Consultants + Audit Preparation: The Challenge
As consultant, preparing bank statements for audit preparation is a common but time-consuming task. Auditors need to verify bank balances and test transactions against financial statements. Getting bank data into a workable format is the first bottleneck.
How BankScan AI Helps Consultants with Audit Preparation
Convert your bank statements to structured spreadsheets to match client payments, track project expenses, and prepare invoices and tax returns efficiently. For audit preparation specifically, BankScan AI extracts Year-end bank balance for bank confirmation, large or unusual transactions for s automatically.
How Consultants Handle Audit Preparation
When preparing bank statements for audit preparation, consultants need to Consultants invoice clients on retainer, milestone, or time-and-materials bases, then reconcile bank statements to verify payments received. They trac. BankScan AI automates the data extraction step.
Key terms you'll encounter: retainer, day rate, scope creep, utilisation rate.
How It Works
Upload bank statement PDFs
Supports all major banks. Upload Full financial year (12 months), plus confirmation of opening and closing balances for the period under audit of statements for audit preparation.
AI extracts what you need
Our AI extracts Year-end bank balance for bank confirmation, large or unusua — formatted for consultants workflows.
Complete your audit preparation work
Download Excel files ready for audit preparation. Transactions sorted chronologically with running balance, year-end closing balance matching the bank confirmation letter, amounts in audit sampling format
Supported Banks
BankScan AI works with all major UK and US banks, including:
Features for Consultants — Audit Preparation
- Built for Consultants — Saves 1-2 hours per month on client payment reconciliation and expense tracking across multiple concurrent engagements
- Software compatible — Output works directly with Xero, FreeAgent, Harvest
- Built for Audit Preparation — Convert bank statements to structured Excel files for audit testing, balance verification, and transaction sampling. Save hours of data preparation.
- Key data extracted — Year-end bank balance for bank confirmation, large or unusual transactions for substantive testing, unreconciled items, related party transactions
Compliance: Consultants + Audit Preparation
When consultants prepare bank statements for audit preparation, specific compliance requirements apply.
- IR35 rules may apply to consultants working through limited companies. VAT registration is common above the threshold. Professional indemnity insurance costs must be tracked. Companies House and corporation tax obligations apply for limited company consultants. Self-employed consultants must file self-assessment returns.
- Legal basis: Companies Act 2006 sections 475-539 (statutory audit requirements); ISA (UK) 500 on audit evidence and ISA (UK) 505 on external confirmations
Audit Preparation — Built for Consultants
Statutory accounts must be filed within 9 months of year-end for private companies; audit fieldwork typically compressed into 2-4 weeks
Try Free — Consultants + Audit Preparation