If you run a small business you don’t necessarily have all the responsibilities of a large corporation, but you still need to make sure that you comply with the rules and regulations that govern you. Although it might not seem important at first, cost effective company auditing services is something that you need to consider as it has many benefits to offer your business as it grows.
Reducing Your Liabilities
As mentioned, keeping accurate records of all transactions is important. This can also help you in the event of a customer dispute; with all the records on file you will be able to provide proof of transactions, payments, and communications. This can reduce your liability as well which is something that every business can benefit from. Reducing liabilities mean that you will reduce the likelihood of being responsible for damages towards a customer or a third party, and these expenses can be costly.
Cost effective company auditing services can also help to confirm that transactions and financial statements are accurate. Another benefit of using cost effective auditing services is that your SARS payments and returns will be verified and the team will make sure that you are paying the correct amount of tax.
Making use of professional company auditing services will ensure that you stay compliant. An auditor will go through your business transactions, financial statements and work processes to identify possible areas where your business can improve. However, there are things that you can do as well. One way of making sure that your business is compliant is to keep accurate records. As a general rule, you need to keep your records and financial statements for at least 5 years. Keeping record of your financial transactions can help you to accurately determine your growth, and area where you need to improve.
As a small business, this is essential as your taxes always need to be on time and paid in full. Your auditing team can prepare your tax returns on your behalf, ensuring that they are done correctly and submitted on time.
CA Management Consulting provides company auditing services to customers in South Africa. We also specialise in company registrations, records, duty compliance, and business advice, and work with companies of all sizes across various industries.