Audits Archives - Patriot Software

Audits Archives - Patriot Software Tue, 22 Oct 2024 12:25:19 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 https://www.patriotsoftware.com/wp-content/uploads/2020/01/cropped-site-favicon-32x32.png Audits Archives - Patriot Software 32 32 How to Conduct an Audit of Your Small Business https://www.patriotsoftware.com/blog/accounting/how-to-conduct-audit-business/ Wed, 05 Jun 2024 14:34:00 +0000 https://www.patriotsoftware.com/?p=57388

Woman reviewing documents in her living room.

A nerve-wracking visit from the IRS isn’t the only type of audit out there. There are several audits you can—and should—conduct regularly. To do that, you need to know how to conduct an audit. What is a business audit? First things first: What is an audit, exactly? An audit analyzes a business’s financial records to […]

]]> Types of Audits: Breaking Down 9 Different Audits https://www.patriotsoftware.com/blog/accounting/different-types-of-audit/ Mon, 06 May 2024 15:13:00 +0000 https://pslohio.wpengine.com/uncategorized/different-types-of-audit/

A magnifying glass on top of a few pieces of paper.

As a small business owner, you need to conduct regular audits to ensure your records are accurate. Although many business owners dislike the idea of auditing, audits can be beneficial to your company. Learn more about the different types of audit below. Different types of audit As a brief recap, an audit examines your financial […]

]]> IRS Audit Triggers—and How to Avoid Them https://www.patriotsoftware.com/blog/accounting/common-irs-audit-triggers/ Thu, 05 Jan 2023 18:15:15 +0000 https://www.patriotsoftware.com/?p=60891

You have a lot to deal with to keep your company operating. One thing you don’t want to have to handle? An IRS audit. While some audits happen randomly, others trigger from red flags in your records. What are these IRS audit triggers, you ask? There are common red flags that could trigger an audit, […]

]]> If You Get Audited by the IRS, What Happens? https://www.patriotsoftware.com/blog/accounting/what-happens-audited-by-irs-statue-limitations/ Mon, 07 Nov 2022 20:44:26 +0000 https://pslohio.wpengine.com/uncategorized/what-happens-audited-by-irs-statue-limitations/

If the phrase “audited by the IRS” fills you with dread, you are not alone. Getting audited is something no business owner wants to go through. But, sometimes audits take place. If you get audited by the IRS, what happens? What happens when you get audited Most business owners don’t want to think about what […]

]]> What Is an Audit? https://www.patriotsoftware.com/blog/accounting/what-is-an-audit/ Wed, 02 Nov 2022 18:11:12 +0000 https://pslohio.wpengine.com/uncategorized/what-is-an-audit/

Audit. Do you panic when you hear that five-letter word? You might think an audit is the last thing your business needs, but they aren’t always bad. Regular audits can be more like a routine maintenance check than an invitation for IRS penalties. Learn what an audit is, what types of audits there are, how […]

]]> Do You Have a Cash-intensive Business? Find Out Here [+ What to Know] https://www.patriotsoftware.com/blog/accounting/cash-intensive-business/ Thu, 16 Dec 2021 14:50:00 +0000 https://www.patriotsoftware.com/?p=55016

Do you receive most of your business income in cash? If so, you’re probably a cash-intensive business, which can put you under greater IRS scrutiny. Why? Because cash transactions do not leave a paper trail. So if you run a cash-intensive business, you need to keep detailed records. Read on to learn the cash-intensive business […]

]]> What Is an Audit Trail, and How Does It Impact Your Business? https://www.patriotsoftware.com/blog/accounting/what-is-an-audit-trail/ Tue, 07 Apr 2020 12:25:00 +0000 https://pslohio.wpengine.com/uncategorized/what-is-an-audit-trail/

As a business owner, you’re responsible for recording your company’s transactions. And to support your entries, you should be keeping adequate documentation. This accounting documentation acts as an audit trail for your business. Read on to learn what is an audit trail and why it is essential for your small business. What is an audit […]

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