Audit and Assurance Services Washington County, OR
Every business should have some kind of audit system in place to ensure proper bookkeeping and record keeping is taking place. Bringing in a third party to monitor and audit your systems can help you determine any weak points and mitigate risk.
The skilled accountants at Fordham Goodfellow, LLP have been serving the Washington County and Greater Portland region for over 50 years with tax, accounting, audit, and other related services. We have a tireless commitment to our clients’ needs and strive to create all-inclusive solutions that fit your individual or business needs.
Why Are Audits Important?
Audits are important for companies to have because they can uncover any problems with financial reports, record keeping, and other important systems used in the daily operations of a business.
Audits can help business owners with the following:
- Ensuring accountability – As businesses grow, there is more to account for regarding expenses, payroll, software, equipment, and many other facets that help the business run smoothly and efficiently. An audit can help account for all of the details you need to ensure your costs stay low while your margins are high.
- Providing reliability – Information that your stakeholders and accountants can reference when needed through the audit can help you submit reliable tax records. Plus, reliable information following an audit ensures peace of mind because all of the information you need is consolidated in one place.
- Offering assurance – A well-executed audit can mean you will have less of a chance of miscalculations and corrections later to your records, meaning you can have a reliable record of your accounting to fall back on as you plan your business’ future.
- Offering a complete report of the state of a business – Are you a business owner that has wondered if your business is doing well and meeting your goals and expectations? With an audit, you don’t have to worry anymore, as all of the facts are laid out in a clear and concise manner.
- Gathering feedback on the health of the business – No business owner likes to be left in the dark about whether or not they are operating with profits or at a loss. Likewise, keeping track of expenses can be daunting. With an audit on your side, you can better determine how it is doing and course correct if necessary.
- Helping create a plan to address weak points – If your expenses are getting out of hand, or you find that your records for payroll need an overhaul or a new system entirely, you can use the audit as a time for reflection and realignment with your goals. Making routine audits a regular part of your business helps it become stronger because the knowledge gained from it is valuable.
- Boosting a business’ credit rating and value – Speaking of value, your business valuation can be an integral piece of information to have if a merger or sale is in your future. Plus, your audit can help improve your business’s credit rating if addressing the health of the business might affect investors’ plans to provide capital to future endeavors.
Contact Our Hillsboro, OR CPA Firm
If you are looking for a full review of your financial records and assistance in determining next steps, contact the talented CPAs at Fordham Goodfellow, LLP today.