If you’re part of a growing, more complex business now subject to external audit, you’ll already know how much more rigorous the process becomes. Audit expectations rise. Deadlines tighten. Documentation is scrutinised. And yet, the accounts preparation step is often overlooked.
That’s a missed opportunity. Because done right, accounts preparation doesn’t just help you meet audit deadlines, it reduces the risk of time overruns and unexpected costs, something many finance leaders have identified as their top priority. It can set the tone for the whole audit process, reduce internal pressure and help you make the most of reduced disclosure rules where applicable.
Why getting in a professional for accounts preparation can help you with your audit
At this level, being prepared is not about looking polished. It’s about having accounts that meet the right criteria for your size and complexity as a business.
A dedicated accounts preparation team can flag issues early that might otherwise derail your timeline. They’re not there to challenge your systems. They’re there to prepare your accounts deliverables on a timely basis, enabling plenty of review time for you, and meeting what can often be rigid timetables for your audits.
Specialist knowledge of the mid-market
Many mid-sized businesses find that the approach used by their auditors is still geared towards much larger corporates. While that might not matter for your audit itself, it can create unnecessary complexity in your accounts.
An independent accounts team with deep experience in the mid-market will know which disclosures are mandatory and which ones are optional, especially as businesses adjust to the new company size thresholds recently introduced. Some auditors have a preference as to how accounts are presented, something that a specialist will be able to accommodate. That means less time wasted, less risk of gold-plating, and less back-and-forth come audit season.
Meeting your deadlines with less internal pressure
Audit season is busy enough. The more you can delegate upstream, the better. By outsourcing accounts preparation, you can free up internal teams to focus on what matters: focusing on running and growing your business.
That’s especially useful if you’ve had staff turnover in your finance team or if your internal processes haven’t kept pace with your growth. Good accounts prep providers act as an extension of your team. They’ll help make sure the year-end accounts are clear, complete and in the right format from the outset.
Make reduced disclosure work in your favour
Companies that qualify as small and medium-sized under UK law are entitled to prepare accounts with reduced disclosures. But that only works in your favour if you know what you’re doing. Companies that are consolidated can also take reduced disclosure exemptions, so it is worth talking to your accountant about the best way to proceed.
A specialist team will help ensure you’re claiming the exemptions you’re entitled to without over-disclosing out of caution or uncertainty. The goal is not to hide information but to strike the right balance between transparency and relevance.
Talk to Gravita
We help small and mid-sized businesses prepare for audit season with confidence. Our team focuses on delivering efficient, high-quality accounts preparation tailored to the complexity and pace of your business. Gravita also has significant experience assisting with the accounts of small UK subsidiaries of international groups that require and audit.
If you’d like to discuss how we can help, get in touch with Rachel Jackson, Partner in our Accounts team.
