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The advantages of companies that choose to be audited by certified accountants

08/02/2018

Reliability, priority for funding, favorable credit rating, high-level staffing and safe navigation in the extremely difficult and inhospitable tax, insurance, and business environment that has emerged as a result of Greece's crisis are just some of the benefits for a company working with a trusted and experienced accountant.

In the current negative economic climate, businesses are faced with great challenges and at the same time with historical opportunities. Their work becomes easier and their course more sustainable over time if they choose to be audited by certified accountants.

This option gives a company a series of safeguards that can put it in a favorable position over its competitors.

An experienced certified accountant warrants the credibility of a company's financial statements to both shareholders and any other interested party such as creditors, suppliers and customers, employees, the Greek State, tax and insurance authorities.

In particular, a company audited for tax purposes by a certified accountant may obtain a tax certificate’. The latter, though optional now, provides the tax authorities with a further confirmation and limits the chances of the company being selected for audit.

Auditing by a certified accountant is becoming more appealing to companies, coupled with the five-year limitation for tax audits. This means that shareholders may rest assured, that they have no reason to worry with regard to their tax obligations until the end of five year period.

Another important advantage that auditors offer to companies is the greater reliability of the information they provide to banks when applying for funding. The creditworthiness of a business is judged by the financial firms and, depending on its rating, receives funding accordingly.

Reliable financial statements also benefit prospective investors who would have money to invest in a company as well as suppliers and customers, since a trusted company is better off in the relevant contracts.

At the same time, the credibility of a business makes audited by a certified accountant renders it a pole of attraction for the best and most efficient staff, while enhancing the sense of security, prospect and dedication of employees.

In AS network, we believe that auditing and reviewing of financial information by certified accountants is critical to small and medium-sized businesses.

Under current law, statutory audits by certified accountants include companies that fulfill two of the following three criteria:

  • Revenue (turnover) over 8 million
  • Total Assets of over 4 million
  • Total staff more than 50 people

However, companies with smaller sizes may benefit by investing a comparatively small amount in being audited by Certified Public Accountants, in order to ensure, in addition to the reliability of their Balance Sheet, the ordering of their finances and compliance with tax and other obligations.

As companies aim to have the best legal representation, the best manpower and the most successful management, so should aim to have as a partner the best certified accountant who will hold the company's interests as top priority, always within the framework of the law and all applicable regulations.

AS network's experienced and qualified certified accountants’ team will lead you safely and in full compliance with Greek law to the best choice for your business, covering most effectively every need in the present and anticipating the challenges of the future!


Sotiris Sokos

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