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Annual audits

We just commenced our annual audit. (Our fiscal year runs July 1 through June 30. ) I personally have never had any angst around an audit so it’s interesting to see those that do, even in my organization. One person is a bit of a perfectionist so she worries about any request for which she doesn’t have an immediate response. I don’t take audits lightly but I do truly believe auditors are there to help. Auditors are there to make sure that the financials you represent in Quickbooks, Peachtree, Sage or other accounting software are accurate. Yes, they do check for fraud and misrepresentation (which is a great thing!). But the bulk of their work is ensuring consistent use of the (usually) accrual method of accounting, following GAAP standards, and ensuring adherence to processes outlined in your own internal standards. So, if you have any questions about accounting standards, your treatment of a revenue or expense source, any gray areas, just Ask! You can ask throughout the year. It’s always better to ask when you are not sure. Consistency is important and how can you be consistent if you aren’t sure how to handle something and keep flip flopping? Think of your annual audit as the tool that keeps your accounting systems running smoothly, your bankers, investors and others happy, and you aware of any potential accounting concerns looonngg before they become serious. You will be much happier and have a much easier process than if you view an annual audit as a necessary evil!
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About Tiffany C. Wright

Hi! I,Tiffany C. Wright, am the author of the ebook, "Help! I Need Money for My Business Now!!" and the book "Solving the Capital Equation: Financing Solutions for Small Businesses", available on Amazon. I am the president of Toca Family Business Services, a short-term & project-based interim management & strategic and financial advisory firm, located in Atlanta, Georgia. In the past five years I've helped small and medium companies restructure and obtain over $31 Million in financing and a similar amount in purchase orders and contracts. I have an MBA in Finance and Entrepreneurial Management from the Wharton School of Business at the University of Pennsylvania and a B.S. in Industrial and Systems Engineering from The Ohio State University. Personal: I enjoy investing. I am a prodigious reader of everything from business books, magazines, and newspapers to horror and popular fiction. I read 4-6 books per month. I also love to travel. I've been to 33 countries on 5 continents and lived in Japan for 2.5 years and aim for a foreign locale twice a year. I am also an athlete and run track on the Master's Circuit. The highlight was placing 7th in my age group in the 2007 World Master's Track and Field Championships in Italy.

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The Resourceful CEO, Tiffany C. Wright

the president of Toca Family Business Services, a strategic and financial advisory firm which provides short-term & project-based C-level management. She is the author of Solving the Financial Equation: Financing Solutions for Small Businesses, available on Amazon.

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