How to be Better Prepared for a Financial Audit

tax agents in Melbourne

As the time for financial audits comes closer, it can create a stressful and difficult work environment for any business professional.

Getting your finances in order and looking for missing receipts and paperwork can take you away from other important jobs that need to be done. So, how can you better prepare for a financial audit?

Plan Ahead

You know that your audit happens at the same time every day, so you can plan for it ahead of time. Plan meetings with your auditor, delegate tasks, come up with a timeline, and begin gathering information and documents that will be needed. If you are prepared ahead of time, you can have stress-free audit fieldwork.

Learn from Past Audits

Review the recommendations from last year’s audits and see if there are any changes you can implement in the way you run your business. If your business faced certain financial challenges in the last year, make plans to address those challenges in the coming year.

Keep Your Data Organized

Keeping a secure and thorough database for any data and documentation is a great way to stay on top of things. All your data on business expenses, revenue, cash flows, payrolls, debts, assets, and so forth should be well organized and readily available. When the time comes for your financial audit, there won’t be a need to scramble to gather all the relevant data. 

Be Available and Proactive During Fieldwork

During fieldwork, postpone meetings that aren’t urgent and clear up your schedule so that you are available for any last-minute questions or concerns. If your auditors need last-minute paperwork or information, you should be easy to reach. For the latest news and advice on business accounting, accounting technology, financial tips for small businesses, financial audits, and tax advice, visit Opulent Accountant today.

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Moumita Ghosh
Moumita Ghosh
2020-11-18
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We've been meeting Dayan for years now and he is great with his advice and is very knowledgeable and pragmatic. We recently used his services to get the home loan for our house and he and his team went above and beyond to get us the best possible deal. Ishara in his team was super communicative and responsive in following through and made the process very easy for us. Highly recommend them!
Cara Neela
Cara Neela
2020-10-24
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Dayan and Hasi are wonderful, wouldn’t hesitate to recommend them! They went through all with a fine tooth comb to ensure all was correct. Thanks to you both and the Opulent team!
Jason Barry
Jason Barry
2020-09-29
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I was looking for a different accountant and was recommended to Opulent Accountants. I have been blown away with there service. I wish I moved accountant sooner. Platinum Plumbing Enterprises P/L
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Afshin Koohestani
2020-09-10
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Uditha Illeperuma
Uditha Illeperuma
2020-09-08
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Opulent Finance gave professional advice for my unique home loan requirement. They respond quickly with the proper information. The process was smooth and I felt comfortable to deal with the team. The team is friendly and professional to deal with. Highly recommended for any one looking for finance.
Dinesh Fernando
Dinesh Fernando
2020-09-03
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Very happy with the service provided in getting my tax returns done. Mr. Dayan is very helpful and professional and has extensive knowledge in his field of expertise. Highly recommend if you are looking for a hassle free and prompt service.
Ronald Turner
Ronald Turner
2020-07-16
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Opulent were absolutely fantastic to deal with, they are competitively priced and incredibly proactive and friendly. For me I have been much better off using their fantastic services as opposed to doing tax returns myself. Sum was amazing, incredibly knowledgable and super friendlyI'll certainly be back with Opulent next year
Milinda Wickramasinghe
Milinda Wickramasinghe
2020-07-05
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Opulent team has been fantastic and it has been truly a pleasure dealing with the team for more than 10 years. Dayan and Ishara have gone above and beyond to assist and communicated with me even when I was overseas. Excellent service has being provided in a professional and timely manner. I would highly recommend the team.
Chami Ranaweera
Chami Ranaweera
2020-04-28
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I have been working with Dayan last 9 years. All of my loans, refinance and tax are done through Opulent.Dayan and his team including Ishara are very helpful and easy to deal.
Edmund Lobo
Edmund Lobo
2019-12-02
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We were new entrants to the cattle farming scene. All the rules and regulations surrounding primary production can be very confusing. The team at Opulent Accountants walked us through all the steps, set up the necessary ABNs and Company / Trust accounts, filed the related pending BAS and Tax returns, and is currently keeping us up-to-date with all ATO related transactions. We recommend them highly to all.