Ten Things An Auditor Needs For The Initial Audit |
Posted: June 21, 2017 |
A small business accountant NYC needs ten things to complete a construction audit, and each of them is quite important to the process. Someone who wishes to start their audit today must contact the accountant, and this article explains how the process may be completed for all business. Someone who goes through the audit process will find it quite informative when they use the simple steps that have been listed.
#1: The Ledger
You must submit the ledger to the accountant long before they begin the process. It is quite simple for someone to complete this process when they print it from their traditional accounting program. The small business accountant NYC will use this information to begin your audit.
#2: All Extra Documents
You must offer all extra documentation for your construction audit because it will be slowed when you do not supply supporting information. Each document must be collected during the job for easy access.
#3: Payroll Figures
You must have payroll figures for the job so that you know how much each person was paid to work on the job. Anyone who has not collected payroll information will have quite a hard time gathering those numbers.
#4: Time Sheets
You need to have time sheets that will help the accountant reconcile the books against what they see in the ledger. They will have quite a hard time completing this process useless they are given a document that shows when everyone came to work.
#5: Manager Ledgers
Managers must keep their own ledgers to show what they were spending their budget on. This is an important part of the process that will help the accountant learn just how much of the budget was used in each part of the job.
#6: Receipts
You must have receipts that will be used to reconcile payments to vendors. Receipts must match up with the payments you have made, and the audit is much easier to complete when you have a large set of receipts from all the items you have paid for.
#7: Invoices
You need invoices from the vendors to ensure that you know how much everything was supposed to be before you made a payment. There may be discrepancies that are difficult to account for, and you must ask your accountant to solve these problems when looking over your books.
#8: Tax Reports
There are many taxes and fees that must be submitted to the government, and you need a tax report that shows how you have met your obligation to the government. These simple documents help you stay on the right side of the law.
#9: Certificates Of Completion
You must have certificates that show you have had the work completed, and you may keep these for your records. Anything that has not been completed and was paid for must be reconciled properly.
#10: Site Records
There must be records of the purchase of the site and any grading that was done. This information helps the accountant learn how much to account for when judging the building's value.
Every step in the process is quite easy to complete when you hire an accountant to help.
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