If you receive notice of a tax audit for your business, it is often in your best interest to enlist the help of an accountant. With their wealth of industry knowledge and understanding of the audit process, they can help you sort through your books and figure out any issues. Below are a few other benefits of an accountant’s help during an audit.

3 Ways an Accountant Can Help During an Audit

1. Knowledge of the Audit Process

An accountant offers a greater understanding of audits. The audit process is usually complex, and an understanding of applicable tax codes and regulations can help make sense of confusing topics. The right accountant will be able to explain audits in clear and concise terms, which will better prepare you for the process.

2. Assistance With Paperwork

If you’re audited, you will likely be asked for a great deal of documentation. You’ll also be asked to submit a great deal of paperwork, and submitting documents correctly and promptly is crucial to ensure the best possible results for your case. An accountant can tell you which documents you need and how they should be filled out and submitted.

3. Peace of Mind

Working with a certified public accountant during your audit can grant you peace of mind. Armed with knowledge, your accountant will comb through your accounts with you, so you know of any accidental discrepancies ahead of time. Their support is invaluable as they will help you prepare for your audit, and you know the advice they give you is based on prior experience.

If you’re in London, KY, and have questions about a pending audit, Cloyd & Associates PSC have the skill and the knowledge necessary to help you through the process. Their team of accountants proudly assists local clients with a range of complex issues, including tax management, bookkeeping, and payroll. Schedule a consultation today by calling (606) 864-8110. You can also find out more about the complete range of services by visiting the website.