Every aspect of a business is necessary because it makes the entire operation efficient. One tiny yet crucial part of running a company that’s often overlooked and taken for granted is auditing.

One of the reasons for this oversight is the belief that it’s only necessary for larger companies and organisations. However, all businesses, even small ones, should integrate this process to record information, monitor expenses properly, and, most importantly, assess the company’s overall success. If a company doesn’t take this vital step, it runs the risk of turning into a company focused on the bottom line, not its overall success.

So, what is this process, and why is it so important to have it in place? Read on below to learn more.

More about Auditing

Auditing a company is a necessary process that’s designed to assess the entire business. This lets people in the company know about the current state of the business and where it might head.

Auditing should be done often and carefully because it’s not limited to simply record-keeping but also covers all the aspects of the company. This makes it a valuable tool for running a business because it allows the business owner to identify where the strengths and weaknesses are.

It’s not enough to simply identify what’s going on; you also need to know why it’s happening. You can also understand how to change it to make the company more successful with proper auditing. It’s also important to keep in mind that there are different kinds of audits and knowing how to choose the right one for your company is vital.

Types of Auditing

The first step in creating a successful auditing process is understanding what audits exist. There are two types of audits, and these are:

Financial Audit

The most common form of audits is financial audit because they evaluate the company’s financial transactions and records. These are the most basic kinds of audits and the most popular with businesses.

This is because financial audits provide a complete picture of the company’s finances by looking at the various aspects of the business. This includes everything from how much it costs to run the business, profit is made, and how money is spent.

Operational Audit

Operational audits are another common type of audits and are designed to look at the day-to-day operations of both the company and its employees. This is beneficial because it allows the company owner to see how the business is performing and how the employees are running it.

This is why it’s crucial to use both an internal and an external auditor to provide honest feedback about specific areas that need improvement. This will allow the company to make necessary adjustments to the way it does things so that it can be more efficient and be a better business overall.

Auditing for Small Businesses

When auditing a small business, it’s essential to understand that you can use both types of audits and a few others to assess the company properly. The most important thing is to understand what type of audit is most effective for your business to make it more efficient.

The best way to do this is to evaluate what kind of business you have, recognise your needs, as well as the way you want to run it. With this information to work from, you can create a flawless auditing process that will help you improve the business and its employees.

How Small Businesses Can Benefit from Auditing

There are many ways that small businesses can benefit from auditing. These include:

  • It helps you find ways to reduce costs without negatively impacting the business.
  • It helps you to attract new customers.
  • Helps identify risks.
  • Allows you to spot growth opportunities.
  • Gets you on track with strategic and long-term goals.

Above all, the most critical advantage of auditing is that it gives you the information you need to better your business. This can help you save money, attract new customers, and adapt to the changing marketplace.

Conclusion

When auditing your business, it’s essential to not only keep an eye on the immediate future. Instead, you need to also look at the long-range future of the company so that you can plan accordingly. This is especially important when adapting to the changing marketplace, so you shouldn’t take it lightly.

SMB Accounting provides quality services for an SMSF audit in Australia. Aside from that, we also do other types of audits to ensure that you’ll have an idea of how your business or your finances are doing to help you take the best course of action. Contact us today to learn more!

If you’re like most business owners, you may have started with a spreadsheet for financial tracking. There’s nothing wrong with that, but as your business expands, it may become significantly more challenging to keep track of all your transactions using this kind of manual accounting system. That’s where you’ll need accounting software.

For some startups, thinking of the cost of accounting software packages is enough to keep them from knowing about them more. But don’t let the cost stop you from trying them out because they’re worth it. In fact, when asked about the benefits of accounting software, your trusted accounting in the Sunshine Coast always gives these answers:

It Saves You Time

You don’t want to waste hours and hours doing your books. Some accounting software can calculate taxes, create and send out invoices, and help you with other financial reports to focus on growing your business.

It Generates Key Financial Reports Instantly

This is huge, especially when you need to provide your bank or other institution with financial reports. Other reports like profit and loss, balance sheets, and cash flow statements may also be generated at the click of a button.

It Syncs Your Financial Data

There may be other interrelated software that you’ll need to run your start-up, such as a CRM, email marketing, and others. If you want to streamline the reporting of your financial activity, the right accounting software can integrate with the other software you use.

It Ensures Data Accuracy

As your business grows, it’s essential to have a trusted partner who can ensure you have the right information in your financial statements. With accounting software, you can be sure your financial records are always accurate.

