Getting a better picture of your business

Business owners are often questioned about how their business is doing and what their market conditions are like. It is essential that you have a grasp of these aspects of your business in order to remain competitive. A common question for any business owner to ask is how their financial situation is and what can be done to prove it.

An evaluation of a business’s financial situation can mean a wakeup call for its owner. Every business can do with improvement; this is the nature of every market. To be able to analyse your business and pinpoint specific areas can be a useful tool for a business owner to recognise areas which need improvement and avoid areas that show little or no signs of growth.

This where an audit comes in…

What is an audit?

An audit is an evaluation of a business. More specifically it is an evaluation of a business’s financial statements. This evaluation can help to verify how the company is doing financially and identify any areas that need improvement.

An audit is required for any business who matches two out of these three criteria.

•  Has a turnover of more than £6.5 million
• A balance sheet of more than £3.26 million
• More than 50 employee’s

What an auditor does…

If these criteria are met an auditor will then audit or evaluate your business. The process can be broken down into four main stages.

1. Planning – The auditor will accept the client and do an initial review of the company’s funds, personnel etc. Upon completion the auditor will survey the company and gain all relevant information. They will then plan out how to audit the company and identify any key areas that need attention.
2. Fieldwork – The auditor will measure the company and check its transactions also an audit summary will be created.
3. Auditors report – Generally a formal opinion of the company’s financial matters given by the auditor. It can be used as an indicator for a company’s worth which can be useful to potential investors.
4. Audit Follow Up – An evaluation of the audit containing a follow up review and follow up report of the audit.

How Just Accountants can help

Just Accountants is a local auditor and accountant finder service. We have connections all over the country with qualified experts in field. We understand that when looking for an auditor it can be a daunting prospect and with so many out there it can be tricky to find the perfect one for your business.

Our service helps to eliminate this issue. By simply speaking to one of our consultants you are ensuring that you will find the best auditor for your business. Our consultants will take the time to get to know your business and match your criteria against our panel of auditors. We guarantee a local auditor who will fit in with your business.

Three easy steps

1. We receive your details from the quote form provided on our website at www.justaccountants.co.uk

2. We then match your specific requirements to our panel of approved auditors

3. You meet our recommended auditor and decide if you wish to take the relationship further