There are advantages and disadvantages in auditing your business yourself or engaging an independent auditor to audit you. It can be expensive and quite invasive to have an outsider look into your business credentials but having an objective opinion can help you identify an issue. When it’s yours, it can be hard to admit something’s wrong but an outsider’s eye can reveal pain points you haven’t noticed.
An internal self-audit may not reveal less obvious issues but they are cheaper and can be done regularly. An audit should be done at a dedicated time so you can analyse the business through a structured review process.
The review process must not leave any stone unturned so if the ATO comes knocking, you have nothing to hide or fear. A complete audit will give a boost of confidence to your potential investors as well as regular audits strengthen your financial records’ credibility and justify your business valuation. Every audit should have a detailed outline on how to improve the business.
An internal audit is good but a professional auditor will take it to the next level. Check your management. See if you have clear business goals and how you will reach them. What happens if you don’t? Is your organizational structure working? Who makes the final decisions? Are there systems that create bottlenecks to your daily business operations? Check your SWOT analysis and see if any internal or external factors need leveraging or mitigating.
Review your financial forecasting system and see if it is accurate. Does your budget align with your business goals and do you adhere to it? Do you have unnecessary expenses? Do you use a modern bookkeeping system apt for your industry? Do you spend too much time on bookkeeping and accounting administration? Are you compliant with ATO regulations and deadlines? Is it good to outsource an accountant?
Check if all employees are providing value to your business. Do you conduct regular performance appraisals and pay your employees correctly? Do you provide professional development opportunities to your employees?
As you look for different ways to grow and improve your business, seeking professional advice could prove to be an important and helpful decision.
You can click here to speak to a business, accounting and bookkeeping firm. We also offer hospitality business consultation and mortgage services. We will give you a call to know more about your needs. We will explain to you how we can improve your business.
We would love to help you formulate investment strategies and streamline your processes to take your business to the next level. Our goal is to help you grow your business, find ways to invest more and increase your productivity.
Sky Accountants Ballarat
Phone: 1300 328 855
Office Address: 902 Howitt Street, Wendouree, Victoria 3355, Australia
Postal Address: PO Box 2234, Bakery Hill, Victoria 3354
Sky Accountants Gisborne & Macedon Ranges
Phone: 03 97444522
Office Address: 45 Hamilton Street, Gisborne, Victoria 3437, Australia
Postal Address: PO Box 270 Gisborne Victoria 3437