It Makes Payroll Easier to Do

No business owner wants to be spending more time on payroll than it has to be. Great accounting software has some great payroll features that will help you stay compliant and make it easy to generate checks and pay your employees.

It Offers Detailed Insights

The right software gives you access to all kinds of insights, such as how much money you’re making and losing on different products, how your sales and costs have changed over time, and where your business might have some weaknesses that you can address. These insights can help you make smarter decisions about the future of your business.

It Streamlines the Task of Tax Filing

This is one of the highest costs of accounting software today. However, it is also one of the main benefits. Tax preparation and filing can take up a lot of time. But if you’re using software that can automatically download current transactions and tax information, you’ll be able to file your taxes (and your employees’) faster.

It Reduces Errors

When you are handling your own finances and bookkeeping, it can be easy to make mistakes. When working with accounting software, you can be sure that your data is accurate.

Conclusion

Hopefully, this article has shown you the many benefits of using accounting software. There are many different solutions on the market, so we encourage you to explore which is best for you and your business. That said, it’s important to note that accounting software is no substitute for the services of an experienced accountant but rather an excellent supplementary tool to have. To ensure that all your accounting needs are met, you should hire a seasoned accountant in the Sunshine Coast who can help you.

SMB Accounting is an accounting firm in the Sunshine Coast that can provide you with various services that can help your business. Contact us today to find out how we can help you!

While audit quality may not be your top priority, you may want to reassess and reallocate resources towards your business’ ability to improve and maintain audit quality. Now, we understand if you’re a little hesitant to do this as you may not know much about what audit quality is. This is why we thought it would be useful to put together a brief discussion on this topic. If this is something that you want to learn more about, read on as we go through everything you need to know about audit quality.

What Is Audit Quality?

Audit quality encompasses the key characteristics that create an environment where audit data is likely to be accurate and reliable. Audits are considered to be high quality when the following conditions are met:

  • Exhibited appropriate values, ethics, and attitudes.
  • Applied a thorough audit process that complied with regulations and standards.
  • Provided accurate and timely reports.
  • Interact appropriately with any and all relevant stakeholders.

Financial statements must be reviewed in a consistent and thorough manner by qualified auditors, but that process is only effective when the auditors have support from the company’s management and all other relevant parties.

Why Is Audit Quality Important?

Financial reports provide investors with the information they need to make confident business decisions. The goal of an audit is to ensure that these reports are credible and accurate. Improving the quality of audits and ensuring consistency in audit procedures is key to maintaining investors’ confidence in the audits’ conclusions.

If a company fails but its financial report did not properly account for its lack of viability and issues that lead to its collapse, its directors and the auditor will be brought into question. In the case that investment decisions are based on financial reports that do not reflect the true financial position and performance of a company, this is a clear red flag.

How Do You Improve Audit Quality?

Given how important audit quality is, you may be wondering how to improve your business’ overall audit quality. Here are a couple of things that you can do:

  • Conduct effective quality reviews of your audits regularly.
  • Identify root causes of findings and develop action plans to address these findings.
  • Review staff structure to ensure that they are well equipped to handle complex audits.

While this may seem like it requires a lot of time, manpower, and resources, improving the quality of your audits will prove to be beneficial for your business. Think of this as an investment that will help your business. 

Conclusion

We hope this article proves to be useful when it comes to furthering your understanding of audit quality. While new concepts may be rather intimidating, this article should be enough to help you get started. Be sure to keep the information that we’ve discussed in mind so you can make the best possible decisions for your business. With that being said, take note that we’ve merely covered the basics in this article. For more information on audit quality, we suggest reaching out to a professional.

If you’re looking for an accountant in Caloundra to help you with your business’s finances, SMB Accounting is here to help. We offer various accounting services, such as individual tax returns, small business accounting, SMSF audits, trust account audits, special financial statements, and more. Learn more about how our accountants can help your business today!

Most Australians know that superannuation is money you save for retirement. But not everyone knows that you can also contribute your savings to super. Not only that, but the money you contribute (after taxes) can be tax-deductible.

If you did not know you can claim personal super contributions back on your tax return, we’ve got you. Here’s how exactly you can do that:

What Is a Personal Super Contribution?

A personal super contribution is money you contribute to your super fund outside of your super fund’s compulsory payments. And if you make personal super contributions, you can claim them back on your tax return.

Once you reach the age of 18, you can make personal super contributions. You’re eligible to claim a tax deduction for these contributions if your income is under €180,000.

