Why You Need Auditing and Assurance Services

Every business needs professional accounting service; this can be either done in-house or outsourced, but it is essential to make sure that your accounting and assurance services are being taken are of. If you run a small or medium sized business, you might want to consider outsourcing your needs to a reliable service provider that knows what is required by law, and how to keep your administration up to date.

One of the most important aspects of any business is to be compliant. This means you need to operate within the rules and guidelines of the industry that govern you, and make sure that your business is always compliant with the latest laws and amendments. One way to accomplish this is to make use of an auditing service and ensure that your company will be looked after. An auditing service provider will be able to conduct regular audits into every part of your business and identify areas where you need to improve. If your business fails to comply with a law or a guideline, you will be made aware of this and you will be able to correct it so that you are not liable for a fine or penalty fees.

The accuracy of your statements and transactions should always be verified. You can use an accounting package that will electronically keep records of all your transactions, or you can use an auditing service to do this on your behalf. The best way to do this is to have someone take care of your account reconciliations and bank accounts, and remember to keep track of every invoice, payslip, receipt and credit note. This might come in very handy if you are looking to file a dispute against a creditor or even a customer.

If you hire employees, you need to register for additional taxes. This means that your SARS returns will always need to be up to date and you will have to ensure that they are handed in on time. Your auditor can take care of this on your behalf and ensure that you are not only compliant but that you are registered for all the relevant taxes that you need to be so that you can hire employees and manage their payroll.

Colin Smith & Co has been in business for more than 20 years and is experienced in all areas of accounting, auditing and business advice. Their team can assist with business registrations, auditing services, account reconsolidations and sound business advice.