An audit does not just provide confidence to the owner that a business is in good shape, it also offers evidence and assurance to third parties. An Audit permits the stakeholders of a business such as shareholders, banks, suppliers, customers and even staff to make better informed decisions about its current performance and their subsequent relationship to it, providing additional comfort when deciding whether to invest in, provide finance to, or trade with that business.
Optimal efficiency is key to running a successful business in today’s fast paced environment. Using available technology to automate procedures can help to achieve significant time and cost savings across many departments, offering enormous benefits.
Most of us are aware of Cloud Accounting systems, the best known of which are QuickBooks Online and Xero, but used to their fullest these are much more than just basic bookkeeping applications.
As the UK prepares to leave the European Union and increasingly likely heading for a no-deal Brexit it is vital that businesses are prepared for the financial implications of this unprecedented change.
Whilst many companies have already started to consider how they will be affected by carrying out formal risk assessments there is still a small window of time to gain understanding and steps all firms should be taking to minimise future disruption - planning ahead now will help to ease transition and hopefully also bring long term benefits.
Businesses are being encouraged by HMRC to register for Making Tax Digital before the August deadline.
According to HMRC 1.2 million businesses with an annual turnover above £85,000 will be affected by new rules requiring them to submit online quarterly returns using compatible software by August 7th; meaning any business wishing to pay by direct debit must register by July 27th.