How to always be sure your financial statements are accurate

[Augusta]

If you are not the accountant or in charge of the money in your business, You need to still be sure that the statements of account presented are always correct. There are things you would have to do to know that they are correct

Start by hiring an external auditor

You would need to hire an external expert that isn’t part of your company to always check your books. This will help you to know that the income and expenses stated are correct

Make use of internal controls:

You need to install some tools that will help you uncover fraud at any point in time. When once those in charge of money knows they are these security tools it will deter them from fraud

Increase the reliability data entry:

You need to have books of account in place where the data of the company will be inputted. You should also try to hire personnel that have a good knowledge of making this input to avoid cheating.

Financial statement will always show your income and your expenses, the book needs to always be assessed to avoid crime that might pull down the company financially.

What do you think?

 

[Caramelle]

The best time to put the internal controls in place is before the business starts its operations. It is common for businesses to hire an accountant to help them set up an accounting manual, recording procedures, and internal control. Books of accounts are common requirements by taxing authorities and it is important to hire people who are knowledgeable about recording transactions. However, these things may be automated and businesses can purchase accounting software and have the application customized by an accountant.

You will not just be interested in generating appropriate financial statements, you'd also want to ensure that you are filing accurate and timely tax returns and remittances. You may consider hiring an independent internal auditor who will perform procedures to ascertain the accuracy of your books, financial statements, as well as your employees' compliance with internal controls. External auditors are professionals who certify the fairness of the information on the financial statements. You'll normally hire them to issue an audit opinion on your financial statements. They perform audit procedures based on an audit program for a specific entity. However, they will not be around the whole year. Thus, your best bet is to hire an internal auditor who can do the audit year-round.​

 

[Deleted member 28127]

There are parameters changing from time to time so what we set before that company starts its activity can change during the process of company this is why the daily meeting is preferable to handle such changes and have new financial plans.

 

[btaliat]

Making sure our financial statement should be the main concern of a business owner. There is much to gain if the statement is correct. Because there are many advantages of having correct financial statements. It can be used to obtain loan in the banks, it can be used to determine the strength of the business whether it is making loss or profit. Not only this, it can be used as well to determine the tax payable by the company. The list is too much to he exhausted.
With this, I don't think a business owner will like to risk the effect of not having correct finicial statement. That is why there is need for external auditor to cross check all what the internal auditor has done to validate the authenticity of the statement.

 

[Deleted member 28127]

The need for the help of an expert is something always required and you could stay a long time to make the true financial calculations so what you are saying is extremely important and determinative.

 

[Good luck]

You must always do a thorough analysis of your statement so as not to lose some credit at the end.You must ensure you are not in any way default in your tax .if all the mentioned above are correct to the best of your knowledge then you will not have any issues about your financial stand it will be very accurate.