|
We all love doing business, be your boss and be the ONE. However, we all have to follow some rules and guidelines to be clean, one of them being the audit period. Internal audits are an excellent quality management tool for assessing and improving mission-critical processes. They identify what is working well and what needs to be improved. Private companies are required to undergo the dreaded financial audit for a variety of reasons. A financial audit is an effective way to gain a better understanding of your company, whether it's to provide reporting to investors, lenders, or creditors or to make better decisions on regulatory actions or succession planning. However, a company's preparation leading up to the audit can help or obstruct the process, and the outcome is dependent on a combination of adequate preparation and knowing what you need to know going in. That being said, here are 7 tips for successfully passing the audit: 1. Hire "the right" auditing firm. The first and most important step is to locate and hire the appropriate audit firm. There is no one-size-fits-all solution. The right audit firm understands not only the business and industry but also has years of auditing similar companies. Have you met the group? What is their audit strategy? What is the company hoping to gain from the audit? The auditing process is a team effort. It is critical to select a firm that is closely aligned with the business. And, of course, price matters — make sure the price is reasonable in light of the questions raised above. 2. Ensure a thorough understanding of the business from the start. If the audit team gains a thorough understanding of the business from the start, it will be able to develop a stronger risk assessment and audit framework. This may eventually result in fewer audit hours and fees. 3. Understand the audit strategy. Make certain that auditors are focusing on high-risk sectors and firms with more complicated structures, such as many income streams, locations, and segments. During the planning phase, meet with the auditors to share their understanding of high-risk areas. To seek information, auditors often create a prepared-by-client (PBC) list. Examine the PBC list for non-applicable items, and don't be reluctant to question the auditor's findings. 4. Appoint a contact person. This is often the controller or another financial executive with extensive knowledge of both finance and business operations. They can and should use members of their team to acquire information and carry out specific PBC list items as needed, but the majority of contact and information should go through this individual. This ultimately streamlines workflow and removes version control issues. 5. Make information easily accessible. Delays in information sharing lengthen the audit process and can increase costs. Request papers from the archive center. Obtain documents from third-party sources (like banks or vendors). Before the audit begins, provide the audit team with as much information as possible. 6. Take the initiative and treat auditors as valued partners. Consider your auditors to be trustworthy company colleagues. When you are proactive and transparent, you benefit yourself. This includes bringing up and discussing any problems as soon as possible. Throughout the audit, make yourself and your team available to answer inquiries. 7. Maintain audit records. Set up a weekly update call to discuss the audit's status, open items, and any issues. Frequent status meetings with the auditors will keep the audit process on track. These sessions will assist management and auditors in determining whether extra resources or time are required to complete the audit. At The Speed Bill, we can help you keep your financial record and status clean, always available and up-to-date with all your truck business activity. In the end, an audit is necessary, even if it is difficult. However, with planning and patience, it may become a streamlined, if not joyful, procedure. 
0 Comments
Hey there! How many times did you get the wrong exit? Missed a turn? Went left instead of right? According to cmbclaw.com, 94% of the mistakes result in car accidents. In other words, 1 second of inattention could result in car accidents, nerves, headaches, missed deliveries, etc. That’s why today, we will present to you 5 GPS apps made for truck drivers. They will help you navigate the traffic, be always on time and be safe on the road. Buckle up and be ready to drive on your new GPS app. PTV Navigator Professional Navigation for Trucks and Fleets The PTV Navigator Truck app can assist truck drivers in creating routes that are safe for trucks and take into account traffic conditions in real-time. Additionally, users of the PTV app can get around truck limits and avoid toll highways. There is just an Android version of this app. Visit the PTV website or Google Play page to find out more information about features, functionality, and pricing. Sygic Truck GPS Navigation One of the most popular offline GPS navigation apps for truck drivers is Sygic Truck GPS Navigation, which is available for both Android and iOS. For trucks, RVs, buses, and vans specifically, the Sygic truck navigation app was created. This truck GPS program provides voice-guided truck navigation, alternate routes, 3D offline maps, toll-free route planning, and much more in that regard. On their website, as well as the specific Sygic Truck GPS Navigation pages on Google Play and the App Store, you can get a detailed breakdown of the app's capabilities and cost. SmartTruckRoute Truck GPS App