March 14, 2023

Preparing for a Financial Audit in SaaS

Every business dreads a formal financial audit– so much that many companies avoid preparing for one completely. But the pain and inconvenience of a financial audit can be significantly decreased by regularly performing internal audits yourself-- particularly if you are a SaaS provider.

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Preparing for a Financial Audit in SaaS
Ignacio Gassó
Co-founder & Chief Operation Officer
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Why Do Companies Get Audited?

Financial audits create an objective picture of the health of your company. They can prove your tax standing and inform shareholders about whether you’re a good investment or not.Formal audits are usually performed by one of three third-party entities:}

- The Internal Revenue Service (IRS):

The IRS typically audits businesses with questionable financial records or tax filings, but they will occasionally randomly audit companies.}

- Independent firms:

Interested parties can request an audit if they want deeper information on a company’s finances.For example, interested buyers may request an audit if a company is preparing for sale.

- Stakeholders:

Sometimes, a CFO or other internal stakeholder will hire an auditor to perform a health check and identify areas that could be cut or improved.

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