Small business owners might not have all the responsibilities of a large organisation but it is still important to comply with the rules and regulations that govern you. Although it might not seem important at first, cost effective auditing services are something that you need to consider as it has many benefits to offer your business as it grows.
The first benefit is being compliant. Making use of auditing services will ensure that you stay compliant and eliminate any possible areas where your business might be liable for a fine or worse. You will have an auditor go through all 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, and 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 records can 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 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. 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.
Colin Smith & Co specializes in auditing services, as well as taxation, auditing and business advisory services across a wide range of markets and sectors for businesses both large and small.