Accounting vs. Auditing: What’s the Difference and How Can Enslins Help?

Accounting and auditing are two essential components of effective financial management. Discover the differences and how Enslins can help ensure your business’s financial health.

As a business owner, you have likely come across the terms “accounting” and “auditing” in your financial dealings. These two services may seem similar, but they have significant differences that can affect your company’s financial health.

What is Accounting?

Accounting is a critical component of any business, regardless of size, helping track transactions, manage budgets, and prepare financial statements. It is the recording, summarising, and interpreting of financial transactions to deliver insights into the business’s financial health.

Accountants such as Enslins use financial statements like balance sheets, income statements, and cash flow statements to help you as a business owner make informed decisions. These experts also manage financial records and ensure that businesses comply with financial reporting requirements.

What is Auditing?

On the other hand, auditing is an independent, objective examination of your financial statements and records to ensure their accuracy and completeness. Enslins Auditors can assist you in giving an overview of your business’s financial situation by performing an external assessment of your company’s financial statements and internal controls.

We would then provide an unbiased opinion on the financial information presented in the form of a detailed report, while also identifying any discrepancies or errors that could affect a business’s financial health. Our qualified auditors will also provide recommendations for improvement.

Enslins can help with both!

At Enslins, we offer both accounting and auditing services to help businesses meet their financial needs. Our accounting services include bookkeeping, payroll, tax compliance, and financial statement preparation.

We aim to enable you to manage your financial statements and operations effectively. Additionally, our goal is to help ensure your financial statements are accurate and in full compliance with the relevant regulations.

Our auditing services will provide you with an external assessment of your financial statements and internal controls, checking that these are accurate and complete. We also identify any potential issues that could impact your business’s financial health and provide recommendations for improvement.

Contact your nearest Enslins firm to find out more about how we can assist you.