How to take the pain out of auditing in fast growing businesses
- 1. Auditing Finance Functions How to Take the Pain Out of Auditing in Fast- Growing Businesses
- 2. Nascent, or evolving, systems and processes Thorough planning and evaluation is necessary to ensure error-free functioning Business look at Audits like Acid Tests, if you ignore 'accounting', pun! 1
- 3. The Flow Part 1 Rapid Growth 02 Smart Financial Systems Making Audits Painless The Improvement Part 2 Part 3 Part 4
- 4. Businesses today rely on fast & accurate information. Today, systems are available to answer your questions and provide clarity on statistical needs in a matter of seconds. Rapid Growth
- 5. Auditors need to up their game to stay relevant and match pace with the technological shifts in their industry Gearing Up
- 6. Businesses that are readily investing to grow realize that time demands them to be wise & enough to automate business functions for accuracy & efficiency. How to achieve fast growth? 05
- 8. Double our active clients base Implement emerging strategies in advertising Diversify our portfolio of brands What is a Financial system and how does it help? 07
- 9. Which functions can the Finance Tool Manage? Comprehensive Financial Management Human Capital Management Integrated Budgeting and Forecasting Procurement Customer Relationship Management Business Intelligence Revenue Management Global Business Management
- 10. 09 • Shortened audits will improve data transparency and comparability. • Lesser hours will be billed by the auditors. • Graphical representation of Taking the Pain Out of Auditing
- 11. Painless Audits
- 12. Working Faster with Automation Finance people are working hard to streamline how they undertake audits, using automation and artificial intelligence (AI) tools to delve through complete datasets faster. Spending less time undertaking an audit, then you and your finance team members will have more time to concentrate on doing your day job. 11
- 13. Financial systems allow people to cultivate better results faster Business have to deal with more than financial reporting compliance. The frequency of auditing is moving towards ‘real- time’ and the scope is expanding.
- 14. Double our active clients base. This is one of our top goals this year. A key aspect of the finance function is to be able to provide the rest of the business with accurate and timely information Better strategic and operational decisions as possible. 13
- 15. Better Financial Control Scaleable finance technology - is a path to stopping audit costs from rising Finance Systems - ensure that your financial records are accurate and free of fraudulent transactions. Real-time data - Allows any finance personnel provide accurate data quickly Legal Drivers - can file accurate company records and pay the right tax. Data Improvement Ensuring accurate and fast submission of data 14
- 16. If all the aforementioned opportunities are availed and managed. Then the Finance department is surely playing its part in supporting any company's growth. Such clarity and timely provision then provides confidence to external & internal stakeholders, as well as potential lenders and equity holders 17
- 17. Summing it up The role of finance systems goes beyond audits Trackability, Sharing Information, Flagging issues as they arise and Audits These can be considered key-elements that can support any company's growth
- 18. 19 Finance systems Coupled with ERP tools to ensure business success Implementing a financial tool Delivery of Data Churning the Benefits of quick informational supply Consider NetSuite as your finance system which is easily implemented and integrates with various business functions
- 19. Thank you!