Your company produces a lot of financial data throughout the year. As a business owner, ensuring the financial information matches your actual income and spending is crucial for the continuing success of your company. Here’s a closer look at some of the benefits of hiring an accountant to perform an audit of your statements.

Why You Should Audit Your Business’s Finances

1. Increase Credibility With Third Parties

Your business must work with banks, insurance companies, investors, equity groups, and other organizations that will be concerned with your company’s financial situation. Audited finances enhance your reputation with these parties and give you credibility when seeking financing or support.

2. Provide an Accurate Overview of Your Finances

Poor cash flow management can make it difficult to run your business. After the audit, you and the stakeholders will have a better understanding of your financial opportunities and challenges. Audits provide insight by highlighting any discrepancies between your statements and the company’s actual financial situation.

3. Potential Improvements to Internal Controls

Auditors are in a unique position to identify issues with your company’s internal controls and suggest needed improvements. Making slight adjustments to your policies and procedures can reduce the risk of fraud or improve profit margins. This will help your company be more stable in the future. Auditors provide specific examples of the issues with your accounting standards so that you can fix them before serious problems occur.

If you’d like an accountant to audit your company’s finances, contact the skilled team at James & Associates, CPAs, in Wailuku, HI. For over 25 years, these professionals have helped Maui businesses maintain their finances, offering bookkeeping and tax preparation services as well as general counseling. They’ll take the time to review the audit report with you, helping you to understand your business’s financial situation. Learn more about their services online, or call (808) 244-2030 to schedule an appointment with an accountant.