There is no doubt that business is booming in Liverpool right now. Figures from 2017 show that the region saw 62 million visitors contribute a huge £4.3 billion to local Liverpool businesses. When you factor in major events like the International Business Festival happening in June 2018, it is a great time to be in business in the city.
A major part of operating a business successfully in Liverpool is the adoption of sensible business practices. One such practice that is highly advised is an internal audit on a regular basis. Many Merseyside-based organisations will use this as a tool to protect and improve their service. If you currently do not, then it is a great option to consider.
What is an internal audit?
An internal audit will allow you to take a close look at your working practices and finances to make sure all is in order. It is easy to become complacent and think that you don’t need one as you know exactly what is happening within your company. Unfortunately, you will not know if this is true or not until it is too late.
There are many regulations a business must comply with in the UK, from new GDPR laws to tax deadlines and treating your employees fairly according to employment law. An internal audit will allow you to make sure you are meeting your responsibilities and that your staff are also working in the manner they should be.
How can an internal audit help my Liverpool-based business?
Whether you have a call centre in Huyton or admin support service in Walton, an internal audit can help as below:
- Help pick up on any financial discrepancies – A key factor of the audit you undertake will be to look at the financial transactions and records that your company has. This will make sure that there is no malpractice by your financial team and that the proper processes are being followed by everyone. In addition, it might also flag up where you could be owed money. As well as unpaid invoices, you might have taken out a business loan in the past that mis-sold you PPI with it. An internal audit may help you spot this and make a PPI claim to gain the compensation you deserve.
- Helps measure actions against procedures – There is no doubt that you and your senior management team meet up regularly to set out standard procedures for staff to follow when in their roles. An internal audit can help you measure if these are actually being followed and remind staff of their importance if they are not. Without an internal audit, it is impossible to know for sure what is happening.
- Increased cyber-security – Staying safe online and keeping your IT network secure is essential in modern business. As part of your internal audit, you can simulate various malicious IT attacks to see if your cyber-security arrangements are as effective as you think. Naturally, if they are not, then you know where the weaknesses are and can fix them before it is too late.
- Better performance – Another reason this is such a great tool for businesses in Liverpool is that it can really help improve your organisation’s performance. It will show you where work is being doubled up or where there are resources that are underused. It will also help flag up any operational redundancies that are actually a drain on your finances.
- Greater control – Although there are benefits to an external audit, internal audits have their own features to recommend them. As you are in control of the internal audit, you can target it at areas you have concerns over and use it in the way you see fit. It is also cheaper than an external audit, as it will be your own staff doing it, who you are paying anyway.
Get some help to make it go smoothly
Of course, you may be a business based in Liverpool that thinks an internal audit is a great idea but doesn’t know how to carry one out. If you have never undertaken one before, this is perfectly understandable. In this instance, the best advice is to get a little help either from a business contact you know who has gone through the process before or an external agency. While the latter will not come in and do it for you (that would be an external audit), they can give you advice on how to carry one out.
Although audits can seem a time-consuming process, they really are a great tool to help any Merseyside-based company thrive. Not only will it make sure you are working in the correct way, but it will also help you grow for the future.