If you’ve been in business for even just a little while, you’re already well-versed with how consuming a standard business audit is.

Typically, a company will have their books audited by an independent firm at least once a year. No matter how often you do audits, the prep time never seems to get any easier or shorter. It takes valuable staff time, and can even add stress and overtime. There are hours upon hours spent finding all the right documentation and organizing it, resulting in copious amounts of paper.

Even though a completely paperless society will probably never happen, a paperless audit certainly can. Sound too good to be true? It’s not. A paperless audit uses technology to scan documents into your system instead. Once documents are in the system, they can be easily sorted, tagged, and retrieved, making audit prep considerably easier.

Paperless Audit 101

A paperless audit begins by storing important business documents in a computerized system that enables you to capture both internally and externally generated documents. These documents can then be retrieved, viewed, shared, and annotated instantly.

When it comes time for an audit, stored documents have a clear history of who created and edited them. Documents can be signed automatically via the computer, creating an electronic record of who reviewed and signed documents. All information pertaining to the documents is in one place, not scattered through various files or on sticky notes.

Paperless Audits Save Money

A typical audit may involve one or more auditors on site for several days. That time can be significantly reduced with a paperless audit, saving you money: One company found that a paperless audit saved them considerable money by shortening the time it took the auditors to work on site.

The company conducted a full audit annually. Their auditing firm arrived on a Monday and spent 1-2 days reviewing documents, with two managers organizing the papers and ensuring all necessary components were available. Then, they manually reviewed all the paper documents over the course of a week, sometimes bringing in additional personnel to add to the audit as needed.

With a paperless audit, the necessary documents were retrieved in a short time, shaving a full day off the audit schedule. The auditors didn’t have many questions, and what questions they did have were answered by the notes on the documents. When an auditor had a conflict in his schedule, he didn’t have to reschedule to be on site at the company. Instead, he could access the documents online and review them from his office in between other meetings. No additional auditors were needed because the paperless documents were so easy to find, manage, and review.

The paperless audit saved them several days’ work on the auditors’ invoice, lowering the overall cost for the company. Beyond money, going paperless also saved them time and effort by providing a transparent and straightforward view into how the company maintained compliance.

Connect Your Paperless Audit With ASI

At Accounting Solutions, Inc., we’ve been helping businesses solve their most challenging issues—like auditing—for more than 30 years. Our experts are dedicated to making sure you get the accounting software solutions you need to drive business success. From paperless audit solutions to connecting ERP software, ASI will collaborate with you along every step.

Want to go paperless and need to know where to start? Set up a consultation with one of our experts today.