Behind On Your Books,

Business Owners?

Let Me Rescue Your Financials Today!

Behind On Your Books,
Business Owners?

Let Me Rescue Your
Financials Today!

IRS Tax Audit | Internal Auditor Needed? I’m Your Expert Auditor

Facing an Audit Because Your Books Are A Mess?

Control Your Business Risk & Exposure with Your Top Rated Local® Master Auditor.  Defend Against IRS Audits Or, Conduct An Internal Audit~All With Me!

 

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      If you’re a business owner who is currently under a business tax audit, or, have not completed an internal financial audit in years…then you will want to pay attention…

      Whether internal or currently being audited by the IRS, I have helped hundreds of local business owners. 

      By definition, audit documentation is the written record of the basis for the auditors conclusion that provide for the support for the auditors representations, whether those representations are contained in the auditors reports or otherwise. Audit documentation may also be referred to as work papers or working papers.

      Can’t think of a way “out of the mess” when it comes to your business financials?

      And do you have a business financial audit notice on your desk from the IRS?

      Business financial misstatements could cost you a ton. Manage accounting and bookkeeping processes can be the life or death of your business from an IRS audit and investor/lender perspective. 

      Whether your business is thriving or surviving, accounting and bookkeeping audits are vital to the success of your business. 

      That’s why it’s imperative that you get a routine internal business financial audit process completed on your business… so that you keep your business compliant and up-to-date with ever changing current regulations. 

      And this is why as your Expert Bookkeeper & Auditor along with my In-House CPA, I’m crucial to the financial success of your business. 

      As your Top Rated® Local Master Bookkeeper, I deliver the objectivity necessary when Audits are conducted delivering the Audited report on time. 

      And I can help you complete a third-party internal business financial audit, as well as assist your business under an IRS audit.  

      Know where your business financials stand, right now. Let me save you a ton. 

      Call me today for your FREE financial analysis! 

       

      What Is A Third-Party Internal Business Financial Audit?

      An internal financial audit process investigates internal business financials (and other information) through a third party so that there is no bias for or against the company. 

      The goal of this internal business audit is to make sure that your business is accurately tracking and reporting financials, as well as operating within regulatory laws and compliance, including corporate governance as it relates to managing accounting processes. These internal controls determine whether or not a business is financially succeeding.   

      What’s more, a third-party business financial audit is required (and highly encouraged) if you plan to bring on investors or go public with your company. 

      Potential lenders also dig into your financials to determine risk against providing loans and other financial support. 

      Finally, routine internal business financial audits are held to defend against IRS audits. 

      Certain revenue and income thresholds trigger IRS financial audits, as well as inconsistent tax filings… which means if your business financials are not spot-on accurate, then you could be setting yourself up for an IRS audit — if you haven’t already gotten the notice — and can cost you your business.  

      If you’re struggling to “keep up” with your financials… or simply don’t have the time or acumen to manage them, then it’s time to trust your Expert Bookkeeper, Master Auditor and In-House CPA

      I can help you complete a third-party internal business financial audit process, as well as assist in defending your business against IRS audits.  I am the auditor your business needs.

      Know where your business financials stand, right now. Let me Audit your Business and save you a ton. 

      Contact me today for your FREE financial analysis!

      6 Steps to Successful Internal Audits

      It’s no surprise that cash flow is the lifeblood of business.

      But it can come as a surprise to find out that your business financials are a mess. 

      Whether you’re aware that you need help or your current reporting system (or staff) don’t function properly, it’s imperative you understand the internal business financial audit so that you can prepare, plan, and defend against IRS tax audits, as well as set your business up for future success. 

      Where do I come in? I Identify the 6 steps to successful internal audits: 

      #1. Identify Auditing Areas

      Outline all the departments in your business. Identify the departments that need auditing. In most cases, a routine internal audit of your entire business is encouraged. 

      However… 

      In some cases, you may only need to audit portions of your business at a time. 

      Once you outline all the departments, I’ll identify which ones need the audit.

      Then, gather any documentation, policies, or procedures enforced through regulatory agencies in relation to the departments identified. 

      These two pieces of information are required to complete a thorough audit.

      This helps with the internal business financial audit you need to complete. 

