An accounts payable audit can often seem overwhelming and daunting. Don’t let that fear hold you back however. While you want to move forward and forget about the past, an audit can expose mistakes, fraud and other problems that could be putting your business at risk. Below you can find a quick guide to get you through the audit as quickly and painlessly as possible.
Why Audits Matter
An accounts payable audit is a way to hold yourself, your company, and your employees accountable for the financial portion of your business. If someone is stealing from your company, this is the way to find out and if mistakes are being made, you will be able to spot them and fix them when the audit is complete. The audit is not to hurt you, but to protect you, your business, and to help you be more successful in the future as well.
Getting Through the Audit
Luckily, the days when audits were done completely by hand and every piece of paper was dug through from invoices to receivables are long gone. Many auditors still choose to do the audits by hand, but just as many use electronic auditing to make it easier. If you want your audits to be a breeze, get with the program and install software that makes it possible for everything financial to be done online and stored there as well. On top of that, switching to AP automation software is faster, more efficient and cheaper on your business in the long run and it keeps you from sweating while your records are being gone through by hand, one painstaking invoice at a time.
If you are still clinging to the old ways and hate to let go of that physical piece of paper or are worried your systems will go down and you will lose all of your records, stop and think about it for a second. Paper can be misplaced, shredded, or even torn up, so what are you protecting? Paper also makes the invoicing and filing systems you use harder to keep up with and harder to track as well. So, what are you waiting for, get modern, so you can get through your audit easily.
For more information on accounts payable audits and other services offered, contact the professionals at Belmero Inc for help and answers to any of your remaining questions.
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