The age of digital transformation has significantly impacted various industries, including accounting, where audit productivity is vital.
Yet, astonishingly, many firms still cling to outdated software and communication channels like email to execute audit processes.
This reluctance to adopt contemporary solutions reduces your audit productivity in numerous ways.
The use of email
Let’s consider the limitations email imposes on file sharing.
Traditional email systems often have a cap on attachment sizes, forcing accountants to send multiple emails or even resort to physical drives to share large financial documents.
This process is inefficient and poses several potential security risks that could be in breach of GDPR regulations. By using email, inboxes become a swamp of clutter and disorganisation, where critical documents can easily be overlooked or lost.
A lack of transparency
Equally detrimental to the audit process is the lack of transparency and accountability within the audit team.
Using email for audit management makes it difficult to track the status of tasks, causing confusion around responsibilities.
Questions emerge like: “Who has completed which portion of the audit?” And: “Is it reviewed or pending?”
With email, it’s nearly impossible to get real-time insights.
This lack of workflow visibility can result in tasks being either duplicated or missed altogether, leading to delays and possible non-compliance issues.
The MyWorkpapers solution
MyWorkpapers provides an online working paper management system designed specifically to simplify and streamline the audit process.
The intuitive dashboard provides a panoramic view of all ongoing tasks, who is responsible for what, and what has been completed. This gives awareness of progress at each stage of the audit and helps eliminate shortfalls in the audit completion.
If you are still plagued by the issues resulting from outdated technology – it’s time to modernise your audit processes.
Embrace a solution that not only alleviates the challenges posed by outdated methods but also streamlines your workflow, enhancing efficiency and collaboration.
Start your free trial of MyWorkpapers today or view our full list of features here.