       I can help you complete a third-party internal business financial audit process, as well as assist in defending your business against IRS attacks.  

      Know where your business financials stand, right now. Let me save you a ton. 

      Call me today for your FREE financial analysis!

      #2. Set An Auditing Schedule

      While I’ve got your business broken out into departments for potential business financial audits, set a schedule for internal audits. 

      In some cases, an annual audit works. In other cases, a quarterly audit is needed. There are businesses who do a thorough monthly audit per department to make sure their financials are spot-on accurate. 

      As an example, a service related business can complete annual audits while a company selling items daily may need to complete weekly or daily audits. 

      This decision is up to you and how often you want to audit your business. The frequency of your internal financial audits can affect the future success of your company, as well as invite or deter past financial burden or mistakes not yet dealt with. 

      Once I determine your internal audit cadence, I’ll create a calendar with the dates, times, and frequency of audits on it for you and your team to visualize.

      This will help keep your audits consistent. 

      #3. Notify Departments of Audit 

      Once I have your audits scheduled, I’ll notify you and each department prior to their scheduled audit.

      Why not keep these random and anonymous, you may ask

      Because regularly scheduled audits saveyou time and money, as well as reduces the headache of the possiblity of an external audit. 

      Departments notified ahead of time can prepare and present the required documentation for the audit, which allows for the audit to take place with little-to-no friction.

      If you believe suspicious, unethical, or illegal activity is occurring, then you ought to have a surprise audit. And this is where I come in too. I forensically dive deep into your financials-helping uncover an suspicious activity.

      In any case, pre-frame your internal financial audits as an opportunity for your department directors to get better. These are not threatening audits. They are simply an unbiased review of how your business is functioning right now and I deal directly with you. The internal audits are only for your review.

      I can help you complete a third-party internal business financial audit process, as well as assist in defending your business against IRS attacks.  

      Know where your business financials stand, right now. Let me save you a ton. 

      Contact me today for your FREE financial analysis!

      #4. Prepare Your Auditor

      As your third-party business financial auditor, I ensure that you’re prepared for any IRS or external audits. 

      This means communicating with all parties on what documentation, paperwork, or other information needed to successfully complete the audit. 

      I’ll identify, as your Auditor, what to focus on, as well adhere to all internal policies and procedures. 

      If you do not make sure your auditor is prepared, then you’re essentially throwing cash in a barrel and lighting it on fire (read: you’re wasting leveraged cash flow). 

      A good example of “auditor focus” would be your HR department. You may have the auditor focus in I-9 compliance and employee files. This ties directly into your payroll and bottom line costs.  

      Another example:

      Accounting and bookkeeping processes, procedures, and reports in relation to compliance, filing, and more. How and when your bookkeeper examines, brings your books current, and reports on your financials matters.  

      Each audit is relative to the department and auditing goals. And acting as both your Auditor and Bookkeeper, I wear both hats.

      #5. Auditor Completes Interviews 

      The auditor starts with personnel interviews.  I’ll talk to employees and ask them to describe their work process. 

      Once these interviews are complete, the auditor will compare what employees shared against the department’s written policy, as well as compliance and regulatory expectations.

      If you look at this from a financial standpoint, interviewing those responsible for the business financials, reports, and more is a great way to connect successes and failures in the business in regards to profit-per-person, net profits, and payroll costs. 

      No matter your internal financial audit needs, you can satisfy them with the proper auditor…Me. 

      I can help you complete a third-party internal business financial audit process, as well as assist in defending your business against IRS audits.  

      Know where your business financials stand, right now. Let me save you a ton. 

      Call me today for your FREE financial analysis!

      #6. Record and Deliver The Results

      The auditor will record all notes and results during their process. This information will then be compiled into a succinct report for you (and your potential investors or lenders), so that all parties can be on the “same page” when it comes to your business, financials, and more.

      The goal here is to find the gaps in policy, regulations, and compliance so that you can bridge those gaps and fix them inside your business.  And that’s exactly what I do.

