Everything You Need to Know About Audit Prep for Businesses

Everything you need to know about

AUDIT PREP
FOR BUSINESS

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THE COMPANY

WE KEEP

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what we do best

NowCFO is a “roll up our sleeves” full-service consulting firm with a singular focus on outsourced CFO, controller, accounting, and finance service needs. 
Hundreds of experienced financial consultants
No long-term requirements 
No hidden fees
Hourly rates
 
 
 

YOUR CHALLENGES

OUR SOLUTIONS

STRATEGY

fractional cfo

Modeling & Forecasting
Capital Raise
Exit Strategy
Mergers & Acquisitions
Governance & Compliance
Compensation Modeling
Systems Conversion / Implementation

ANALYSIS

OUTSOURCED CONTROLLER

Cash Flow Forecasting
Month-End Close
Financial Visibility / Dashboards
Budgeting
Audit Preparation
Internal Controls / Processes
Financial Reporting Packages 

EXECUTION

STAFF ACCOUNTANT

Bank Reconciliation
Journal Entries
GL Maintenance
Chart of Accounts
Accounts Payable
Accounts Receivable
Data Entry

“If you are looking for an easy transition and top-notch outsourced accounting,
I would highly recommend NOW CFO.”
Kevin Gilbert
Office Manager, Angstman Johnson - Attorneys & Counselors

WHERE YOU

FIND US

50 States, 34 Markets

NOW CFO is a Full-Service Operational Accounting Firm

Getting your business ready for a financial audit can be a difficult task, but it does not have to be. Audit prep will help your company save money and time when it comes time for the audit to be done. Before auditors arrive, our team of outsourced accountants can compile your workpapers, which include analyses, confirmation results, memos, schedules, and transcriptions.  It is also important to review account balances, prepare financial statements, reconciliations and schedules, respond to the auditor’s technical questions on your behalf, and compile information for tax preparation. An audit can be a demanding process for nonprofit and corporate executives. Key benefits of using an outside firm like NOW CFO for audit preparation include:
  • Saving staff time A company that provides audit prep services enables the business to reduce the time its own team spends on preparing audit documents. Organizations can spend as much time preparing for the audit as the audit firm spends in conducting the onsite portion of the audit. When you use an experienced audit prep team, your company saves significant staff time.
  • Saving money on audit fees Auditors need well-organized documents to complete an audit efficiently. If you do not organize your financial records properly, your auditors will need to spend more time asking you questions. When you use an experienced audit prep team, your company can save money by reducing the auditor’s time in collecting information.
Audit preparation brings a lot of value to not only the client, but to the CPA firm who is conducting the audit. As a client, audit preparation can bring financial reporting process implementation, business improvement reviews, and cost reduction of audit overages and audit training for employees and management. A CPA finds value in audit preparation because of the reduction of audit risk for clients and improves client’s procedures and staff capabilities. A third-party gains value with a timely completion of an audit, reduction of overall audit costs, and improving employees and managements capabilities thereby increasing their productivity.

What Do We Offer?

Our staff of experienced former auditors can complete all tasks on an auditor’s checklist shortening the time and cost of an audit. Outsourcing audit prep leads to less frustration and not as many questions from auditors. The more questions auditors ask the longer the audit takes and the more the costs increase. Our consultants will help create an underlying schedule to support balances in accounting systems. The three primary focuses of NOW CFO consultants during audit prep are: 1)   Reconciliations of balance sheet and disclosures 2)   Revenue recognition 3)   Preparing financial statements and disclosures NOW CFO consultants provide years of audit prep expertise preparing companies for audits. We offer consultants with experience as auditors that will complete the auditor’s checklist. The checklist often appears as a foreign language to CFOs and Controllers. Audits typically are time consuming and expensive. NOW CFO is here to ease that burden.

Why Do We Do Audit Prep?

Our staff of Big Four CPAs, MBAs, and consultants can immediately provide highly trained audit experts to assist your company in completing the auditor’s checklist. This will help your company save money and time on your audit. Our team excels at lessoning the headache and costs associated with an audit.
Everything You Need to Know About Audit Prep for Businesses
EVERYTHING YOU
NEED TO KNOW ABOUT

AUDIT PREP
FOR BUSINESS

Fill out the form below to LEARN MORE