How To Survive Your Next Financial Audit
Most companies, whether public or a private, undergo a financial audit once a year. An upcoming audit can be stressful for not only the finance and accounting team, but the organization as a whole. However, we’re here to tell you that with the right technology in place, your nightmares about drowning in a room full of unlabeled paperwork will start to become a thing of the past.
Audits are meant to promote accuracy and transparency, and can be a useful way for businesses to gain deeper insights into their efficiency and workflows. But if your finance department associates audits with lots of manual labor and sleepless nights, it’s unlikely you’re getting maximum value from the process.
An automated accounts payable (AP) solution can help take the pain out of audits. Learn about the four major areas in which AP automation improves the audit process in our white paper, How Accounts Payable Automation Helps You Survive An Audit. Here’s a sneak preview of the four areas:
- Checking for signs of fraud
- Ensuring proper documentation
- Providing validity for purchases
- Eliminating duplicate payments
Automating your AP process will help eliminate the stress caused by an audit by ensuring that your business has all of the necessary documentation easily accessible. In addition, it’ll help to eliminate duplicate vendor payments, make sure approval procedures are functioning, and internal controls are on to minimize risk of fraud. As a result, staff can continue to focus on their essential day-to-day operations that keep business moving ahead, while giving the senior leadership team visibility that everything is under control.
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