Startup Experience Facing First Audit with the Help of Bookkeeping Services

For many startups, the first financial audit is often a nerve-wracking experience. This was also the case for Arief, the founder of a logistics app-based technology startup in Bandung. In its third year, the startup received seed funding from investors and was required to submit verified financial reports. This was their first time facing a formal external audit.

Previously, financial records were maintained internally with limited staff. However, as audit preparations began, Arief realized that the financial statements were not sufficiently organized and did not meet the accounting standards required by auditors. He then decided to collaborate with bookkeeping services to tidy up all financial reports and prepare the necessary supporting documents.

The first step taken by the team bookkeeping services is to conduct a thorough review of the financial statements of the last two years. They identify incomplete records, record poorly documented transactions, and re-formulate the statements to comply with recognized auditor standards.

During the process, Arief and his team received guidance on how to prepare valid documentation, such as invoices, proof of payment, and cooperation contracts. Bookkeeping services also plays an important role in bridging communication with auditors, answering technical questions, and ensuring that all data presented is accountable.

With professional help from bookkeeping services The audit, which was initially expected to be a hurdle, was completed ahead of schedule and without significant findings. Investors also expressed their appreciation for the startup's preparedness and transparency.

This experience was a turning point for Arief, who saw the importance of a well-organized financial system from the start. He now prioritizes consistent financial record-keeping and regularly collaborates with providers. bookkeeping services to maintain compliance and operational efficiency.

Beyond just financial matters, Arief also recognizes the importance of implementing an integrated digital system, including a business presence through a professional website. To support this, Contact Thrive for web design solutions which suits the needs of today's startups.

Free consultation available for those of you who want to develop a digital-based business and financial system that is organized from the start.