Audit. That word can cause dread and fear in many businesses. An audit from the IRS is never a fun experience and the common perception of an audit has been skewed because of this. In this article I will be talking about a different kind of audit, an audit of the financial statements, which can provide your business with many benefits.
Now that your financial statement audit is complete you are most likely breathing a sigh of relief. Before you jump back into work, there are a few things you should do to benefit from the audit. Here are five simple steps to follow:
In today's tough economy, the availability of business credit remains tight. Financial institutions are cautious and highly skeptical of new lending requests. In addition to increased scrutiny regarding new relationships, bankers are also increasingly turning their focus to existing customers. With little or no notice, lenders are closing business credit lines or reducing the amount of available credit.