Audit management software can help your business ensure the seamless integration of auditing and accounting. But, there is a wide range of audit management software available today, and not all are created equal. A good audit management software platform should have several high-quality features to meet the needs of business owners and internal auditing teams.
If you’re looking into investing in a new audit management solution or aim to improve the functionality of your current system, here are five features that you should look for:
1. Cloud-Based Storage
Cloud-based storage is an integral part of efficient safety audit software. Enterprises need to store their audit data in a centralized location to make it easy for employees to access and use it. Cloud-based storage also helps organizations avoid the cost of purchasing and maintaining expensive on-premise storage equipment.
Cloud-based audit management software is secure because it’s hosted on an external server that’s generally not accessible to the public. It helps ensure that sensitive company data isn’t accidentally accessed by unauthorized third parties or other employees within your company who don’t need access to it.
Because you can access cloud-based storage from anywhere, auditors can access their audit data while traveling or working remotely. It makes it easier for them to keep everyone up to date on their progress and ensure that everyone has access to critical information. If you’re unfamiliar with audit software and cloud solutions, you can quickly learn more here.
2. Automatic Assignments
When you set up an audit, you assign it to specific users or teams responsible for completing the audit. You or your team members do this manually, which can be time-consuming and inefficient. The best audit management software allows for automatic assignment, assigning tasks to different auditors based on their specific expertise.
Automatic DMS has an automatic assignment feature that makes this process easier for you. With this feature, users are automatically assigned to audits based on their skill sets and availability. As soon as an audit request comes in, users are notified about it via email so that they can accept or reject it.
Automatic assignment ensures that all audits are completed within the specified time frame without delays due to a lack of workforce or resources. It also reduces human error in assigning audits to the right people to avoid confusion about who gets what when an audit request comes in.
3. Reporting and Analytics
Reporting and analytics are the keys to efficient audit management. Without this information, it’s challenging to manage the process, track the results, and make adjustments if needed. It also allows you to look back on previous audits for comparison purposes.
The best audit management software will have reporting capabilities to generate reports on your findings. It should also be able to pull information from multiple so you can create reports that provide valuable insights into your business finances.
Additionally, some software packages offer analytics tools like trend tracking and forecasting tools so you can see how your business is doing over time. These tools help you predict future trends based on past results to make better decisions about where your company needs to go next.
4. Tracking and Scheduling
One of the essential features of efficient audit management software is tracking and scheduling your day-to-day activities. It includes everything from creating a new case file for a client to adding notes or documents to existing cases.
Tracking your time spent on each case file can help you improve efficiency over time by allowing you to see how much time you spend on each project. You can also ensure that you’re spending enough time with each client by tracking how many hours are spent on specific tasks.
Scheduling is another important feature because it allows you to plan out your work week in advance to know what causes you’re working on each day. It makes sure that there aren’t any surprises come Friday when it comes time to clock out at 5 pm.
An audit management tool should be able to adapt to your organization’s needs. It should be flexible enough so you can customize it according to your specific requirements. The best audit management tools offer a wide range of customization options to set up your customized workflow as per your company’s needs.
It’s beneficial when managing audits with multiple departments or teams involved in the process. In such cases, the system should allow you to define individual roles and permissions for each team member. Also, the system should allow you to set up different tasks for each team member based on their role within the organization.
Businesses, large and small, can use audit management software. Even if you aren’t currently in the market for any auditing software, you should know what it does and how its features could affect your business. It might be necessary for you to buy this type of software soon, so do yourself a favor, become familiar with it, and avoid making an uninformed purchase decision.