      Generally Accepted Auditing Standards (GAAS) For Auditors

      If you are getting a third-party audit of your business, then you will want to make sure your auditor exceeds the minimum standards outlined below…

      Here are the three focuses in GAAS: 

      • General Standards
      • Standards of Fieldwork
      • Standards of Reporting

      Remember, these are minimum standards. Find an auditor that exceeds all three and you’ve got a winner-an Auditor who is actually looking out for you vs being against you. This is where I come in.  Here is each focus explained: 

      General Standards

      To address the auditor’s qualifications and the minimum standards for work product: 

      • Must hold adequate training and proficiency.
      • Must be independent in fact and appearance.
      • Must exercise due professional care in performing auditing tasks. 

      Standards of Fieldwork

      To identify and qualify how an auditor fulfills their job: 

      • Work is adequately planned.
      • All assistants properly supervised. 
      • Gain a comprehensive understanding of the client and its business environment.
      • Assess any and all risk regarding internal controls and material misstatement.
      • Evidence is deemed appropriate and sufficient to evaluate owner’s assertions toward existing business financial statements. 

      Standards of Reporting

      To outline the information that must be considered prior to auditor issuing a report to the business owner: 

      • Must state if the financial statements are prepared using the Generally Accepted Accounting Principles (GAAP). 
      • Must report if the GAAP are consistently applied across all financial statements. 
      • Must report any financial statement departures from GAAP. 
      • Must provide any and all disclosures to support numbers on financial statements. 
      • Must include opinion on whether or not the financial statements fairly present the financial wellbeing and position of the company under audit. 

      Do you need a third-party business financial audit?

      I can help you complete a third-party internal business financial audit process, as well as assist in defending your business against IRS attacks.  

      Know where your business financials stand, right now. Let me save you a ton. 

      Contact me today for your FREE financial analysis!

      How Auditors Present Their Findings To You (And Investors and Lenders)

      Auditors will present their findings as “audit evidence.” This evidence includes the following: 

      • Nature – The oral, visual, or written form of the evidence. 
      • Appropriateness – The reliability, relevancy, or quality of the evidence. 
      • Sufficiency – The volume of evidence to evaluate the client’s assertions. 
      • Evaluation – The evidence shows compelling reasons to form an opinion.

      How Auditors Gather Evidence To Form An Opinion

      If you want to know more about how third-party financial auditors gather evidence, then review the list below… 

      Here are the “tools” auditors and I use to gather evidence: 

      • Analytical Analysis – Compare what’s expected to be on the books versus what’s actually on the books. 
      • Confirmations – Gather independent verifications that support company’s assertions.
      • Record Inspections – Request relevant documents in support of company’s assertions.
      • Observation – Watch employees fulfill job responsibilities to understand how the job gets done. 
      • Recalculation – Verify the math in the financial statements (or other financial documents) is correct. 
      • Reperformance – Complete the accounting and bookkeeping for the company to make sure all rules, regulations, and laws are being followed. 
      • Scanning – Review general ledger or other accounting reports to verify accuracy. 
      • Tour – Verify all assets on company’s balance sheet exist. 

      Don’t wait until it’s too late to get an internal audit! 

      And if you’re preparing for investors to invest or lenders to lend, then you ought to get an internal financial audit to fulfill your duties as a business owner — and increase your chances of investors and/or lenders committing to your company. 

      I can help you complete a third-party internal business financial audit process, as well as assist in defending your business against IRS audits.  

      Know where your business financials stand, right now. Let me save you a ton. 

      Call me today for your FREE financial analysis!

      Core Local Master Bookkeeping Capabilities

      • 15+ years of Master Bookkeeping experience & Expert Auditor
      • Using a Forensic Approach and your in-place Accounting Software, I bring months and several years of unreconciled Accounts current-delivering Laser Focused Audits, Cash Flow, Balance Sheets, and P&L’s
      • Job Costing
      • Payroll-plugging in the right add-on to your current accounting system. Think, ADP, Gusto-all of the latest technology available
      • Invoicing
      • Accounts Payable/Accounts Receivable
      • Full time or part time, in-house or remote
      • Budgeting/Forecasting-showing you where you should go in the future
      • The latest AI plug-ins right into your accounting software

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      Kendra Moore
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      Clients

      Our clients range in annual revenue from $200K up to in excess of $32M. Simple or complex financials across MULTIPLE industries are our Core Capabilities.

      About Us

      Furever Bookkeeping, LLC brings 15+ years of expert bookkeeping 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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