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By: Uchenna Ani-okoye

Small Business Accountant Tips

Audit Tips

1. Make sure that all of those who are involved in the process understand the audit.

Most businesses out there to not explain what an audit is to its employees, and how important it is that it is performed properly; if the employees buy into the whole process, then it will make the audit take significantly less time, placing less of a burden on the company.

2. The audit at your office should be assigned a lead.

A bonus should be paid out to the audit lead, if the whole audit is under the budget, which will motivate them to want to be more involved in the process.

3. You should ask your Certified Public Accountant for a list of your business needs.

This list of business needs will provide structure to whole process making it much easier for the accountant to highlight the paperwork required for the business.

This list should be given to the lead of the audit so that he or she can have some framework and structure to their job.

4. Make sure your audit is prepared in advance, and ensure that your CPA has adequate time to complete everything.

Many problems can occur with your audit if you wait out until the last hour. If you intend on getting everything done on time, then you should be prepared to pay overtime, and if planned ahead of time you should have an audit cost up 40%.

5. Learn

Make sure you have detailed notes of everything which you can later use for future leaders at your company.