Congratulations, you’ve now reached the stage attempted only by a brave (and minority) segment of the population, but do beware! Here are 5 of the most common issues you face when completing your maiden company audit.
1. Losing Track of Time: Do you know when is your audit due? What are the grace periods? If you don’t, it’s good to start asking now.
2. Missing Documents: This happens a lot with new entrepreneurs. Missing documents could cause you a lot of time, headache and potential troubles later on. Do not underestimate this. Keep your files and receipts properly. Make it a habit.
3. Not Recording Your Closing Inventory: If you run a warehouse\inventory, you know what we are talking about. Find out if any of the warehouse staffs are being naughty.
4. Forgetting to Update Statutory Records: PRO TIP – Stay in close contact with your company secretary or a world of trouble awaits you. Do not leave emails they sent to you unread (many does).
5. Why Am I Paying So Much Taxes?: NOT all expenditures are tax deductible, and some rules do change from time to time. Can you keep up? In reality, most can’t!
Some of these mishaps can be overlooked with the proverbial slap on the wrist, but some could really land you in big trouble. Get in touch with your co-sec and auditors early.