If you have been in business for several years and have outstanding accounts, you may be trying to rectify them. This means reconciling the account in some way and moving on from the account. Before closing the account, you may want to consider having your accounts audited. This is especially true if you are at the end of your fiscal year and want to step in with fresh books for the next fiscal year. Here are three reasons your small business should consider an auditing firm for this task.

Confirming the Accounts

When you have older accounts that are unpaid, the account may have a longer history than you think. For example, you may have an attempt of payment on the account or several small payments that show up. These payments may have been very early in the history of the account and are no longer showing up. You may also have a possible payment that was sent to pay a portion of the bill to close the account, but that payment was not noted or the account was not closed. Your auditing firm can confirm the accounts' history and remove accounts that are showing as outstanding when they should not be while maintaining the accounts that still have outstanding past-due balances.

Evaluation of Current Bookkeeping System

When you started your business, you may have gone with a simple boxed bookkeeping software. This software may have been fine at the time your business started, but now it is not working for you. For example, you may have expanded stock or accounts beyond the scope of what the software can provide. This can cause issues across your bookkeeping system and make things difficult for your in-house bookkeepers. Instead, your auditing firm can analyze your current bookkeeping system and show you where things can be improved to prevent bookkeeping issues in the future.

Loss of Funds

Sometimes you need the auditor to show you where funds are being lost. This may be due to bookkeeping mistakes, or it may be due to something internal in your business that is moving money in the bookkeeping. Your auditing firm can step in and do a step-by-step audit of the books to confirm your numbers, your totals, and where the money is being lost.

These are only three of the reasons that you should consider an auditor firm for your small business. If you have several issues going on with your bookkeeping, including multiple bookkeepers who have cycled out of your business over time, then contact your local auditor firm today. They can assist you with options.