Every business needs auditing. No matter what business you manage and what industry it belongs to, you need to audit everything. Doing so will make sure your entire operations, as well as the goods and services you offer, is of the highest quality. Unfortunately, while manual auditing is doable, it has become primitive practice compared to the modern audit software most companies use.
Audit software will enable you to plan for, address, and eliminate risks that could potentially compromise the safety and quality of your goods and services. And since most businesses adhere to industry standards and government regulations, audit management software can help them with their compliance strategies.
If you’re planning to invest in an audit management system, DataMyte has created this quick guide to help you make an informed decision and purchase the best option for your needs.
This article will discuss what audit software is, its benefits, typical features that you should look out for, and a shortlist of the best audit software available in the market right now.
What is Audit Management Software?
As the name suggests, audit management software is a type of software that helps businesses manage and conduct audits. It helps organizations plan, address, and mitigate risks that could potentially hinder the safety and quality of the goods and services that a business provides. Using audit software will standardize your audit management processes across your organization. At the same time, it also helps automate the various steps and tasks involved in an audit, from scheduling to risk assessment and report generation.
Steps in an Audit Life Cycle
It’s important to understand the basics of an audit before discussing the features you should look for in audit management software. Here are the steps involved in an audit life cycle:
- Identification of risks: The first and most important step in auditing is addressing the risks. Organizations need to identify which areas or processes pose a risk to their operations.
- Plan and scope: The next step is to plan and scope the audit. This will determine the objectives, timeline, and resources needed for the audit.
- Conducting the audit: This is when the actual auditing takes place. Auditors will collect data and evidence to support their findings.
- Reporting: After conducting the audit, auditors will compile their findings in a report. This report will then be used to make decisions and take corrective action.
- Implement and Review: The final step is implementing the corrective action plan and reviewing the results.
Benefits of Audit Management Software
Now that we’ve discussed what audit management software is and the steps involved in an audit, let’s take a look at some of its benefits:
- Improved Efficiency: One of the biggest advantages of using audit management software is that it helps improve efficiency. Automating the various steps in an audit process (e.g., scheduling, data collection, report generation) reduces the time and effort needed to complete an audit.
- Standardized Processes: Using standard software for conducting audits will help ensure that all audits are conducted in a consistent manner across your organization. This will make it easier to compare and benchmark results.
- Improved Accuracy: Audit management software can also help improve the accuracy of audits. Automating data collection and report generation can minimize human error and get more accurate results.
- Informed Decision-Making: Having access to accurate and up-to-date information about your organization’s risks and compliance status allows you to make informed decisions about your business.
- Better Compliance: Most businesses adhere to industry standards and government regulations. Audit management software can help them with their compliance strategies by automating risk assessment and report generation tasks.
Typical Features of Audit Software
Before starting your shopping spree for audit software, it’s important to know what features to look for. Here are some of the most important features you should consider:
- Audit Scheduling: The ability to schedule audits and reminders is one of the most important features of audit management software. This will help ensure that audits are conducted regularly and that deadlines are met.
- Data Collection: The software should be able to collect data from various sources, such as financial records, customer surveys, and employee interviews.
- Task and Time Tracking: The software should be able to assign tasks and due dates and track the progression of tasks on top of recording time to resolution. It should also alert the owner and other users of overdue tasks.
- Email Notifications: The software should be able to set up automatic alerts to the audit team about any changes that occur in the audit process. This will help ensure timely responses to any changes.
- Configurable Forms/Checklists: The software should create and save custom forms and checklists. This will help streamline the data collection process.
- Dashboards: The software should track task progression, budget, and timeline. It should be able to view the status of audit checklists, monitor performance, and visualize data trends.
- Report Generation: The software should document, analyze, and store data trends and performance reports. At the same time, it should also generate action plans and recommendations based on these findings.
5 Best Audit Software
Now that you know what you need to look for in audit software, we’ve listed five of the best audit software available in the market right now:
The Optial SmartStart Audit Software is a comprehensive and easy-to-use solution that helps streamline the audit process. It comes with all the features you need, such as data collection, report generation, and email notifications.
TeamMate+ Audits Software is designed for small businesses and comes with all the features you need to conduct an audit, such as data collection, report generation, and email notifications.
Certainty Software is another web-based audit management solution designed to help businesses across various industries with compliance strategies. It comes with features such as data collection, report generation, and email notifications.
SAP Business One is an enterprise resource planning software that includes auditing capabilities. It helps businesses automate their audit processes and improve efficiency. Its key features include data collection, report generation, and email notifications.
DataMyte is an industry leader in providing performance and productivity-enhancing products. Its Digital Clipboard, in particular, offers a variety of features that can help you with your audit management needs. Some of these features include:
- Workflow builder: create custom audit management workflows to automate and streamline your auditing process.
- Checklist builder: create and save custom checklists to use for your audits.
- Data collection: collect data from different sources, such as financial records, customer surveys, and employee interviews.
- Report generation: generate reports on findings and performance trends.
- Action plans: create action plans based on findings and recommendations.
- App builder: create a comprehensive audit management app tailored specifically for your business!
As you can see, there are many great audit management software solutions available in the market. So, before you make your purchase, be sure to understand what features you need so that you can identify the best audit software for your business.
So, what’s the best audit software for you? The ideal audit solution should be the one that meets your specific needs and requirements. To find the right software, consider the features that we’ve mentioned in this post. You should also consider the five picks that we made, especially our very own DataMyte Digital Clipboard.