Simplify Audits with Automated Invoice and Payment Processing
Audit time is one of the most stressful times of year, causing moments of panic and apprehension across organizations. They open businesses up to inspection, scrutiny, and even sometimes, penalties.
Finance departments are often looking for more efficient ways to audit and gain visibility of cash flow.
Previously, an auditor would send a list of requested documents that the accounting staff would search tirelessly to check off all the items on the list. This could involve rooms full of miscellaneously labeled filing cabinets that consume hours of staff time, diverting them from their primary job roles.
Paymerang’s Accounts Payable and Invoice Automation platforms provide companies with the means to complete their audits quickly and confidently, largely eliminating the risk and inefficiencies associated with a manual process.
Here are 4 Ways Paymerang Simplifies the Audit Process:
- Put an end to “Paper Chasing”
- Auditors recommend having all your documents organized and labeled by tax year, which can be time-consuming and tedious work
- With Paymerang, all your documents are digitized, processed and searchable with just a few clicks.
- Reduce Risk of Human Error
- Whether it be data entry errors, duplicate payments, or misfiled documents, one small misstep can cause a significant delay in your audit.
- Paymerang uses the power of artificial intelligence and process automation to diminish the inevitability of human mistakes in manual processes.
- Maintain an Audit Trail
- Auditors investigate the invoice approval process, which can involve being bounced around between different levels of approvers.
- With Paymerang’s comprehensive audit trail, all invoices and payments have a track of approvals, changes, and additional notes so auditors can easily view the process from start to finish.
- Increase Security
- Incorrectly stored banking information, as well as the rise in check and vendor fraud, can put your organization at risk of financial penalties.
- Paymerang’s cloud-based platform securely stores all sensitive banking information on your behalf with encryption and multi-factor authentication. In addition, Paymerang is SOC2 audited, NACHA & PCI-DSS compliant, and includes Positive Pay on all checks.
Audits are a crucial part of maintaining your organization’s financial integrity, however the time and cost to conduct them can put an unnecessary strain on employees and day-to-day operations. Paymerang’s Accounts Payable and Invoice Automation platforms can reduce the strains that comes with audit season, giving your organization more time and resources to focus on what it does best.