PERSONAL FINANCE MANAGEMENT

4 tips for a better and cheaper audit

Audit prices and Auditor prices are some of the keywords that are Googled the most when it comes to auditing. The reason for this may be that prices can vary greatly between accounting firms and because you want to compare what you can get for what price at different operators. We at OnGrant always advocate not only looking at the price when it comes to auditing services, but also making sure that you get exactly the quality that you need for your particular case.

There is a lot to do to bring down the audit cost and at the same time maintain the quality. We give you in this article our best tips that you can easily apply to your business.

1. Accurate documentation

First, you should make sure to have a lot of documentation prepared for your accountant. The more work you have put into obtaining the necessary information, the less time the auditor will have to spend searching, which ultimately means fewer hours of accounting to pay. Make sure you have the accompanying supporting documents for your financial statements so that you can quickly review the information. If you have everything in paper form, you can spend a little extra time sorting everything so that it will be easier to navigate among all the papers. If your documentation is digital, you can send it to your accountant in advance in preparation.

2. Finish your compilation

It also applies of course to have all your documentation ready and compiled when it is time for the auditor to review it. Tune in to your outstanding invoices and double-check that everything in the financial statements is really finished. The time you spend on finishing will be returned if the Accountant does not have to start with ’finishing’.

3. Communication

Our next tip is to have a good communication with your accountant during the year. Being able to Ball an issue at an early stage can save you lots of time in the end. Putting ambiguities on high throughout the year that you will then start to root in when it is time for revision is no good idea. Grab the question marks while it’s fresh in your head and feel free to ask your accountant for some guidance during the year. If your accountant has a basic knowledge of how your business years have looked, it is a great advantage when it is time to sit down with all the documentation. Try to have an ongoing dialogue with your accountant and be clear and concrete with the tasks you share with him to get as effective and good knowledge exchange as possible.

4. Availability

Last but not least, we advise you to be available to your accountant. This also applies to the personnel who handle the information that may be of interest to the auditor such as financial staff and decision-makers within the business. The auditor may need to book a meeting with the financial officer in order to be able to proceed with the auditor and then it is advantageous if he is in place and is ready to shake up his schedule just those weeks. Plan and prepare for the fact that some people may need to be extra flexible to avoid stopping the process.

We hope that these tips will be useful to you and your business. Please leave a comment below if you have other tips or if you are wondering something about auditor and audit prices.

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