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Getting audited ranks ahead of traffic jams and root canals as least favorite activities. Not only are audits often costly, they can chew up countless hours of digging through transactions, looking into compliance of who made a certain entry and why, and searching for supporting documentation.
Business moves faster than ever, which can make flawed system even worse.
Most accounting systems say they have the financial reports needed to satisfy an audit, but Sage Intacct takes the ease and efficiency of compliance to the next level.
Dashboards and Joys of Drilling Down
Imagine this: your auditor uses a spare login under a license and sees and auditor-specific dashboard. A dashboard in Sage Intacct typically shows performance cards, charts, and other critical pieces of information. A dashboard can be focused on the information an auditor needs, and then allow an auditor to see information and run reports they need themselves. This reduces time and enhances overall efficiency.
But Sage Intacct allows all those financial reports to be drillable, allowing auditors the ability to click down to the underlying transactions and find answers to questions they no longer have to ask.
Audit Trails for the Win
You’ll never wonder how an entry got to how it is. Sage Intacct continuously tracks who creates a transaction, any edits to it, and how it was changed. This eliminates any guesswork. Not only that, but various approval workflows can be enabled to confirm all processes are rigidly followed.
For most companies, the standard robust audit trails provided by Sage Intacct will have your auditors clicking their heels. But for those with even more stringent requirements, Sage Intacct offers Advanced Audit Trails – functionality so powerful that it even provides HIPAA compliance.
An auditor can use the dashboarding, drill-downs, and audit trails to get a wealth of information about who made what entry. But often that leaves the question of why. Why was an entry made?
Sage Intacct includes functionality called Collaborate (known as Chatter in Salesforce) which allows the system to track conversations and background around why entries or revisions are made. Auditors can see these conversations and potentially contribute to the conversation.
By combining all this functionality, audits may not exactly be fun, but they can be faster and less costly. Which gets your focus back to what it should be: running your business.
Published by: Alta Vista Technology
Originally posted on the Alta Vista Blog