By Joan Honig, DocuWare: Today, financial resilience is one of the main attributes that determine whether your company will adapt and thrive in these uncertain times. It might be surprising, but your annual business audit can be a secret weapon in your efforts to increase business agility. It provides clarity by identifying how well internal controls and financial reporting are working and which process improvements should be the highest on your priority list. The insights you gain from the audit can be a roadmap that gets you ready to overcome any obstacles that crop up because of unpredictable economic conditions.
During an audit, your company’s financial dealings are an open book. Digital documents and automated workflow ensure that this book is well-organized, factual and easy to understand. With electronic document management, all business documents are searchable in a few clicks and easy for auditors to search for by criteria like vendor name, product type, amount, or date or with fulltext search. If you’ve integrated document management with your financial software, auditors can access supporting information without leaving your accounting system or ERP – this makes the whole auditing process easier for them.