How to Claim Personal Super Contributions on Your Tax Return

If you make personal super contributions to your superannuation fund, you can claim a tax deduction for these contributions.

The deductions for personal super contributions are listed in the tax deduction tables. When you add up all the tax deductions, it is up to you if you want to carry it forward to your next year’s tax return or claim it in any one year.

You should also note that you can only claim deductions for your personal contributions if your total income is less than €180,000.

How to Claim Tax Deductions for Personal Super Contributions

The first thing you will need to do to claim your personal super contributions is to add up all the deductions. In your tax deduction tables, the allowable tax deductions for personal super contributions are listed in section 3.

To work out your deduction, you need to work out the total income you earned during the year and then subtract any other allowable deductions you might have, such as medical expenses or rental property deductions.

Then you can use the total amount as the amount you can claim on your tax return. It’s that simple. Make sure you keep your tax return document as evidence for your claim.

What if You Make Super Contributions for Someone Else?

Making super contributions for someone else can also be tax-deductible.

The employer superannuation guarantee makes it compulsory for your employer to pay 9.5 percent of your salary to your super fund. But if your employer does not pay this money and you make personal super contributions instead, you can claim a tax deduction for these contributions. Your tax deduction tables list personal super contributions for other people in section 1b.

What Else Should You Know about Personal Super Contributions?

There are some other things to note about personal super contributions.

Your personal super contributions can be made through salary sacrifice. This means that you can choose to have part of your salary paid to your super fund instead of receiving it and receive a tax deduction for that.

Your personal super contributions can also be made before tax has been deducted. This is in the form of a before-tax declaration form.

Conclusion

As you can see, claiming personal super contributions on your tax return is simple. It’s just a matter of working out the total amount of deductions you have and deducting them from your total income.

And suppose you find that your combined personal and super contributions exceed the concessional contributions cap. In that case, it is still a good idea to claim the total amount, as you can carry forward unused contributions to your next year or carry forward unused deductions to your next year.

SMB Accounting does Individual tax returns, small business accounting with various small business accounting packages available, SMSF audits (self-managed super funds) as well as a Xero accounting software-based accounting business. We are your trusted partner when it comes to tax returns and superannuation. If you want to know more about the advantages of self-managed super funds, get in touch with us today! Let us know how we can help.

As part of the 2020 Budget Digital Business Plan, the Australian government wants to implement the Modernising Business Registers program. In this program, the ABRS (Australian Business Registry Services) was to be established to help businesses register and manage the information they share with the government. This is to be rolled out between 2021 to 2024, and the first change is that directors need to get a DIN (Director Identification Number).

Today, we want to shed light on the DIN to help you understand what it is, why you need it, and how to obtain it:

What is a DIN?

The DIN is a unique identification number for a director in the business industry. This number will make it easy for the government and businesses to identify a director by name. The identification number is mandatory for the directors of certain businesses and companies, the Australian Taxation Office (ATO), and the Australian Securities and Investments Commission (ASIC).

Why Do We Need a DIN?

As part of the Modernising Business Registers program, the DIN is being introduced as a way to help the government identify directors. This will help them track directors of Australian companies and enable the officers to gather information about the director.

If a director doesn’t have a DIN, they won’t be able to open one. This is because the government will be using the DIN when they verify the identity of directors using an online portal that they will use to register businesses.

How to Get a DIN?

If you want to register a business, you must get a DIN. Here is how to do it:

Step #1 – Determine if you need a DIN

As mentioned earlier, the DIN is mandatory for the directors of certain businesses, including companies, the ATO and the ASIC. This means that if you are running a business that requires a DIN, you need to get one. The DINs can be obtained using an online portal. To register for a DIN, you need a MyGov account. You can set one up as soon as you know you need a DIN.

If you are the director of a public company, you will have to apply for a PBN (person business number) instead of a DIN.

Step #2 – Register for a DIN

To register for a DIN, you need to visit the Government Gateway. This is an online portal that will allow you to complete the registration process. To start, you will need the following:

Personal details, including your name and date of birth

Your business registration details, including business name and ABN (Australian Business Number)

Your email address

The bank account details where you want to receive the DIN

Biometrics such as a numeric device and a photograph

Step #3 – Receive your DIN

After you enter the required information and successfully register for a DIN, you will receive an email from the government. The email that you will receive will be from myGov and not the Department of Home Affairs, which also handles business registrations. This is why you should always check the source of the email and the link. The link in the email will take you to the Government Gateway, where you will be asked to verify your identity.

After you have verified your identity, you will receive the DIN in your bank account. The government will deposit the DIN in your bank account without any deductions.

