People talk about preparing for a 401k audit the same way they talk about preparing for an exam, and to tell you the truth it is a lot like this in pretty much every single way which is why you should take it seriously. However, much like in the case of exams there are two things that you can do. If we were to take the exam metaphor forward this would mean that we would either cram for the test starting a month before it happens or we would keep our notes in order from the start of the year so that when a test comes we have paid attention enough that we already know most of what is going to be on the test all in all.
Essentially what we are saying is that you can always hire a Odoni Partners accountant for a 401k audit and in fact this is something that can help you out tremendously but what’s more is that if you have kept your files and papers organized from the very start you won’t even have to worry about this audit or what it could potentially end up meaning for the company that you have started and are so dedicated to all in all.
Most of the time the reason why people fail these audits is because they didn’t have a document or they were not organized. Hence, when you start a business anticipate audits like these and try your best to figure out how you are going to satisfy the auditors when they ask you for particular papers that would help them ascertain the status of the 401k account that you are managing on behalf of your employees.