Assurance services assist small business owners in numerous ways. Clarifying and ensuring that business information is complete and accurate is foundational to making good decisions. Understanding the processes and controls that underly your business is crucial to knowing what performance is and how it compares to expectations.
Day to day decision making results in either success or failure for a small business owner. Making decisions based on incomplete or inaccurate information is no better than rolling the dice on each decision made. In any small business, success and failure are separated by the decisions made and actions taken on a day-to-day basis.
While assurance services vary based on provider, the following are typically included.
Assurance Services
Assurance Service is defined by Investopedia as:
Assurance services are a type of independent professional service usually provided by certified or chartered accountants such as certified public accountants (CPAs). Assurance services can include a review of any financial document or transaction, such as a loan, contract, or financial website. This review certifies the correctness and validity of the item being reviewed by the CPA.
Risk Assessment
Organizations are exposed to greater risks and significant negative impacts more than ever before. Understanding the scope of these risks and taking actions to mitigate identified risks can be the difference between success and failure for any business. Gaining insight from an independent professional assures that the organizations business risks are documented and understood. Once detailed, the organization can put in place the necessary systems and processes to effectively manage those risks.
Business Performance Measurement
Small business owners need a comprehensive set of information. The typical P&L and Balance Sheet reporting are not all that is required. Having the ability to capture and report metrics that detail where the business stands against its goals and objectives is critical for success. Beyond the organization’s goals and objectives, where the business stands against competitive benchmarks is also required.
Information Systems Reliability
Business owners and their staff are dependent on information technology systems for all aspects of operations today. The reliability and security of these systems must be up to the task to provide the required value. These systems must provide near real time data to support timely operations. Having an independent assessment of the capability, quality, value, and security of these systems by an independent professional is priceless. Ensuring these systems can provide reliable information for operations and financial decisions is critical.
Electronic Commerce
The internet provides endless opportunity for online businesses. Many small business owners have gone into business selling products and services over the internet. Drawbacks of online businesses include security, data integrity, privacy, reliability, and overall performance. Reviewing your e-commerce systems to ensure performance in all areas is excellent will be the make or break of your electronic commerce operation.
Healthcare Performance Measurement
The fastest growing cost for all business organizations is Healthcare. A small business owner must be competitive in providing these benefits to be in position to hire and retain top performing employees in their industry. A yearly evaluation of the alternative healthcare options is mandatory to ensure the level of coverage and associated cost is optimum.
Conclusion
Assurance services are not only for large organizations. These services deliver a significant impact for all organizations and business large or small. To learn more about Assurance Services or to discuss how we may assist your organization, please Contact Us.
