Getting ready for an audit can strike fear into the hearts of the most well-organized finance department. It usually signals the start of weeks of working overtime and the unwelcome possibility of missing out on family events and other social activities. Your time is no longer your own! Especially when you factor in the extra effort it takes to respond to requests from auditors once their analysis is underway.
How digitization makes the difference
A document management solution will:
- Provide a centralized database where all documents related to the audit are fully searchable and available instantly to authorized personnel.
- Organize files and maintain them in a secure, fully searchable system.
- Eliminate catch-up bookkeeping, photocopying and time wasted tracking down missing documents before and during the audit.
- Ensure that auditors have all necessary documentation at the start of the process to facilitate a more efficient audit.
- Enable you to quickly share the right files with colleagues and auditors.
- Help enforce clear guidelines to make sure your company is following industry, state and federal regulations during the whole of the fiscal year.
- Help your company prove compliance by creating a comprehensive audit trail that tracks versions, when a document was created, when a document was changed and who modified it.
- Enable you to clearly explain the documents and processes evaluated in the audit and their connection to its findings.
- Ensure you can easily share the results of the audit across the company and incorporate them into current business workflows.
- Make it easy to review last year’s audit process to see where it can be improved.