Last updated: January 27, 2021
Accounting Software Reviews, Features, Pricing & Compare
Audit Software—2019 Buyers Guide
Mitigating risks is one of the core purposes of the audit function in any business. If you’re using audit software it checks the blind spots that can sink your business and compromise your brand. It helps your company comply with regulations set by the government and industry standards.
Audit management is an essential component that helps your organization reach its objectives. Automating the different stages of the audit lifecycle assists your business in conducting singular audits in an all-inclusive framework.
If you're contemplating investing in audit software to streamline your processes, we've compiled this buyer's guide to assist you in making an informed decision.
The Key Features Of Audit Software
These are the common characteristics included in a typical audit software solution:
- Scheduling: Conflicting calendars will be something of the past if you use audit software. It will create a timeline for a specific task and schedule it to the entire audit team. You’ll also be able to view team calendars and check resource availability.
- Tracking: It will allow you to assign tasks to different people in the team and attached a due date that can be tracked. You’ll be able to see how the task is progressing and the total time it took to resolve it.
- Checklists: The system can generate customized forms and save it in the desired format for future reference. It can also create a checklist that assists with planning and quality assurance of the task.
- Notifications: Because the audit software will be integrated with your email it can send automatic email alerts to your team regarding any changes or follow-up tasks.
- Dashboard: You’ll have access to a detailed dashboard that shows the progression of tasks, trends and monitor performance. You’ll also view the status of the checklist and compare the budget against the timeline.
- Reports: It takes the sting out of trying to compile reports and do recommendations. Based on the data trends it has on hand the system analyzes and compiles performance reports & attaches action plans to it.
Some Considerations To Take Into Account
Whilst deliberating the possibility of incorporating audit software into your business you should start by making a list of your needs and identify their level of importance. Some other considerations to take note of are the below.
It’s relatively easy auditing one process but manually scheduling hundreds of processes scattered over different work areas and locations can be a nightmare. Automatic audit scheduling allows you to map out your audit schedule for the entire year. It also checks the availability of auditors across various operational areas.
Merging Quality and Safety
It’s no easy task to merge these two equally important audit processes. Quality and safety share many commonalities such as remedial action & document control. Auditors usually review the remedial action processes of quality management systems (QMS) and environmental health & safety (EHS) similarly. Often they have the same remedial action needed and with audit software you'll be able to manage it in one audit.
Templates And Checklists
Using audit software fast tracks the compilation of checklists and typing the same questions repeatedly. It automates the checklist and uses several keywords to recognize the checklist you need. This feature allows you to select the desired audit type and the system automatically extracts the appropriate data.
The Benefits Of Audit Software
The most renowned benefits of audit software include the following:
- It enriches the security of the audit process
- It significantly decreases the risk factors
- It improves your compliance levels with government regulations and industry standards
Successful Implementation Guidelines
Executing a successful implementation of your audit management software can be problematic if you don’t include support for the various stages of the implementation process. Here are some easy steps to follow:
- It’s important to plan your implementation to avoid a haphazard process
- If needed, get a step-by-step installation guide to simplify the process
- Make sure you optimize your software by running it at peak performance
- Don’t be reluctant to communicate with your team and your vendor when you need help during the different phases of implementation
- If need be, upgrade your software to fit your unique business requirements
- Regularly evaluate the performance and functionality of the software to determine if you need an upgrade
- If you do decide on an upgrade map out your upgrade path critically
The Cost Of AR Software
We’ve established that audit software improves the efficiency in business but what is the savings amount it can bring to your business? The savings can be quite significant if you calculate the number of hours saved on manually capturing information and compiling reports. It gives you a leaner operation that automates mundane tasks and allocates resources more effectively.
Depending on what kind of plan you select the prices will differ. Using single user or multiple users options will also affect the cost. Prices can start from as little as $10 per month for a single user from Fluix and can increase to $2500 monthly for a comprehensive package from AuditFindings. It varies based on the size of your organization and your unique needs.
Also, because we live in the era of the internet and technological advances you’ll find free versions of audit software that can perform basic functions.
Auditing is a serious function that keeps your business compliant and able to mitigate major risks. It’s a vital organ of your business that at times only operates in the background but adds value to your operations.
Why not seriously consider investing in audit software to enhance your operations and move away from tedious mundane tasks that can be automated? Using audit software can save you time and money & boost your performance.
Leave a comment below and share your experience working with audit software & how it has changed the way you operate.