Entrepreneurs That Self-Audit Can Practically Cut Costs

 In All, Business

It’s not too late! Here is an article from Forbes with 6 things a startup can do to self-audit expenditures for a strong 2016.

Entrepreneurs That Self-Audit Can Practically Cut Costs

Many firms, including mine, invest in an annual professional audit of their financials. For startups, an audit that could cost $15,000 to $30,000 is out of the question. But, if you want to demonstrate you have the discipline for growth, you should begin the process of self-auditing your finances as soon as possible.

Some of the things a professional financial audit looks for

As I learned, an audit is much more than a seal of approval that accounting was done properly and there is no opportunity for fraud. One of the best things a professional auditor will do is provide management insights for you. These insights include things like:

    • Internal financial control process improvements
    • Account Reconciliation review processes
    • Processes for onboarding clients
    • Expense management processes
    • Invoice handling
    • Accounting technology and backup procedures

Read full article here from Forbes

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