Year End Audits

[mrhubby]

Does anyone have experience of using someone to do an end of financial year audit to assit with bad debt write off's etc.

Would this be of any interest to anyone as this is a service the company I am working for is thinking of marketing.

Have a great week

Richard

 

[MyAccountantOnline]

Hi Richard

May be a little more detail may help.

 

[mrhubby]

Audit would be independant review of credit control procedures, the sales ledger with recommendations and suggestions for improvement. The audit would be tailored to the business concerned and would be flexible depending on what the business wanted.

The service would take on average 1 day more if complex requirements.

 

[Philip Hoyle]

I would have thought this was basic bread and butter work for the small firm's accountant to be an add-on to the year end accounts & tax preparation work.

Larger firms who are large enough to require a formal statutory audit will already get this kind of work done as part of the auditor's year end auditing work and should get feedback as to any improvements needed through the auditor's letter of comment.

I think you'd need to explain and market why your proposed service is different to that which the firm's accountants would do.

 

[InPrintImaging]

As WHA says above, this is already something that is done by the accountants anyway, and in the case of large companies, their management accountant will do it.

If you were offering consultancy on how to set up systems to minimise, reduce the number of bad debts, or specific services to help manage debtors on a day to day basis to stop things getting out of hand, then that would be different, but again, the existing auditor will be there first if they see a bad debt problem developing, and so will be in a prime position to get in there first and sell advisory services.

 

[Merlion ABS]

This is provided by Accountants as part of the Auditing procedures for those companies that do require an Audit.

I myself, offer solutions to small businesses to better monitor cash flow, better bookkeeping etc.. all suited to their business which sort of includes monitoring both debtors and creditors and set monthly procedures and check lists to ensure my clients don't miss anything.

Its not something I promote on its own but it is something I do raise in initial meetings.

If you think you can market and present in a singular form, then by all means it can help businesses.

Year end Auditors are there to do this but sometimes they can be too late so to speak. If you can offer a cheap regular service for this, then good.