Do you know if the information in your financial software is current and correct ? A small business owner either does this themselves, or relies on someone else to do this ‘job’ for them. There is a whole lot of faith and trust given that the processes are followed and the data is correct.
So who in your business checks and confirms the accuracy of this financial information for your business? Who manages this risk within your business?
A Financial Warrant of Fitness (WOF) is a review of the financial processes of your business, to ensure integrity of the data and processes are correct. Most often it is not until sudden leave of absence of the company accounts person that problems in the business finances are recognised.
Some of the processes we check are:
- Your bank accounts balance with the balance sheet
- Review your general ledger
- Review your GST returns and GST reconciliation
- Review your petty cash or staff credit cards
- Check all payments for GST and PAYE with IRD
- Check on old debtors and creditors
- and much much more…
You don’t know what you don’t know because you won’t know that you don’t know it! Make sure you take the time to find out if your financials are functioning efficiently. If you want to find out more about how your books are really doing, look at inefficiencies that could be improved and gain peace of mind, contact us to get your WOF today.