Audit Harmony: How Assurance Firms & Outsourced CFO/Accounting Teams Are Elevating Hospitality
Audits do not have to be intimidating or disruptive. In fact, in my experience working with restaurant groups across the country, the difference between a smooth, efficient audit and a painful one almost always comes down to preparation, collaboration, and clean financial processes. I recently had the pleasure of joining Nick Stauff on The Financial Advantage with GSS to talk about a topic that many leaders approach with unease: accounting and audits.
On the episode titled “Audit Harmony: How Assurance Firms and Outsourced CFO / Accounting Teams Are Elevating Hospitality,” we unpacked how the right preparation, partnerships, and processes can transform what feels like a compliance burden into an advantage for your business.
Episode Highlights
Importance Of Accurate & Timely Reconciliations
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- The best audits start with consistently reconciled books, including balance sheet accounts, which are often overlooked. If balance sheet accounts aren’t reconciled accurately or timely, the P&L can’t be fully trusted.
- When audit support isn’t ready or doesn’t tie to the trial balance, it creates delays. Delays lead to additional audit hours, higher fees, and potentially missed bank deadlines and bank covenant penalties. Clean books and timely responses prevent these issues before they start.
The Power Of Collaboration
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- Pairing with service providers who understand the industry you operate in can make a significant difference. Partnering with organizations that can speak the same language as you and understand both operational and financial challenges can eliminate friction, rework, and overall misunderstanding.
- Holding meetings involving all members of the engagement team and accounting/finance team that are involved with the audit processes is key to ensuring all team members understand realistic goals, timelines, and open communication flow to minimize the unknown and surprises throughout the year and audit process.
Technology Impacts On The Financial Process
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- Technology that currently exists can create efficiencies and streamline current accounting processes.
- This can also allow for a greater economy of scale as your business grows.
Audits As A Strategic Advantage
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- Beyond compliance, audits strengthen internal controls, improve segregation of duties, and reduce fraud risk.
- GAAP compliance and audits allow companies to be able to easily talk with potential lenders or potential acquirers.
When accounting and audits are approached as a partnership rather than a requirement, they become a powerful driver of clarity, confidence, and financial stability. If you’d like to hear the complete conversation and dive deeper into these topics, please visit and listen to the full episode. You are also welcome to email me directly at kmaue@gbq.com to discuss the importance of audit harmony further!
By Kari Maue, CPA, Partner, Assurance & Advisory
Looking for additional insights? Check out these resources:
Navigating Impariment In the Restaurant Industry: A GAAP-Compliant Perspective
Transform Your Financial Operations: 3 Strategies To Optimize Your Accounting Process
Unwrapping Rules For Gift Card Accounting Under GAAP