Conclusion

In an effort to help the government identify directors, the Australian government has decided to roll out the DIN. The introduction of this identification number is part of the 2020 Budget Digital Business Plan. If you are running a business and is the appointed director, you should consider obtaining a DIN. It is compulsory, so get yours as soon as possible to avoid any trouble!

SMB Accounting offers individual tax returns, small business accounting, and various other services to help companies stay on top of their finances and obligations. If you are looking for accountants in the Sunshine Coast to help you with obtaining a DIN, work with us today!

The Self-Managed Super Funds (SMSF) auditor is your SMSFs final check and balance. The Australian Taxation Office (ATO) wants to see the accounts for each SMSF annually, and it’s the job of your SMSF auditor to supply that data. However, some of the responsibility for ensuring your SMSF runs up to scratch can also fall to you as a self-managed super fund trustee. 

With that being said, the auditors definitely have more expertise than any average person when doing the appropriate paperwork and processes. If you want to know the difference they make, here’s a few examples of what they can specifically do for you.

Let’s start with the audit itself. You may have recorded your transactions for the year and ensured that you got it done on time, but the audit can check them to see if you missed anything. They’re good at finding mistakes and sometimes can notice something you missed purely because they have more expertise in the field. This can help you avoid fines or further actions from the ATO.

They can also help you with any tax advice that you may need. Having someone to turn to with specific questions can save you a lot of time, especially if you have a more complicated matter. As such, they can also help you to get the correct forms filled out and deals signed.

If you have specific questions or concerns, they’re also good people to ask about them. They can give you a better idea of what you should be doing and how to do it.

An SMSF auditor is the last port of call before the ATO. As such, they can help you keep on track with the ATO’s expectations. They can also help you to avoid fines and other punishments. As such, if you want to keep your super fund in good standing and keep ATO off your back, it’s a good idea to have an SMSF auditor.

How to Choose an SMSF Auditor

When choosing an SMSF auditor, you have a few different choices. Many companies have their in-house auditor, or they might subcontract the job. You can also ask around and see if anyone you know recommends someone. If not, start speaking with a few different accountants and see what they have to say.

The main thing you want to look for is that the accountant is on board with the self-managed super fund and what it does. They should be familiar with the work you need to do, and they should be willing to help you with a lot of it.

In terms of costs, there isn’t an exact answer. It will depend on how much work you give them, what kind of business you are in, and what type of service you want. It’s a good idea to speak with them about your budget and see what they offer. If you’re unsure, start by asking them how much you can expect to pay for a basic audit, and then you can plan from there.

Conclusion

A good SMSF auditor will help you stay on top of your super fund. This can help you feel more secure and provide you with all the support you need. Be sure to coordinate with them regularly to have an idea of where you currently stand financially.

They will also let you know about other requirements or needed paperwork, so be vigilant and never hesitate to ask whenever you have anything to clarify.

If you are looking for well-trusted SMSF auditors in Australia, look no further than our experts here at SMB Accounting. Our business does Individual tax returns, small business accounting with various small business accounting packages available, SMSF audits, amongst other things. Contact us today and let us discuss all your financial options.

Saving money during tax season is something every business hopes to achieve. A great way to do this is through having a tax accountant at hand. An expert in tax accounting will go a long way in the proper lodging of tax returns and saving more of the money you worked so hard to earn all year.

If you’re in the market for a tax accountant, find one with experience and who, more importantly, has all the proper credentials for tackling tax returns easily. Those credentials will help you to come out with a better, clear and concise understanding of where you stand, with not just your taxes, but the related deductions.

Read on to learn more about how to keep more of your hard-earned cash through a tax accountant:

1. An Accountant’s Fees Are Tax-Deductible

This is rather straightforward: when you pay a tax accountant to do your taxes, it can be added as a deduction. If you’re eligible, you’ll get a higher tax return as a result. People weighing the pros and cons of getting someone else to do their taxes are sure to appreciate this incentive.

2. A Tax Accountant Can Ease Your Tax Burden

CPAs are trained to help you avoid costly mistakes. If you’re self-employed or if you’ve made several business purchases that you’ll be able to claim, a tax accountant can help you maximise your deductions and ease your tax burden.

3. Keeps You Focused on Other Important Business Matters

With the right tax accountant, you can breathe easy knowing that your financial affairs are well taken care of. As a result, you can focus on other important matters you have to attend, such as meetings with the board of directors, expanding business, marketing, employee relations, and many other undertakings that put you on the front line.

