For many entrepreneurs, a financial audit seems to be a nightmare everyone dreads. However, when you are assured that everything were properly recorded, an audit can actually provide you a better understanding of your financial position, with the assistance and expertise of your Melbourne chartered accountant.
The benefits include access to capital for protection from risks as well as legal liabilities and improved interest rates. In addition, financial audits are known to highlight your business areas of success or potential concerns, as these can be pointed out by your Melbourne chartered accountant. These data can be used to give way to better planning and strategic approach for future success.
An audited financial statement is generally prepared by a Melbourne chartered accountant. If your company is planning to apply for a loan, this document when presented to a financial institution can help you significantly lower interest rates in comparison to companies who do not have any audited financial statements.
With this in mind, you do not need ATO to be breathing down your neck in order to have a financial audit. You need to coordinate with a Melbourne chartered accountant in order to properly review your financials in order to shed light to the areas of your business that needs improvements and those that can be further strengthen by services, products and business processes.
Business owners who regularly coordinate with their Melbourne chartered accountant for audits are also known to gain better familiarity of their business operations, cash flow as well as potential risks.
While a financial audit may seem like a costly endeavour, it is definitely a worthwhile expense.