Behind On Your Books,

Business Owners?

Let Me Rescue Your Financials Today!

Behind On Your Books,
Business Owners?

Let Me Rescue Your
Financials Today!

Why You Should Conduct An Internal Business Audit

by | Feb 22, 2019 | Bookkeeping Service Maryland

When you hear the word “audit” do you think IRS? A large majority of business owners equate “audit” with a letter from the IRS — and the entire process following. Fortunately, there is more than one kind of audit in business.

As your master bookkeeping professional serving Maryland, Furever Bookkeeping strongly suggests that you do an internal business audit. It’s a great way to get an understanding of where your business stands. Call Me, Now!

You don’t want to be blindsided by an unexpected issue. As the business owner, you’re the primary decision maker, and you need to know your business and where it stands better than anyone else. This knowledge will save you money and time.

When To Conduct An Internal Business Audit

Now that you understand what an internal business is audit, you need to know when to complete one. For most, an internal audit is a happenstance occurrence that is prompted randomly due to someone suggesting it. Instead of waiting for a prominent catalyst, we’ve put together a list of prompts to signal that you ought to conduct an internal audit.

#1. Prior To Seeking Investments

If you’re seeking investments, the investors will request an audit to determine if your business is a good investment. Prior to seeking investments, conduct a comprehensive internal audit of your business and have that available to show you’re serious about growing the business — especially if they’re investing.

#2. Bookkeeping Inconsistencies

If you discover at the end of the month that there is a moderate to substantial mistake with your finances, it’s time for an internal audit — and to hire a master bookkeeper for your Maryland business. Sweeping financial mistakes under the rug only compounds the issue when it resurfaces down the road.

#3. Employee Resigns

Your key employee resigns from the business. They had prominent management and decision making privileges. It’s time to conduct an internal business audit. You need to turn over every single stone, including ones related to your own responsibilities to know where your business stands.

#4. Declining Cash Flow

Declining cash flow is a serious red flag for your business’s health. Cash flow is how you grow your business; without it, your business will eventually cease to exist. A downward cash flow trend demands an internal audit.

#5. Scheduled

Finally, you ought to conduct an internal business audit because you’ve scheduled it. Ideally, you will need to determine how often you will conduct the audit, but we strongly suggest you schedule it so that it doesn’t go amiss months down the road.

Furever Bookkeeping: Your Master Bookkeeper Serving MD, VA, and DC

You want to increase cash flow, outsource business functions, and grow your business. As your master bookkeeper, Furever Bookkeeping is here to save you a ton. It’s time you understood where your business stands. Get away from working in your business and work on it, instead. Your time is super valuable as the primary decision maker. Call for your free initial financial analysis today!

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Furever Bookkeeping has been our financial savior. Our small business went through several bookkeepers before hiring Furever Bookkeeping. Furever Bookkeeping has been responsive, adaptable, and provided excellent communication throughout the pandemic. The level of customer service we have experienced is unmatched for a small business such as ours.

-Orman M.

“KENDRA BROUGHT YEARS OF MY BUSINESS’S FINANCIALS CURRENT AND BALANCED MY BOOKS QUICKLY.”

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Kendra brought years of my business’s financials current and balanced my books quickly. She and the whole furever bookkeeping squad know what they’re doing. Helped my business exponentially.

-Charlie U.

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Kendra served as our law firm’s outside, independent bookkeeper. When she started working for us she inherited financial books that were a complete mess. She was able to straighten them out and, since then, has kept our books accurately and complete. I can ask her at anytime where we stand financially and she can tell me instantly. She is very personable and a delight to work with. During her tenure working with us, even though she was an independent contractor, she became our firm’s CFO. I do not hesitate to recommend her.

-Fred P.

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The entire Furever Bookkeeping team helped my Consulting Firm and me streamline our Accounting system using technology for efficiency sake. This saved us a ton. Kendra and her team are gems.

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“KENDRA HAS BEEN INSTRUMENTAL FOR OUR BUSINESS.”

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Kendra has been instrumental for our business. If you are looking for an accounting team that is professional, timely, and great at communicating call Furever Bookkeeping. They were a life saver for my company!

-Renee D.

“KENDRA’S TEAM IS TOP NOTCH AND RECONCILED BACK YEARS UNDER BUDGET.”

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Kendra’s team is top notch and reconciled back years under budget. Thanks to the entire team. We continue to grow as a direct result of her knowledge and strategy.

-Brian D.

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Kendra Moore
Owner/Master Bookkeeper
Expert Accountant

Clients

Our clients range in annual revenue from $200K up to in excess of $75M+. Simple or complex financials across MULTIPLE industries are our Core Capabilities.

About Us

Furever Bookkeeping, LLC brings 15+ years of Expert Bookkeeping & Master Accounting to each of our clients. Kendra Moore and her team have over 37 years experience in: Bookkeeping, Accounting, Banking, along with experience as previous Business Owners.

Our Certifications

We are approved Accounting & Bookkeeping Federal Government Contractors, DUNS #079524284, as well as for the State of Maryland, NAICS #541219.

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