4. Legal All the Way

The only thing more important than savings during tax season is paying proper dues and staying legal. Especially if you plan on filing your tax return yourself, a tax accountant is essential to make sure you’re filing with the Australian Tax Office (ATO) properly and legally, too. The last thing you want is to get hit with a fine for something you missed.

Your tax costs will be lowered legally by a tax accountant, which in turn leads to the highest return possible.

5. Proper Deductibles

Having a clear awareness of what can and cannot be considered deductible on taxes can be confusing. That’s understandable. However, most Australians simply don’t have the time to learn about each and every deduction possible. A tax accountant, on the other hand, definitely has the time. In fact, it’s part of their job.

Conclusion

Tax season and saving money may seem like contradictions, but it’s actually possible through a tax accountant. Ensure that you hire one with experience and proper credentials. That way, they will be in a position to help you keep more of the money you earned the entire year. Benefits include having proper deductibles, not letting sudden legal issues pop up amidst a busy schedule and an accountant’s fees being tax-deductible.

Want to save money you worked hard to earn with the help of a tax professional? Reach out to SMB Accounting today! We’re one of Australia’s leading accounting firms. 

A Tax File Number (TFN) is a government-issued number that serves as your unique identifier. This account is associated with your tax returns, benefit payments and superannuation funds. Scammers may perpetrate identity theft and fraud in your name if it is in the hands of the wrong people. It’s preferable if you keep it in a safe place.

To protect yourself, you should never share your TFN with anybody else. As we’ll explain below, in only a few specific cases, is there a need to reveal your TFN.

The Use of a Tax File Number

You need a Taxpayer Identification Number (TFN) as soon as you start working at any employment. Your employer can tax you at a higher rate if you have not provided them with the information they need. Before you start your new work, it’s a good idea to register for one so that you can offer your new employer your TFN on your first day. The Tax File Number Declaration form is used to notify your employer of your TFN. It asks questions about your residence status and other tax-related topics.

If you don’t mark the “Yes” box (to “Do you want to claim the tax-free threshold from the payer?”), you will wind up paying more taxes than you should since you’re entitled to a tax-free sum of $18,200 per year. Remember that you only need to claim this amount from one employer in a given year. If you claim it from many companies, you may end up with a tax bill since you may not have paid enough tax for the year.

There are a few additional circumstances in which you may need to provide your tax file number, such as claiming Family Tax Benefit and other Centrelink benefits. If you need to establish a new bank account or apply for an Australian Business Number, you will also require your TFN.

Application for a Tax File Number

You may apply for a Tax File Number on the myGov website or in person at a post office. Alternatively, you may ask your tax advisor to apply for a TFN for you.

If you apply on your own, there is no fee. You must provide a secure and proper postal address to ensure that the package is sent to you after completing the application.

They will send your tax file number to you within ten days of your application, but it may take around 28 days for the ATO to inform you of your application and for you to receive it.

Ways to Find Your TFN

People lose track of the original letter they received over time. Use your Superannuation statement to locate them. Check with your bank, contact your employer, or check your payslips to see your TFN. Finally, you may contact the ATO or look at the Notice of Assessment from the ATO to get that information.

Lost or Stolen Tax File Number 

Contact the ATO immediately if you suspect that your tax file number (TFN) has been stolen or disclosed to someone else. Don’t be a slacker, and don’t simply put things off because it might lead to financial ruin.

To request that you give your TFN through email is never an acceptable practice from a tax professional. They shouldn’t ask you to fax it to them or put down your number somewhere, either. It puts your privacy in danger.

Once your email or the other person’s has been compromised, your TFN can be used to defraud you.

Conclusion

A Tax File Number (TFN) is a one-of-a-kind identification number provided by the Australian government. All your tax-related details and benefit payments are connected to your TFN. Keep in mind its importance and safeguard it properly.  

If you need tax consultants or accountants to assist you in organising and completing your tax statements on time, work with SMB Accounting. We provide a comprehensive range of high-quality accounting services, so you won’t have to worry about the time-consuming process. Hurry and get in touch with us now!

 

Filing tax returns can be a rather confusing process. This is mainly due to a general lack of knowledge of this process. Now, this isn’t something that you should be ashamed of as it’s understandable not to know how to navigate this process. To help you out, we thought it would be useful to go through some common questions that people have on filing tax returns. If this is something that you’re interested in learning more about, read on as we answer the four most common questions about doing tax returns.

Why Do You Have to Do an Income Tax Return?

