way it is. To find out how the business is doing you need to check the health of the Business and this is done through auditing. A business might be at the point of dying and the owner might not be aware but through auditing it can be easily detected and something done quick about it.

 

[Augusta]

As far as I know, auditing allows you to keep a good record of your expenditures and gains. This is why I believe that auditing should be done regularly. however, it is much better to do auditing on a monthly basis or create a simple auditing process that would allow you to do auditing in a much simpler way possible.

I believe monthly basis is ideal for any serious auditing time, you get to see how your business have been done throughout the month. Then you know whether you should reduce expenses or increase revenue. But which ever way the books have been audited and the stand of the business known

 

[Augusta]

Auditing will help the business owner to know whether he's making profit or loss and he would know how to maximize his profit

I think you have mentioned the two very important of auditing the books of accounts for any business. It might be difficult for the employer to carry out this is why it is better to use a professional they know the work and will give you a better report than trying to do it yourself

 

[Suba]

YoU got the whole essence of it. The auditing of the business records or financial reports of a business can't be overemphasized because it is one way of easily detecting fraud. People especially dubious workers always want to take advantage of their position to steal. So you might realize this if you do not check your records at least once a month

In general, the audit objective is to present a proper and reasonable financial statement regarding the financial position, results of operations and changes in equity and cash flows, in accordance with applicable accounting principles, while to audit fraud, a special audit is conducted called fraud auditing. So my experience for general auditing is different from fraud audit,

 

[Augusta]

In general, the audit objective is to present a proper and reasonable financial statement regarding the financial position, results of operations and changes in equity and cash flows, in accordance with applicable accounting principles, while to audit fraud, a special audit is conducted called fraud auditing. So my experience for general auditing is different from fraud audit,

I think some business owners does their theirs as a whole since they do not have the money for different auditing. So apart from just checking the financial books to be certain in it in order or reasonable there's need to check that no dubious activities are being carried out by the staff.

 

[Jasmine]

You need to pay your tax regularly. How much tax you are supposed to pay will be determined after your accounts are audited. Auditing is very necessary to keep your financial records up to date. Account auditing will tell you whether you have profited from the business or made a loss.

 

[Augusta]

You need to pay your tax regularly. How much tax you are supposed to pay will be determined after your accounts are audited. Auditing is very necessary to keep your financial records up to date. Account auditing will tell you whether you have profited from the business or made a loss.

THis is what all business owners need to do and know about to help their business to grow just the way it should. Checking the books isn't just enough get an auditor at least once quarterly to audit the books of account. It will help you detect fraud easily and prevent the reoccurrence in future

 

[Mika]

In my home country, it is mandatory to audit your business and submit the financial reports to the internal revenue department. You will be paying tax based on your audit report. If you are not auditing your business, you are operating your business illegally and you might be hevily fined.