December 15, 2014

Balancing Books: Regular Audits Benefit Businesses

Many business owners approach audits with hesitation. This is mostly because of the effort involved; going through a company’s accounts and assets can take time and the tracking of numbers can get quite complex, especially when the business is large. However, thriving companies understand that regular audits conducted every few months can only benefit a business. Here are just some of the advantages that come with increased self-scrutiny:

  • Identify Weaknesses. A company may start out strong in terms of efficiency, but eventually the daily grind can slow down its internal processes. This can stem from various reasons such as overwork, ignorance of procedures, or simple carelessness. An audit brings these problems into focus, giving the business a chance to develop solutions and improve the company’s processes before it is too late.
  • Detect Corruption. People working with money or equipment worth a great deal often get  tempted, and end up skimming a bit from the cookie jars that may seem innocuous at first. However, the fraud builds up over time. For example, an employee may think it is okay to bring home a few samples from the warehouse thinking no one will notice. Audits stop these practices in their tracks, identifying culprits and allowing companies to clean house once again.
  • Enhance Credibility. People like to be able to trust who they’re doing business with. A regular auditing process ensures potential customers that the company they’re dealing with is taking the time to ensure their processes are in tip-top shape.


Benefit from these advantages by doing audits either in-house through auditing software or by hiring an outside consultant. The effort will be well-worth it.

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