Audit is a scary word.
Workers Comp audits
Dept of Labor audit
OSHA audits
IRS audits
Sales Tax audits
Really any type of audit
Some people think that if you are doing nothing wrong then you have no reason to be audited. This partly true. Audits may come from a lottery, it was just luck. An audit may be triggered by a significant difference in changes from prior years. i.e. Your gross revenue increased, company wages and compensation increased or decreased. Once you are audited you are likely to be audited again.
In an audit it is you verses the world. The methodology used by auditors is not specific to your situation and is the only way they are trained to look at the world. Sometimes like a hammer where everything is a nail.
Unreasonableness abounds, from excessive distribution to unintentional misclassification. It is you job as a business owner to know your numbers and make informed decisions.
Most of the times your numbers are a phone call away, to your accountant or to your spouse, or your conscience, whoever has control of the bank account.
Fear of an audit is a poor excuse. Being prepared years before they happen is a mental exercise that is worth every dollar, especially if it’s free.
Call me if your fears have taken over and let’s talk about it. We will run through the mental exercise not for my benefit but for yours.