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Smart Business Start-ups by Infinite Ideas

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41. Big brother

Your accounts are likely to be audited once a quarter or once a year. It is never a walk in the park, but you can make the experience at least bearable by being prepared.

No, that big pile of paperwork strewn in the corner does not constitute filing! Get box files and get organised.

An auditor is appointed to ensure that what you have reported in your quarterly or annual accounts is in fact a true and honest representation of the year’s financial activity. They will either work in your office or take the documentation they require away with them and report back in a couple of weeks. Auditors aren’t trying to catch you out, unless of course you really are doing something a little bit naughty like buying timeshares in France with ...

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