No News is Good News at The Foundry Agency
AuditMyBooks provides a weekly confirmation of clean accounting records
ATLANTA (June 28, 2010) – The Foundry Agency’s expertise is in creative design and like many small businesses, their roots are in their craft, not accounting. A part-time bookkeeper creates monthly financial statements to drive and manage their business, yet like most small companies, The Foundry Agency has never had an outside audit or review. While the risk of fraud is low, the owners recognize that accounting errors are still possible. Errors might be unintentional, but the impact on their business could be significant, undermining financial decisions, resulting in possible monetary losses, penalties and interest expenses or even leading to improper reporting to the bank and tax authorities.
Tim Brammer, a Partner at The Foundry Agency says, “we’re great at creative design, not creative accounting. AuditMyBooks helps us to automatically double check our books weekly for accounting mistakes before the errors become bigger problems.”
For The Foundry Agency, protecting the business against the risks and impact of accounting errors is important to maintaining their focus on great client service and on budget performance. Even when unintentional, accounting errors could cause serious harm by undermining business decisions based upon incorrect financial information. This could result in monetary losses, potential penalties and interest expenses from incorrect reporting to the tax authorities.
Unlike manual reviews of transaction logs which are too time consuming, error prone and costly; AuditMyBooks automatically assesses the accounting records in a matter of minutes to identify suspect transactions. By discovering issues sooner, they are able to take corrective action faster to ensure that costly mistakes based on inaccurate data are avoided. This ultimately helps The Foundry Agency to focus on customer service and project delivery.
Brammer says, “the first time I used AuditMyBooks, I was really hoping to find something wrong. I had to stop in think about that though. In this case, a clean report is like a good visit with the dentist. It’s nice to know that our books look as good as our designs. The peace of mind we get from AuditMyBooks is well worth the price.”
Since AuditMyBooks is hosted and secured on Intuit’s App Center, there is no software or hardware to install or IT staff required for support, and it’s always up-to-date with the latest features. With subscription based pricing, The Foundry Agency can use AuditMyBooks regularly to assure financial peace of mind.
AuditMyBooks is a great way for business owners to protect their financial resources and ensure that accounting data is reliable for decision making. Considering the prevalence of errors and fraud in small businesses, AuditMyBooks is a “must have” service that business owners cannot be without.
About AuditMyBooks
AuditMyBooks™ is a business-to-business subscription software company that automatically analyzes small and medium-sized business accounting records to detect cases of errors, theft and fraud. Designed to work with QuickBooks, the #1 small business financial software application in the United States, AuditMyBooks™ products are available in the Intuit App Center. AuditMyBooks™ is led by a team with extensive experience in financial auditing, accounting systems and information security. They saw a market need for a cost effective and easy-to-use solution that helps small businesses identify suspect financial transactions to proactively reduce business risk. Drawing from techniques successfully used to detect information security threats such as viruses and spyware, AuditMyBooks™ helps small businesses protect their financial resources and ensure their financial data is reliable for decision-making and reporting. Based in Atlanta, AuditMyBooks™ has been recognized as one of the Top 40 Most Innovative Companies by the Technology Association of Georgia.
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The Foundry Agency’s expertise is in creative design and like many small businesses, their roots are in their craft, not accounting. A part-time bookkeeper creates monthly financial statements to drive and manage their business, yet like most small companies, The Foundry Agency has never had an outside audit or review.
While the risk of fraud is low, the owners recognize that accounting errors are still possible. Errors might be unintentional, but the impact on their business could be significant, undermining financial decisions, resulting in possible monetary losses, penalties and interest expenses or even leading to improper reporting to the bank and tax authorities.
The risk was hard to ignore considering the emphasis The Foundry Agency places on good financial discipline for their clients and themselves. |
