Document Management: A Key solution to simplifying audits

Have you experienced the pain of a mandated audit? You open the letter from your state department of revenue (DOR) with a heavy heart. Your company has been selected for another state sales tax audit for “potential risk of underreporting and/or underpaying sales, use, corporate and/or withholding taxes.” Oh no! you think. We don’t have time for an audit with everything else going on in the business. Consider the facts below for a common sales tax audit:

1. 37% of accounting professionals said a sales tax audit would be more stressful than a divorce.

2. It costs over $96k on average to manage a sales tax audit

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3. 52% of accountants would rather run a marathon than try and crack the sales tax code.

An audit is an examination of the an organization’s financial reports, systems and processes to make sure that your companies are compliant and risk free, the procedures are correct and being properly followed. Audits mean auditors, and auditors demand documentation, which is the bottom line that makes audits so painful. Relying too much on manual and paper-based processes could scatter documents within your organization - in inboxes, filing cabinets, off site storage etc. This results in stressful and time-consuming affair. And worse yet, your company can run the risk of being noncompliant due to such a disorganized way of storage. Imagine how would your company be affected if a document had been misfiled or lost? What would happen if documents were inaccessible to you and your auditors?

Understanding your problems, we introduce a state-of-the-art document management system. An audit doesn’t have to be a painful experience is you’re utilizing a Document Management system allowing you to create, capture, store, authorise, deliver and manage business critical documents which are stored electronically in one central repository.  Below are 5 ways a document management system can simplify your audit process:

1. Easy accessibility

Instead of shuffling through file cabinets, desk drawers, email inboxes and other places where documentation might be stored, a document management system provides quick, secure access to documents in one central location. Preparation time for an audit is essentially eliminated when your documents are captured, transformed into searchable PDFs and stored in a digital document repository. Auditors can simply export any information they need in a digital format, saving everyone time and money.

2. Document security 

Sensitive documents are stored securely. Document management system allows setting users permissions for your staff ensuring the right documents are accessed only by the right people.  This also ensures regulatory compliance.

3. Improved employee productivity 

Instead of spending valuable time hunting down documentation for the audit, your employees can continue to work so no productivity is lost due to an audit. Auditors could have secure access to your documents via a standard web browser.

4. Flexible workflow 

You can quickly update the workflow to react with changes in policies and compliance regulations. Or you can change the process without having to re-train staff by making simultaneous process updates necessary to remain compliant.

5. Visible Audit Trail

You can manage and control who has accessed what document, when, and how it was used thanks to audit trail. You can verify that the latest version of a document is archived, or track system admin changes. These audit trails provide auditors detailed information, creating visibility into your processes and helping to prove compliance.

Proactively managing audits and compliance can enhance the transparency of your business. Document management is the best and most efficient way to manage you documents and data, streamlining the document processes by securely routing captured documents into a secure document repository. Contact us for more details about inFORM Decisions’ solutions.

Our website: http://www.informdecisions.com/ - Phone numbers: (949) 709-5838 / (800) 858-5544

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