A more flexible and effective audit approach for finance teams
The client’s finance team found the audit process very stressful, with a constant rush to provide audit information on top of day-to-day activities.
How did Inflo help?
By extracting every transaction from the client’s system, Inflo significantly reduced the number of system reports the finance team needed to provide. The audit team used this data to remotely select samples that same day, sharing them weeks in advance of the onsite visit.
The finance team were then able to prepare these invoices more flexibly around their other commitments taking full advantage of functionality in Inflo such as photographing information directly to the audit team to save time.
The client team were incredibly appreciative of the new approach. They estimated it had reduced the time they spent by over 30% and the additional flexibility meant they had more control. The audit team were less time constrained and were able to build stronger relationships with the finance team. They spent time speaking with the team about the analytic findings from Inflo, identifying an opportunity to make month end easier for the client in the future by removing a number of manual processes performed outside of the main system.
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