Is Document Management the answer to a stress-free audit?

Many organisations get anxious when they are audited, but technology can make the process less stressful.

An audit is an inspection of an organisation’s financial reports, systems and processes to ensure the correct procedures are followed and companies are compliant and risk-free. They can also highlight any discrepancies between your policies and procedures – what you should be doing vs what you are actually doing.

One of the biggest audit headaches is that auditors can request a large number of documents. Suppose you rely on manual processes to manage your documents. This could result in documents being scattered across your business – in inboxes, filing cabinets, hard drives, desk drawers, off-site storage etc. Manually collating them requires a lot of time and effort, and storing your documents in such a disorganised way can also result in the business being non-compliant. Poor processes or employees not following the correct procedures could result in non-compliance. And non-compliance with industry regulations can have serious business, financial, legal and reputational implications. How would your business be affected if a document had been misfiled or lost and was inaccessible to you and your auditors?

But an audit doesn’t have to be a stressful experience for you or your business. Implementing a Document Management system can help you manage your documents, streamline your business processes and provide visibility of compliance actions. So, what is Document Management?

A Document Management system allows you to create, capture, store, authorise, deliver and manage business-critical documents. All of your documents and data are stored electronically in one central repository. Forms, applications, paper documents and schedules can be stored, with indexes, to create searchable content, allowing you to find and retrieve files in seconds.

Document Management systems integrate seamlessly with your existing in-house applications and work intelligently ‘behind the scenes’ to link your applications together and easily share information. In addition, by incorporating workflows, business rules are followed consistently. Make your information available to the right people at the right time, and transform the way you work.Here are six ways in which Document Management can help your company to be audit ready:

1. Document Security

Sensitive information is stored securely. Set user permissions for your staff and control who has access to which documents and how they can use them. Ensure the right people deal with the correct documents.

2. Consistent Procedures

With business rules and workflow in place, you know that the correct procedures are always followed. Escalate approvals and reviews to ensure deadlines are not missed. Alerts will highlight any deviation from the rules automatically. Handle exceptions consistently by creating a separate workflow with its own set of rules. Using Workflows increases efficiency and accuracy.

3. Flexible Workflow

React to changes in policies and compliance regulations quickly by updating the workflow. You can update procedures across the whole business simultaneously. Once a workflow is in place, you can alter the process quickly, often without re-training staff, making continuous process improvement a straightforward procedure.

4. Managing the Document Life Cycle

When a document is stored in a Document Management system, you can be confident that you are always working with the latest version. However, version control allows you to access all previous versions if necessary. If you need to store selected documents for a specific length of time (in line with compliance regulations), you can set rules to archive documents automatically or delete them when they have expired.

5. Audit Trail

An audit trail is a report showing who had accessed what document, when, and what actions were performed. Audit trails supply detailed information for auditors, providing visibility into your processes and helping to prove compliance.

6. Easing the Audit Process

Allow auditors secure access to your documents via a standard web browser. They can conduct inspections remotely with no disruption to you and your colleagues. With the powerful keyword search functions of a Document Management system, documents needed for audits are available in seconds. During the inspection, auditors can export any information they need in a digital format, saving everyone time and money.

Audits don’t have to be a stressful experience when you take advantage of the intelligent features of a Document Management solution to manage your documents and data effectively. Proactively managing audits and compliance can increase the transparency of your business. With the correct workflow, procedures, and policies in place, supplying the correct documents to auditors and outside organisations can be quick, simple, unobtrusive and stress-free.

One of our customers had this to say about using an Invu Document Management system to manage their documents and how it changed their approach to audits...

If you would like to find out more about how Document Management can help your business get audit ready, get in touch with Jack Wright, Sales Director at YourDMS. Call 01285 810606 or email [email protected].

Join in with National Walking the Dog Day

This Wednesday (February 22nd) is National Walk Your Dog Day. This day combines two things that will put a smile on your face - dogs and exercise! We regularly share posts about taking a break and getting outdoors, and we love dogs, so we think this national day is a brilliant idea.

Did you know: Walking your dog has been shown to reduce blood pressure and boost your immune system. Petting a dog or cat can make you feel calmer and reduce stress. Your dog will also benefit from exercise and time spent outside.

If you’re looking for some inspiration for where to walk, the National Trust has compiled a list of dog-friendly places in the UK. Or you might want to download Dog Walks App, which lists 500 walks around England.?

We would love to see you and your dog on your favourite walk – share your photos in the comments.

#NationalWalkYourDogDay

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