Truckers can design routes specifically for their trucks using SmartTruckRoute, which is also accessible for Android and iOS devices. Through features like turn-by-turn voice-guided navigation with lane guidance, a built-in Odometer function, live map updates, and more, it's a mobile tool that seeks to help drivers save gas and increase safety. You can find out more about the SmartTruckRoute Truck GPS App by visiting the company's website and the Google Play and App Store profiles for the respective apps. Trucker Path App for Truck Drivers One of the most well-liked mapping and navigation apps for truckers is called Trucker Path. This software aids drivers in locating parking along their routes as well as truck stops, weigh stations, and fuel stops. Trip planning and truck routing services are also available on Trucker Path. Trucker Path offers a fleet management system in its enterprise edition in addition to the trucking GPS app. Additionally, carriers have access to the Truckloads platform on Trucker Path, where freight companies publish requests for freight hauling. Furthermore, both Android and iOS devices can use the Trucker Path software. On Trucker Path's website, you can get a detailed overview of all the features and functions as well as information about the costs. Route4Me Truck Routing and Navigation App A capable truck routing and navigation system is Route4Me. Route4Me enables seamless continuity from route optimization to route navigation and tracking, in detail, throughout the full route planning and dispatch procedures. It includes an iOS and Android route planner tool as well as a cloud-based route optimization web platform. With the help of our comprehensive solutions, you can easily cut operating costs while also being able to: Plan your truck routes according to the physical limitations and load capacity of your vehicles; Send the scheduled routes directly to the iPhones of your drivers; Track truckers in real-time and anticipate any delays; Examine the fuel economy and CO2 emissions of your trucks; Keep a tight eye on driver actions and promote safe and eco-friendly driving. That's all for today! Don't forget that in order to save time on your billing, finance, and minimize errors, you should check out The Speed Bill, your one stop billing service.  For the last couple of weeks, on our blog, we have discussed different topics about the truck business. On our blog, you can find answers to topics like Why to open a business in the US? How to get your invoices paid faster? Reasons to start a truck business, How to promote your business truck company? and many other topics that you can check out in our blog section. In this article, we would like to make you understand why finance is something crucial, and why someone, with expertise in this field, could save you money, and time and help increase the profits of your business truck company. We are The Speed Bill, a unique service that helps you manage your finance while you manage your business. Today, we will convince you why to work with us. Let's hop on. Before that, if you want a visualization of our product, check it out here. Firstly, we save time. Based on a study from the AccountancyAge, on average, a small business owner spends 15 hours weekly on finance stuff, literally, 15 hours that could be spent somewhere else. Let’s make some math, 15 hours, multiplied by 5 working days equals 75 hours a week, 3900-hour annually. Just think about it, you are on the road, you have some problems with the payments, you are on the call with the broker, use your phone on the road, literally, not safe, and not efficient. We take it from here, we deal with all your payments and you have time to do other bigger things that matter to your business. Secondly, we deal with documentation. Yeah, you’ve heard it right. We take care of all the paperwork with your contractors. If there are any kind of mistakes, we are the ones to take care of them. Just to make up some context, you are on the road, you are in a hurry and just didn’t notice some mistakes that were in the contract, which results in a lot of phone calls, time wasted, and misunderstandings. We care about our clients and will take care of the documentation to be up to date, organized, and on point. Thirdly, database. As we are talking finance, a database is a must. That being said, we create and share a custom database with the client where he can keep track of all the billings. It’s constantly updated, with minimum possibility of mistakes. All the information is confidential, due to the fact that we sign an NDA, where we mention that DO NOT share or sell any kind of information to anyone else. Fourthly, brokers and warranty claim. At The Speed Bill, we get in touch with the brokers if there are any payment delays, issues with the delivery, or misunderstandings between the contractors. We have have expertise with this kind of situations and we are ready to help you with this. Moreover, we deal with the insurance companies if again, there are any payment issues or problems with the cargo. Last, but not least, payments. We make sure that all the payments are done on time, efficiently, and as fast as possible, without delays or errors. We have an article on how to get your invoices paid faster, check it out here. In light of all of the above, if you want to save a lot of time, forget about any other financial problems within your truck company, contact us, The Speed Bill, and be ready to scale up your business, while we manage your finance.  |
Archives |
RSS Feed
Photo from focusonmore.com