There are few things that strike fear in the hearts of business owners like receiving notification that their company will be audited. The audit process, typically carried out by the Internal Revenue Service (IRS), can be stressful and frustrating and may take away precious time that you could be using to build your business. That's why it's so important to work with a finance firm so you can have audit assurance. Audit assurance is designed to minimize the chances that your business will be subject to an audit along with providing other valuable financial services. Learning more about the benefits of obtaining audit assurance can help you see why your small business needs this service right away.
Audit Assurance Keeps You Organized
One of the most compelling reasons why you should get audit assurance is because it assists in keeping you organized. Audit assurance doesn't just start during tax season; it is an ongoing service that can be a key way for you to organize your financial documents.
When you work with an audit assurance service, your consultant will show you which financial files you need to keep, and how long you need to legally retain the documents. This can help you avoid getting rid of even the smallest receipt that can make the difference between you being able to prove or disprove a transaction.
In addition, assurance consultants can put you in touch with third party, cloud-based filing companies where you can virtually file documents so you won't take up limited office space. You'll be able to access files with a few clicks so you can stay on top of things.
Audit Assurance Lends Credibility To Your Small Business
Another reason why audit assurance is so valuable is because it helps to lend credibility to your business. You'll be able to produce totally accurate facts about the financial health of your company, and this can be reassuring for both employees and clients alike.
Your audit assurance representative will carefully comb over your financial documents to discover your true profit and deficit margins. This information can then be compiled into a brochure or newsletter that you can show to your investors and team. This data will also come in handy should you be selected for an audit, since you can easily submit the brochure to the IRS to show an accurate depiction of your business income.
Working with an audit assurance consultant may prove to be one of the best decisions that you could have made. Contact an audit assurance company as soon as possible so you can enjoy these benefits and more.