If you're running a business, it's imperative that you keep accurate records for tax purposes, and to ensure that you're complying with all financial regulations. While bookkeepers can keep your payroll in order, certified public accountants can provide different types of assurance services to help your company achieve success. CPA assurance services provide you with information that can help you better understand the areas where you're spending and losing money so you can cut costs. CPA assurance services can also help you understand the areas in your business where you can grow or expand. The different types of assurance services include auditing and financial projections.
One of the most important of CPA assurance services is auditing, which involves the evaluation and analysis of your company's historical financial information as it relates to clients and customers, and determining its accuracy. As a company owner, you want to ensure that your clients and customers are financially reliable. An assurance firm audit offers the value of an independent review of your clients and gives you the confidence that the information you have about those clients is accurate. Audits are considered the starting point for most of the different types of assurance services that CPAs offer. Some of the benefits your business will obtain from an audit include, more accurate financial statements, increased valuation of your business due to audited financial records, and improved internal controls. As a business owner, an audit can also help give you the peace of mind that your company is free of fraud. Depending on the nature of your business, you may want to audit your company once a year to ensure that you're adhering to the best practices within your industry.