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How to stay prepared for a Financial Audit

A CFOs Guide to Staying Prepared for a Financial Audit

With the right financial recording policies and procedures, effective internal controls, and timely provision of all the requested data and information to external auditors, there is no reason why you can’t stay prepared for a financial audit.

The forward-thinking CFO has to put their best foot forward in leveraging tools that will allow them to keep their books ever-ready for audits. Here are a few ways company CFOs can increase their company’s auditability.

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stay prepared for a financial audit with a modern erp

Choosing the Right ERP system

At the center of every financial audit are your financial records. Ensuring that they are always up to date and complete is simple when you have the perfect ERP system in place. ERP solutions like Sage 200 Evolution streamline the recording and organizing of data and further provide accurate and actionable information enabling you to interrogate data down to a transactional level.

Automation of Regular Processes

Enhance your approval authority by eliminating the manual entry of data and avoid inaccuracies caused by human error. Stay prepared for a financial audit with a complete audit trail for all transactions by using a modern ERP system that automates the routine manual tasks freeing up time for you to attend to more pressing tasks.

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Collaboration with Other Company Departments to Simplify the Financial Audit procedure

A modern business can not claim to be efficient if every company department still operates as a silo. External financial audits affect every moving part of your business. As a CFO, you will most likely need to be communicating with the heads of each division and why not make life simpler with an integrated ERP solution that allows you to share all the necessary inter-departmental information with ease.

How ERP Can Improve Your Financial Forecasts

Auditors are increasingly expecting CFOs to present accurate forecasts during the financial audit process. There are many tools available at your disposal that enable accurate reporting and offer insightful business intelligence for you to forecast future performance and the events that may lead to this increased/declining performance.

Simplify Risk Management

Organizational risks appear in many forms beyond just finances. A forward-looking CFO must be fully aware of and ready to manage any impending risks from an operational perspective. An ERP solution that enables you to see across the entire organization allows you to spot any deficiencies and provide a real-time view of the company’s readiness for the future.

Key Takeaways:

  • Invest in your ERP system
  • Automate routine manual tasks
  • Prepare audit information in advance
  • Partner with other executives
  • Provide insightful forecasts
  • Manage risk effectively
Staying prepared for external financial audits is simpler with an ERP system that provides more time for the finance team to provide better insight into the companies operational and financial health. Financial audits are not easy at all but why not put your best foot forward with the right solutions that will give your entity that added assurance and peace of mind.
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