FinancialForce News and Insights

Audit and Easy in the Same Sentence?

Do you have an audit coming anytime soon? Feeling prepared or totally dreading it? If you are in Finance (or IT) you are probably under constant pressure to improve transaction processing and make period close shorter. At the same time you have to make sure adequate controls and compliance procedures remain in place. I don’t know what kind of tools you are using (if any) to help with it all, but if it’s FinancialForce Accounting, then you are in great shape. From what we hear from both our customers and auditors alike, if you move to a cloud-based solution like FinancialForce Accounting, you will quickly raise the bar on the auditability of your accounting data and keep everybody involved *happy*.

And exactly why is that?

#1 Auditors Love the Inherent Audit Trails & Supporting Documentation All financial transactions managed within applications have inherent time stamped audit fields which are non-editable and available for querying and reporting. Auditors can find everything they need in a single location, from anywhere!

#2 You Can Create Approval Rules to Match Your Business Processes Approvals processes in apps are simple to configure and self documenting. Workflows are embedded in the application and can be turned on with a click of a mouse.Check that very important box off the audit list!

#3 A SOC1 Type II Audit Report Is Already Done The control environment in which FinancialForce apps are built and supported has already been audited by a Big 4 auditing firm (SOC 1 Type II report). Cross that off the list too.

#4 Everything in One Place – Available Online, Anytime All financial data for all business units is accessible from a single point, so transactions can be tested centrally – rather than physical visits to each location and all those associated expenses. You can even set up an Auditor profile in the system, giving auditors the ability to research transactions and audit trails online from anywhere! That spells out savings on time, effort (and audit fees!) I’ve just scratched the surface here. If you want to really get into how it all works, check out this ebook on the 4 Reasons Why Your Auditors Will Love Your Move to FinancialForce Accounting.
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