2016-12-14 00:00:00 Finance and Accounting English Learn the advantages of performing an internal audit on a periodic or annual basis, while discovering tips for strengthening your company's... https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/06/Start-Up-Founder-Audits-How-Effectively-She-Has-Been-Managing-Her-Business.jpg Accounting Tip: Perform a Self-Audit on Your Startup

Accounting Tip: Perform a Self-Audit on Your Startup

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Performing an annual self-audit on your startup helps to streamline accounting procedures while finding and cutting unnecessary expenditures. Your success, as an entrepreneur, is directly correlated to how you choose to allocate your company’s capital. Here are a couple tips for internal auditing and strengthening your finances:

  • Hold a periodic financial review with your accountant or bookkeepers. When they close out the books each month, ask to review the financial statements with them and inquire about line items that are increasing or more costly than you imagined.
  • Reduce your meal expenses. As a young startup, you may be tempted to treat all potential customers and clients to dinner or drinks on your tab. However, you must remember that only a fraction of these expenses are allowed to be written off. Save your money for crucial expenses, not food or drinks.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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