Your income tax returns are a means of declaring your income and expenses during the year. This gives you a pretty accurate estimate of what your tax returns will likely be once everything is filed. 

Do You Need to Do a Tax Return If You’ve Done Your Business Activity Statements?

The main thing you have to understand about this is that there are a slew of different taxes that you have to pay. Goods and Services Tax relates directly to your Business Activity Statement. Basically, this means that all you’re doing when you’re doing your Business Activity Statemen is working out the difference between the Goods and Services Tax that you’ve collected and the Goods and Services Tax that you’ve paid during the quarter.

Income Tax is separate from Goods and Services Tax as it is concerned with your income.  Now, if you’re not registered for Goods and Services Tax and do not file Business Activity Statements then any income you receive or expenses you pay can be included in your tax return in full.

What Do You Need to Include as Income?

While this question seems obvious, there’s more to it than you may think. Basically, anytime you are paid for a good or a service it’s best to record this for income tax purposes. With that being said, the amount you are paid will matter as it will dictate whether or not you need to pay tax for it. If you are an Australian resident taxpayer, the first $18,200 of income that you receive is tax-free. This is called the tax free threshold

What Can You Include as Expenses?

If the expense is tied to your income then you have to include it in your tax return. With that being said, expenses that are valued over thousands of dollars are subjected to specific rules set by the Australian Taxation Office (ATO). To add to this, there are also specific items that the ATO does not allow to be claimed as an expense. The tricky thing about this is that it changes each year so it’s best to keep up to date with their policies.

Conclusion

Hopefully, this article proves to be useful when it comes to helping you accomplish your tax returns. While this process can be rather tedious, the information that we’ve laid out here should help you navigate any issues you may have. If you have more specific questions that we didn’t get to cover here, it would be best to consult with professional tax consultants.

SMB Accounting has knowledgeable tax consultants who can help you get started with taking care of your tax refunds. We make sure that our clients use their tax refunds wisely, and we also offer other services such as accounting and business advice. Contact us today for a consultation!

Why do such audits even exist in the first place? It happens because of problems on your end. Everything from questionable financial reports and the like can force third parties to audit your company to ensure you are not hiding anything. For instance, they will check whether what’s recorded in the balance sheets is actually what is being owned and what is owed, or whether the profits and losses recorded are accurate. Regardless, many companies decide to get their business audited for the sole purpose of catching any issues that they can solve to run their business better.

That being said, if you are here today looking to understand what exactly happens during an audit, we will share with you what auditors do and do not do when carrying out the task:

What Auditors Do

Generally, auditors will tell you the scope of the audit work that will occur in your company. However, additional procedures can be performed under the request by management or even the directors. Regardless, auditors will maintain as much independence as possible from the heads of the company, ensuring that all the tests and judgements are made without bias. Depending on the risks and controls they have identified, they will determine how extensive their audits will be and what kind of audit procedures will be carried out.

As for what kind of procedures they will carry out, there’s a few that they can do. For example, they can send formal written questions or ask informal oral questions to various individuals in the business. They can also examine accounting records or any other documents. Finally, they can obtain written confirmations from different sources, such as a debtor, to see if your record checks out.

What Auditors Do Not Do

While auditors will work to try and identify any flaws or issues in your business, there are just some things they simply won’t do. For example, auditors will not check the information given directly by members of the organisation, and they will not check every single figure in a financial report. Auditors are incredibly selective at what they want to check, and they will only check and see portions of different information.

Apart from what they won’t do, there are other things they also cannot do. For example, they cannot be there 24/7 to keep auditing your documents. The audits are carried out within a specific time frame and focus on different areas of the business. Once that time frame is up, they leave. Another thing they cannot do is predict the future of the business. They cannot judge what might happen in the future, so they cannot tell you what your business will look like in a few years or even months.

Conclusion

While getting audited is almost never fun, it is sometimes necessary. Some problems occur without getting noticed, leaving you with little to no chance to solve them until it is too late. As such, it is vital to reach out to professionals to assist you. Otherwise, you’re setting yourself up to waste a lot of your time and possibly even money running a business that isn’t controlling its finances and other aspects properly. That said, if you want to audit your company to ensure everything is performing smoothly, be sure to work with professionals. They can ensure that the audit is completed quickly and efficiently, allowing you to get the information needed without too much trouble to improve your business!

SMB Accounting is an accounting firm offering individual tax returns, SMSF audits, and a few other small business accounting services to help companies stay on top of their finances. If you are looking for an SMSF audit in Australia, get in touch with us today!