It’s statistically unlikely that your company will be audited, because there are so many small businesses and relatively few government auditors. But if it does happen to you it can be expensive, stressful and time-consuming.
We can give you advice on how to work within the auditing process. They can also help ensure you don’t violate any tax laws afterwards – because the government will almost certainly be watching.
But it’s better to hire CPFS before an audit ever happens, especially if you can find one who will offer audit insurance. Audit insurance covers the fees you would have had to pay if your business needed to respond to an official enquiry, review, investigation or audit by a tax department. We can offer audit insurance means we won’t charge any extra for the considerable amount of work they’ll have to carry out during the audit process.
Good accounting software incorporates an audit trail. This makes it easier for you and the government to see exactly what transactions have taken place over time – and who authorised them.