audit technology

Technology Enters the Accounting Audit Space

Change and growth are fundamental to business, and technology is expanding the ways we approach and dictate business needs. Auditors are no more immune to the expansion of technology than any other industry: traditional audit services are being transformed by technology.

Leo R. Moretti writes on AccountingToday that auditors need to be aware of all the tools available and to understand and embrace the “accelerating value of data and the digital data ecosystem.”

How Tech is Changing Audits

Technology is poised to perform much of what was once relegated to time-consuming, manual processes. If your staff still spends a majority of their time hunting down broken formulas in Excel workbooks, it may be time to consider new, cloud-based accounting solutions that automate. By taking advantage of the automation tools at our disposal, we can prioritize evaluation analytics and assist clients in performing their accounting and financial reporting tasks in a more efficient manner.

In sum: leave the number crunching to the computers, and use the time and resources you gain towards specializing in the more “human” skills of strategy and advisory services.

Moretti writes that interacting and understanding the needs of audit committees, CEOs, CFOs, and regulators should be an increasing priority, stating that auditors will be increasingly expected to provide assurance on much more than mere financial statements.

Additionally, academia needs to rise to the challenge to provide the next generation of CPAs, regulators, and investors with the tools of success. The curriculum of these future financial professionals should be audit technology-based to prepare future finance professionals with not only the standards of the past but current and future techniques and technologies.

Flexi

Flexi is ahead of the curve, providing proven technology tools to help your business succeed today, tomorrow, and beyond.

Flexi’s comprehensive financial management software simplifies and automates the entire accounting workflow process, without compromising security. Flexi’s open architecture meets even the most stringent security requirements yet allows data to flow seamlessly with any system, whenever and wherever business needs dictate.

Flexi delivers all the rich features you’d expect in a top tier accounting solution, but without the high cost. With quick implementation that can be deployed on-premises, in the cloud or in a hybrid environment, Flexi will not only simplify your accounting processes today, but also will have you ready to adapt quickly to market or business changes in your future.

Submit your information and get a demo of the Flexi suite today.

Category: Accounting Software

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