Impacting the Audit: How Close Management Software Can Change How You Work With Auditors
5 min. read
Mar 04, 2020 | By John Siegel
Audits used to be a painful process. All that documentation. Lists upon lists of papers requested by the audit team. Everything is everywhere — in emails, spreadsheets, post-it notes, and human memories - and you have to pull it all together ASAP.
Thanks to technology, however, we no longer have to deal with these struggles.
Actually, the audit process seems to have missed out on the technological advances of the past 20 years or so. For most companies, it’s still like swimming upstream against a mass of PBC requests and audit-related inquiries, all while handling day-to-day accounting responsibilities.
The thing about the audit is that it doesn't have to be so difficult. By streamlining how documents are organized and cleaning up communication between accounting departments and their auditors, all parties can benefit in the end.
FloQast is helping make this possible by taking advantage of all that beautiful technology. Here are three big ways FloQast makes audit time easier — and more cost-effective.
All Together Now
Chasing paper is often the worst part of an audit. It may also be the worst part of accounting in general, but that’s a topic for another day. With FloQast, all the documentation the auditors need is securely stored in an easy-to-navigate folder structure.
Checklists and online verifications replace emails and sticky notes so you know exactly what’s been done, who did it, and what the final version looks like. You’ll love the simplicity and auditors love knowing exactly what went down and why. It’s like a paper trail without the paper!
You Choose the Access Level
You have the option to give the audit team full access to your FloQast files. This allows them to find everything they need in one place and eliminates a lot of back and forth and tracking down items on the Provided By Client list.
If you’ve got proprietary information or sensitive data that your auditor doesn’t need and doesn’t want to be responsible for, you can also choose exactly what they can access so they can do their job without dumping the whole box on the bed, so to speak.
Save Time + Save Money = Save the Day
Let’s face it, audits can be expensive. Few things are more frustrating than lending your team’s hard work to a drawn-out audit process only to find out overrun fees are costing you extra for the privilege of a longer audit.
By organizing the chaos of the audit, FloQast helps you save money too. With everything in one place, easy sharing, and faster monthly and yearly closes, you’ll be in a great position for smooth, effortless audits. Wave goodbye to overrun fees!
The audit team will save time too, needing fewer hours and staff to finish the job. Money saved, happier auditors, and less stress all around.
There. We solved the audit.