Finance managers faced with an audit, we feel your pain.
We know they can be stressful. Whether it’s a mandatory internal check or an external body poring over your company’s financial data, you need to be able to quickly gather and disseminate vital information upon request.
And one of the questions you will undoubtedly be asked by an auditor is: “Who approved these bills?”
This question invariably leads you to almost forensically examine your email account in an attempt to find the responsible party.
This method of ensuring accountability can be a bit cumbersome. It relies upon: A. the email existing in the first place, and B. it not being accidentally deleted.
Then there’s the other possibility.
What if, instead of an email confirming approval, it was approved in Xero by your accountant? What if no-one remembers why? Truth be told, it only takes a few busy weeks to go by for someone to completely forget the important details about particular bills.
If you’re reading this – palms sweating – thinking to yourself: “there must be a better way!” then you’re in luck.
Read on to find out how the following ApprovalMax features can help you pass an audit with ease.
1. Automatic PDF Generation
Welcome to audit utopia. Instead of a panic-stricken scroll through your bloated email inbox, you can turn to a PDF audit report that is automatically generated and attached to the corresponding bill in Xero upon approval.
The report will show you precisely who approved the bill, and when. It really couldn’t be more simple.
2. Full Audit Trails
If, however, you want to get your teeth into something a little more substantial than a standalone PDF report, you can log into ApprovalMax and view a full audit trail for each and every single bill.
This include the full history of bill approval, with the whos, whats, wheres, and whens thrown in for good measure. Any notes, discussions, and decisions are clearly laid out, meaning vital information needed for an impending audit is at your fingertips when you need it.
3. Transparent Workflows
If the auditor needs to know more about the business rules and processes you have in place in your organization, you don’t need to divert your precious time towards guiding them through it.
Instead, you can add them to the ApprovalMax platform as an ‘Auditor’.
This read-only user role allows the auditor to better understand the approval workflow in operation, without accidentally changing, approving, or rejecting anything.
To assign an Auditor, simply navigate to Company Settings, add a new person, and select ‘Auditor’ from the dropdown menu.
Pass Your Audits with ApprovalMax
By making approval information easier to find, collate, and distribute, we are making audits less daunting and less time-consuming.
If you would like to find out more about how this, and ApprovalMax’s other features, can help your business run smoothly, click here.
And if you’d like to give it a go, sign up for your no-risk free trial here.