Getting audited isn’t something businesses look forward to. If you’ve been in business for a while, you are all too familiar with this dreaded — but mandatory — activity. Audits cost your business hundreds and thousands of dollars, taking up countless hours researching transactions and data logs, or painstakingly tracking down supporting documentation.
Auditors are responsible for ensuring your records are accurate and compliant, reviewing all areas of your financial information. Unorganized spreadsheets and QuickBooks files require much more work and clean-up, leading to a costly audit and an unhappy auditor.
Transitioning to a system like Sage Intacct will save you time and money, helping you survive audit season. Here’s how:
Feel prepared for your next audit. You could improve your finance efficiency by as much as 60%, significantly impacting the time spent on audits. Streamlining the audit process with Sage Intacct will make the process much smoother and save time for your finance team by:
Role-based, custom dashboards help auditors get to key information faster. With an auditor-specific dashboard, you’ll be able to tailor the reports, charts, and data shown in a quick-to-digest format, delivering more comprehensive and relevant information to the auditor.
Sage Intacct provides deep visibility into your financials with access to advanced dashboard visualizations, while the drill-down capabilities go beyond the dashboard metrics. The reports link to related transactions and key granular data, so the auditor can quickly find supporting documentation to back up the numbers. This directly affects the time spent on data accuracy and collection, while giving you confidence in your numbers.
With an automated audit trail, eliminate the need for manually tracking who accessed a file, what changed, and when an entry alteration happened. Each log notates this information along with keeping a record of the previous values or status before the change. Incorporating a continuous audit log into your financial toolbelt equips your business with more transparency and accountability that your auditor will thank you for.
Automating key audit functions does more than save company time. Address specific industry needs, improve internal controls, and gain a richer understanding of business performance —all within the framework of Sage Intacct.
Looking to learn more? Reach out to Trusted CFO Solutions to discover how you can manage your financials like a pro with features that the leading accounting software brings to your fingertips and be better prepared for your next audit.
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