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Audit prep insights

How to Prepare for an SME Audit Without Disruptions

Hearing the word “audit” might make your stomach drop — and for good reason. Many SMEs panic when an audit is on the horizon, imagining piles of paperwork, missed deadlines, and hours lost pulling together reports.

But audits don’t have to take over your business. With the right preparation and a steady partner like SG&CO, you can face audits confidently — without the stress, the scramble, or the chaos.

Here’s how to stay audit-ready all year round:

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1

Keep Your Financial Records Organised

The number one rule of audit prep: maintain clean, up-to-date records. That includes reconciled bank statements, invoices, receipts, payroll records, and VAT submissions — all stored in one easy-to-access system.

 

Tip: Cloud-based accounting tools make it simple to keep everything current. Or better yet — outsource it to us.

2

Understand What Auditors Are Looking For

Auditors focus on accuracy, completeness, and compliance. They’ll want to see your financial statements (IFRS-compliant), supporting documents, and proof of tax submissions and payments.

 

Tip: An accountant who understands audit requirements can help you present your records clearly and professionally — the first time.

3

Have Your Supporting Documents Ready

Missing or incomplete documentation is one of the biggest audit delays. Make sure every entry in your financials can be backed up with the appropriate paperwork, whether that’s a supplier invoice or proof of payment.

 

Tip: SG&CO keeps your records audit-ready at all times — no frantic digging through emails required.

4

Stay Tax Compliant Throughout the Year

Audits often uncover issues with VAT, PAYE, or provisional tax. Staying on top of all your SARS submissions reduces the chance of a nasty surprise during an audit.

 

Tip: Schedule regular check-ins with your accountant so nothing falls through the cracks.

5

Don’t Try to Manage It Alone

Trying to handle an audit while also running your business is a recipe for burnout. Let your accountant take the lead in coordinating with auditors, preparing reports, and handling follow-ups — while you stay focused on your clients and operations.

 

Tip: SG&CO specialises in audit-ready financial statements, accurate reporting, and hands-on support when it counts most.

Audits aren’t something to fear. In fact, they’re an opportunity to prove your business is well-run and financially sound. With good systems, up-to-date records, and the right financial partner by your side, you can get through an audit without losing momentum.

Need help preparing for an upcoming audit — or want to make sure you’re ready before one is even on the radar? Let SG&CO keep your SME compliant, confident, and audit-ready.

Get in touch with SG&CO today.

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