Though audits are often stressful, they can also be a blessing in disguise, allowing you to identify gaps in your processes and make improvements for the future. However, without professional support, your audit may drag on and on, costing your business time and money. When you work with Jessi’s Bookkeeping & Financial Services, I’ll prepare the necessary documentation and provide ongoing support to streamline the audit process.
Though many businesses handle audit preparation internally, this can cause additional strain on your employees and other internal resources. Here are a few benefits of outsourcing your audit preparation to a professional accountant:
Audit preparation usually includes reviewing and documenting your internal accounting system, so this is a great time to fix anything that’s not working and get honest feedback from an external source.
Since I’ve helped many companies prepare for internal and external audits, I know what auditors are looking for and will ensure they have the answers they need.
Preparing for an audit is a lot of work, so handling preparation internally can result in other key areas of your business being neglected. Working with an external accountant can minimize the impact on your employees and business.
A business can undergo many types of audits, from legal compliance to quality assurance. At Jessi’s Bookkeeping & Financial Services, I specialize in financial audits, which can be conducted internally, externally, or by a third party, like the IRS.
Internal audits evaluate company operations based on your internal standards and can help ensure compliance with laws as well as the accuracy of data and financial reports. Internal audits are often used to make managerial changes or improve efficiency.
External audits are designed to eliminate any potential bias from the audit report. The auditor cannot be employed by your company and uses an external standard to evaluate your financial statements, providing their assessment to key stakeholders.
An IRS audit reviews your business’s tax returns and other financial documentation to ensure you are in compliance with relevant tax laws. Being selected for an IRS audit does not necessarily mean you’ve done anything wrong, but it’s still important to be prepared.
The audit preparation process can vary depending on the type of audit and your company’s structure, but it will typically look something like this:
Document internal controls: During this step, I’ll evaluate your process for compiling financial statements and note any potential risks.
Clean up accounts and verify reports: Next, I’ll review your balance sheet, analyses, and other financial reports for accuracy and make necessary adjustments.
Compile final financial statement: This report will include all relevant financial data for the auditor to review, with footnotes explaining how the data was generated.
Offer business improvement recommendations: I’ll provide a report detailing my findings if I notice anything that needs improvement during the audit preparation process.
I am a South Dakota-based accountant experienced in helping businesses of all sizes understand their finances and prepare for the future. I began my career at a large accounting firm, working with large corporations on financial reporting, audit preparation, and more.
I founded Jessi’s Bookkeeping & Financial Services because I wanted to provide more personalized attention to my clients and have a particular interest in helping small business owners make wise financial decisions.
Streamline your next audit and save your employees time and stress by working with Jessi’s Bookkeeping & Financial Services for audit preparation. Whether your small business is preparing for a tax audit or your corporation is reviewing internal processes, I have the tools and expertise to expedite the process. To learn more about how I can help, schedule a free 1-hour consultation.
I am committed to providing affordable, transparent, and honest financial guidance to business owners in my community. I offer free, no-obligation consultations as part of my commitment to keeping my services accessible to everyone.
I am committed to providing affordable, transparent, and honest financial guidance to business owners in my community. I offer free, no-obligation consultations as part of my commitment to keeping my services accessible to everyone.