Laying the groundwork for an efficient, comprehensive audit begins and ends with the right financial management solution.
Like a lot of things in 2020, this year’s annual audit promises to be like no other. Given the disruption caused by the ongoing coronavirus pandemic, the previous 12 months will take an extra level of analysis to fully unpack.
Unfortunately, having to prepare for a complex audit couldn’t come at a more challenging time. Many accounting teams are still working remotely to some extent (and with varying levels of effectiveness). And all of them are scrambling to keep their organizations financially stable in the midst of incredible economic uncertainty. The day-to-day demands are enough to fully occupy a team – and now they have a matter of weeks to close the year-end books in preparation for a high-stakes audit.
With so much happening all at once, the end of 2020 is quickly becoming a major financial challenge. But it doesn’t have to. Laying the groundwork for an efficient, comprehensive audit begins and ends with the right financial management solution.
With Sage Intacct in place, preparing for an audit takes minimal preparation because much of the information the auditor needs is already available to them at will. As a cloud-based financial management solution that handles all of your accounting processes, Sage Intacct contains ALL the relevant information on a platform that auditors can access from anywhere.
Locating specific information within the platform is easy thanks to user-friendly reporting tools. Auditors can quickly find what they need through read-only access instead of relying on staff accountants to prepare and provide the numbers. Reports in Sage Intacct also come with rich drill-down capabilities so that auditors can look “behind” the final numbers to see the transaction details they’re based on. Every question they have can be quickly answered.
To further eliminate unknowns, Sage Intacct includes a system for leaving transaction notes. Accountants can tag transactions with details that provide essential context and explanation for auditors instead of supplying this information through lengthy back and forth email exchanges. Collaboration is a feature, not a flaw.
Finally, and perhaps most importantly, Sage Intacct automates and streamlines a number of core accounting functions to produce audit-ready numbers without fail. Not only do accountants have confidence that the numbers are up to par; they spend less time than ever managing that information. The key components that auditors will look at happen largely on autopilot to ensure that human errors and scheduling crunches will not compromise the final product.
Don’t let this year’s audit be a source of anxiety. Rely on Sage Intacct instead. The team at blumshapiro can get you up and running as quickly as possible so that you have world-class tools (for auditing and everything) at your disposal without further delay. Contact us to explore your options.
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