Whether you are running a large organisation or just starting up a small business, you need professional auditing services for your company. With a professional auditor working with you, your business will benefit from professional advice regarding finances, and assistance with applications and registrations.
Professional auditing services from a reliable team will mean that your financial activities will be monitored for compliance, your records will be accurately stored, and that your business will comply with all the requirements and laws that govern it. This is essential for any growing business in South Africa and the ability to always be updated with all your records mean that you will be in complete control of all aspects. When you register a new business, you can be assisted with opening bank accounts, registering for all the tax types you are required to, and draft employee contracts when needed.
In addition to keeping accurate records of all your transactions, an auditing service can also monitor your bank account and other areas for any irregularities. This means that they will be able to identify any unlawful transactions and can inform you of this as soon as possible, so that it can be corrected. This is also referred to as a qualified opinion, and is a huge benefit to have for any business owner, especially when it comes to running a large company with multiple offices. They can also follow up on outstanding payments on your behalf, helping you to reduce your bad debt as much as possible.
An auditor can perform regular audits on some of your main accounts, and validate transactions such as purchases and tax payments. It is always important to handle your transactions correctly, and to categorise them accurately. Some things to remember is to never make business payments from personal accounts, to check your bank before making large payments, to do monthly reconciliations, and to conduct stock takes on regular intervals, at least twice per year. By making electronic payments you will have accurate records and it will make accounting easier as well. Make sure that you keep all receipts and invoices.
Colin Smith has a team of experts that specialise in auditing services for businesses and individuals. In addition to these services, they also provide taxation services, estate planning, tax return submission, and financial advice. Established in 1979, Colin Smith works with businesses throughout South Africa.