An auditing firm can offer a number of important services to any small business, including monitoring compliance with its own polices as well as federal regulations, detecting and preventing fraud. In fact, a smaller organization may need these services even more so that a large company as it cannot afford a government fine, waste or employee fraud.
While most small businesses like to think they know their employees extremely well, and believe they’d never steal, unfortunately, things like embezzlement, fraud and malfeasance can and do happen more often than you might think. Any business that relies on trust alone can be extremely vulnerable by failing to take important steps to protect the business. Studies have found that long-term employees are actually the most likely to commit a fraudulent act – and, an employee who seems loyal and devoted by never taking a vacation or sick day, may actually be doing so for fear of exposing fraudulent activity.
While internal controls are a must, they generally aren’t enough. Often times, these controls aren’t properly enforced or designed. Or, they may not be updated when changes occur in the business. It’s essential to stay on top of the financial condition of the organization, ensuring that time is taken every month to review bank reconciliations and the checking account as well as conducting internal audits and testing procedures.
Of course, as a small business owner, your time is precious. Using your time wisely, such as to grow the business, is probably what you’ll want to focus on. By finding an auditing firm, these services will not only be provided for you, but it’s actually more effective. Internal auditors can’t effectively critique a company’s internal process as they’re a part of the business. External auditors can observe the operation from the outside and determine where the company may be wasting time or money in addition to critiquing accounting practices and general operations.
By finding an auditing firm, you’ll have access to professionals who can recommend ways in which to tighten accounting practices, reduce waste and even promote greater efficiency too.
Finding an auditing firm that will best meet the needs of your small business can be quickly and easily accomplished by contacting GoodAccountants.com with access to thousands of qualified firms in your area.