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Business Services  •  Small Business

Planning for 2020? An audit can bring significant value to a fast growing business

By RJP LLP on 9 January, 2020

If you are thinking ahead about how to add more value to your business, one thing that can be overlooked, for smaller businesses especially, is an audit. Perhaps you want to plan for an exit? Or raise finance? Attract new business partners?

Why have an audit?

Audits can offer invaluable intelligence about the health of a business, acting as an early warning signal for problems, allowing them to be resolved swiftly. They can find errors in the numbers and give reassurance to shareholders and investors. RJP offers effective and efficient auditing and assurance services for business owners and we pride ourselves on delivering with minimal business disruption to your day to day operations.

Although auditing is not a statutory requirement for all companies , it can add significant value to a business through a tighter control environment and better financial information. An audit will help build trust with financial stakeholders and gives business owners a much more detailed understanding of business performance. In addition, an annual audit can be a useful exercise if you are thinking of selling your business, helping to reassure potential investors.

Benefits of non-statutory audits

For many businesses, although they are not legally obliged to have an audit, they voluntarily choose to have one. This can be a wise strategy because an audit signals to financial stakeholders – banks and credit providers, investors, customers and suppliers – that your business is being well run and compliant. Audits also give the shareholders the reassurance that your figures are accurate and any plans you might have for future expansion have a strong foundation. Why wouldn’t you?

Rationale for statutory audits

If you have a legal obligation to undertake a statutory audit your company will benefit from in-depth financial analysis and the confidence that your accounts are as accurate as they could be.

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31 July 2020 - Normally an important deadline!

All taxpayers due to make self-assessment tax payments on 31 July 2020 can now delay their payment due to the disruption caused by Coronavirus. This includes self-employed taxpayers and also company directors who pay self-assessment tax on dividend income.

Read more in our coverage of Coronavirus and business support from the Government.