Tag Archives: BOOKKEEPING

Best Practices for SMBs to Streamline their Audits

“Audits” are usually considered a monumental undertaking for small and medium business (SMBs) owners. However, audits plays a critical role in helping to evaluate the effectiveness of a company’s internal controls, availability of reliable financial reporting, fraud prevention, utilization of its assets and reduction in its cost of capital. Audits also ensure that the business is meeting the expectations of their stakeholders and meeting regulatory requirements of the industry.

Below are the best practices that can help audits flow smoothly, while delivering lasting benefits which will enhance business performance.

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Financial Reporting Challenges SMBs Face!

For any business whether small, medium or big, the significance of financial reporting cannot be underestimated – it provides information about the financial position and changes in the financial situation of a business. However, the flip side of that coin is that financial reporting is complex and many businesses find it challenging to assemble the right team of people that can keep them in compliance as well as provide timely information in a format that allows their management team to make informed decisions when needed.

Some ‘Financial reporting’ challenges that are faced by small and medium businesses (SMBs) are outlined below:

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