There are legal requirements for companies to undertake regular audits once a company meets certain criteria about its turnover, assets and staffing levels.
Many people see an audit as a massive inconvenience, but it can actually turn out to be a useful business tool. An audit acts as a metaphorical mirror reflecting how well, or otherwise, your company is doing. And because an external auditor will have an objective overview of your company, they can use their review of the accounting information in order to gain insights into your business. They can highlight trends, deficiencies and errors, enabling you to do something about them before they become major problems.
Advantages of using a local auditor
Hiring a local firm to do your auditing has many more advantages than just saving costs on using a big London accountancy. Not least is the fact that you’re much more likely to build up a good working relationship with them and face-to-face meetings, which equates to better support and continuity.
As we are geographically close to the majority of our clients, we are more accessible to them. We are more likely to have meetings with them rather than rely on phone calls, and that kind of personal connection can be really useful. If there is an issue the client is unsure about, the fact that they have a good relationship with us means they’re more likely to get in touch for advice.
The way we work means our clients are more likely to see the same auditor for a number of years, and this continuity can be invaluable. Whilst the audits are lead by experienced managers, the majority of the onsite work is generally undertaken by our trainees – our policy is to take on school leavers who will train with us for seven years. This gives them the chance to get to know your company really well which will enable them to work more quickly and efficiently, as well as getting the chance to work with your team.
If you are based in Hertfordshire and would like to discuss your auditing needs, please contact us to arrange a meeting.