If your company isn’t taking advantage of time and expense auditing/reporting tools, you might be susceptible to fraud. These tools give you the power to understand your data in a new way so that you can be sure that you have the right policies in place. The drawback to internal auditing is that it uses up valuable time and resources.
An automated time and expense auditing system can be an asset in reducing the administrative headache of the approvers and auditors managing your system. Here are the most beneficial features of time and expense auditing and reporting tools.
Timesheet and expense Reporting auditing benefits:
Workflows that match your structure
It’s obvious that implementing an auditing system will do more good than harm, but the actual usage of that system can sometimes make approvers and auditors worried that the software will just increase their workload due to workarounds. The right auditing solution will be flexible enough to adjust to your company’s organizational structure so that you aren’t stuck trying to change your company to match the system. That means that the software conforms to your needs, not the other way around.
Green, Orange, and Red Risk Levels
One feature of automated auditing is that your auditors can use color codes to access risk levels. For example, the system can automatically validate an expense report or timesheet against inputted policies and give that submission a green, orange, or red risk level based on which policies were passed or failed. If a submission comes in with several orange warnings, auditors know to spend more time with that report.
Related Article: 26 Sample Employee Handbook Policies for Improved Compliance
Audit trails of all users
An automated auditing system can keep track of all activities, no matter the level of the user, from employees, system administrators, to high level managers. This is valuable data for tracking changes in the system and ensuring that no fraud has taken place.
Policy revision assistance
With all the data available from auditing and reporting, it can be easy to overlook the importance of keeping your policies up to date. You can run reports about which policies have the highest fail rates and which employees most often get rejected expense reports or timesheets. This can help you understand which policies may be in need of revision or which employees need additional training.
These automated auditing software features give auditors and approvers more support in their task of fighting fraud and streamlining operations. Your organization will benefit from improved compliance and reduced administrative overhead with automated time and expense auditing and reporting.
Learn more about how DATABASICS Time & Expense™ can help your organization accomplish more.
DATABASICS provides cloud-based, next generation Expense Reporting, P-Card Management, Timesheet & Leave Management, and Invoice Processing automation. Specializing in meeting the most rigorous requirements, DATABASICS offers the highest level of service to its customers around the world.
DATABASICS is relied upon by leading organizations representing all the major sectors of the global economy: financial services, healthcare, manufacturing, research, retail, engineering, non-profits/NGOs, technology, federal contractors, and other sectors.
DATABASICS is headquartered in Reston, VA.