On Tax Day Learn How to Reduce Audit Prep From Days to Mere Hours
Today’s tax day…and whether you owe or get a refund, the one thing you don’t want is an audit! The same could be said for companies…that little 5-letter word strikes dread and fear into any accounting department. However, audits are a business necessity for a company to create reliable financial reports for internal or external purposes.
Corporate audits impact the accounting department the most and typically means your team will end up spending way too much time hunting down documents requested by auditors. And if a document is missing, a lot of work will go into re-creating it or requesting it from a vendor. All the while, your team isn’t able to complete their regular day-to-day duties and your bill from the auditors keeps increasing.
Reduce your audit prep from days or weeks to hours by implementing a document management solution like DocLink, which can help you go digital to get rid of that paper and simplify processes throughout the enterprise.
Taking everything digital means that there’s a full audit trail behind each document that can be found quickly and easily showing what happened, when and who did it. With DocLink you can easily locate, download and deliver requested files to the auditors, or you can provide your auditors with access to your solution directly.
Ultimately a paperless audit makes it easy to gather related documents, easy for auditors to review, and easy to see your structured workflow processes and the rules you’ve put in place to ensure compliance.
Altec has many customers who have experienced significant time and money savings by using DocLink for audits. For instance one client who went through a sales tax audit was penalized $100,000 because they could not make the proper documents visible and available readily for the auditors. That is on top of the cost of having the auditors out at the office. With DocLink they’ve eliminated any future chance of incurring penalties.
Another Altec customer had an annual audit each January and it would cause employees to scurry to locate and produce documents on demand for 3 individual auditors. In addition, the auditors were generally onsite for 5-8 days creating interruptions and diversions from normal month-end closing of the books as well as the year-end closing. With DocLink they saw their annual audit bill drop 25% due to the reduced number of hours on-site to conduct the audit.
Altec customers can’t say enough about how DocLink has
made the audit process so much easier for them:
“It’s nice to know that we can pull up any invoice for approval with just a few clicks rather than have to scavenge around through paper piles.”
“We teach the auditors how to use DocLink in a matter of minutes, and then I never hear from them again.”
“It used to take anywhere from several hours to an entire day to search through paper files but all needed documents can now be retrieved in as little as 30 minutes.”
So don’t let audits stress you out. Contact Altec to discuss how DocLink can help significantly reduce your auditing process for immense time and money savings!