Business Auditing Services
Business auditing services from Crawfords provide a full picture of the financial health of your business, ensuring you’re completely aware of both the strengths of your company and what steps you need to take to improve, putting you in the best possible position to accelerate your growth.
About our audit service
At Crawfords, our audit services are more than simply ensuring your accounts are fully compliant. Although all compliance issues are taken care of, we choose to go the extra mile by identifying strengths and weaknesses within your company and providing you with actionable insights on how to further improve your business.
Upon completion of a thorough audit by a member of our experienced accountancy team you will be presented with an audit report detailing our findings and recommendations, alongside advice on implementing them, in a clear, jargon-free format. We aim to ensure that you can concentrate on implementing changes, rather than investigating what they mean to you and the implementation steps required.
And you don’t need to worry about large amounts of disruption during the process. Our team has vast amounts of experience, enabling them to ensure minimal disruption, so you can focus on running your business.
What is auditing?
Auditing is a systematic, independent examination of the books, accounts and statutory records of an organisation designed to ensure compliance with all relevant legislation.
Although potential compliance issues are the main objective of a typical business audit, a thorough audit will also provide a broad overview of the strengths and weaknesses of a business. This enables business owners to use income as effectively as possible and maximise efficiency in business operations.
In the UK, the audit exemption threshold, or the size a business has to be before being subject to mandatory audits, has risen significantly in recent years. More than 90% of UK-registered companies now don’t require a financial audit.
Although this frees business owners up to focus on their business, not having regular audits can represent significant missed opportunity.
The benefits of company audits
For the majority of small, owner-managed businesses, an annual audit may not be appropriate. However, as the business grows, so does the risk of errors from individuals within the company going unnoticed and causing serious problems in the future.
An independent study has shown financial reporting to have a much greater risk of errors for companies which do not have audits, with audited accounts being half as likely as unaudited accounts to contain errors. Over time, these small, unnoticed errors can build up and cause serious issues for your business.
The same study also highlighted that alongside having more errors in their accounts, unaudited companies typically pay more tax than audited companies. Indeed, they estimated that the unaudited firms could save more than £28,000 in tax on average had the firms been audited.
As well as discovering errors before they develop into serious problems and potentially making savings on your tax bill, regular audits provide you with the reassurance needed to know you’re heading in the right direction and help to further growth by highlighting key areas of opportunity within the business.
Get in touch today to discover how we could help grow your business.